Title
Empirical validation of a real options theory based method for optimizing evacuations decisions within chemical plants Empirical validation of a real options theory based method for optimizing evacuations decisions within chemical plants
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Amsterdam ,
Subject
Economics
Source (journal)
Journal of hazardous materials. - Amsterdam
Volume/pages
186(2011) :1 , p. 779-787
ISSN
0304-3894
ISI
000288102400099
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
This article empirically assesses and validates a methodology to make evacuation decisions in case of major fire accidents in chemical clusters. In this paper, a number of empirical results are presented, processed and discussed with respect to the implications and management of evacuation decisions in chemical companies. It has been shown in this article that in realistic industrial settings, suboptimal interventions may result in case the prospect to obtain additional information at later stages of the decision process is ignored. Empirical results also show that implications of interventions, as well as the required time and workforce to complete particular shutdown activities, may be very different from one company to another. Therefore, to be optimal from an economic viewpoint, it is essential that precautionary evacuation decisions are tailor-made per company.
E-info
https://repository.uantwerpen.be/docman/iruaauth/39c765/3db06a2ce0c.pdf
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