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An Economic Approach for Domino Effect Management

In: Integrating Safety and Security Management to Protect Chemical Industrial Areas from Domino Effects

Author

Listed:
  • Chao Chen

    (Delft University of Technology)

  • Genserik Reniers

    (Delft University of Technology)

  • Ming Yang

    (Delft University of Technology)

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.

Suggested Citation

  • Chao Chen & Genserik Reniers & Ming Yang, 2022. "An Economic Approach for Domino Effect Management," Springer Series in Reliability Engineering, in: Integrating Safety and Security Management to Protect Chemical Industrial Areas from Domino Effects, chapter 0, pages 133-154, Springer.
    • Handle: RePEc:spr:ssrchp:978-3-030-88911-1_6
    DOI: 10.1007/978-3-030-88911-1_6
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