Title
Domino effects within a chemical cluster: a game-theoretical modeling approach by using Nash-equilibriumDomino effects within a chemical cluster: a game-theoretical modeling approach by using Nash-equilibrium
Author
Faculty/Department
Faculty of Applied Economics
Institute for Transport en Maritime Management (ITMMA)
Research group
Engineering Management
ITMMA
Publication type
article
Publication
Amsterdam,
Subject
Mathematics
Physics
Source (journal)
Journal of hazardous materials. - Amsterdam
Volume/pages
167(2009):1/3, p. 289-293
ISSN
0304-3894
ISI
000267267000040
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
Every company situated within a chemical cluster faces domino effect risks, whose magnitude depends on every company's own risk management strategies and on those of all others. Preventing domino effects is therefore very important to avoid catastrophes in the chemical process industry. Given that chemical companies are interlinked by domino effect accident links, there is some likelihood that even if certain companies fully invest in domino effects prevention measures, they can nonetheless experience an external domino effect caused by an accident which occurred in another chemical enterprise of the cluster. In this article a game-theoretic approach to interpret and model behaviour of chemical plants within chemical clusters while negotiating and deciding on domino effects prevention investments is employed.
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