An Economic Approach for Domino Effect Management

Chao Chen (), Genserik Reniers () and Ming Yang ()
Additional contact information
Chao Chen: Delft University of Technology
Genserik Reniers: Delft University of Technology
Ming Yang: Delft University of Technology

Chapter Chapter 6 in Integrating Safety and Security Management to Protect Chemical Industrial Areas from Domino Effects, 2022, pp 133-154 from Springer

Abstract: Abstract In light of possible severe consequences of unintentional and intentional domino effects, an integrated domino effect management framework was introduced in Chap. 5 to prevent and mitigate domino effect risk. In this chapter, an economic approach based on safety economics is developed to obtain the optimal protection strategy. First, we introduce the concepts and approaches used in safety economics (Chen et al. in Saf Sci 14, 2021). Then, a domino effect management approach is developed based on cost–benefit analysis and game theory (Chen et al. in Process Saf Environ Prot 134:392–405, 2020). In this approach, the disproportion factor (DF) is employed in the cost–benefit analysis to determine whether a protection strategy is recommended. Besides, an optimization algorithm called “PROTOPT” is developed to achieve the optimal protection strategy.

Date: 2022
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:ssrchp:978-3-030-88911-1_6

Ordering information: This item can be ordered from
http://www.springer.com/9783030889111

DOI: 10.1007/978-3-030-88911-1_6

Access Statistics for this chapter

More chapters in Springer Series in Reliability Engineering from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().