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Operational safety economics: Foundations, current approaches and paths for future research
Chao Chen1, Genserik Reniers1,2,3, Nima Khakzad4
1Safety and Security Science Group, Faculty of Technology, Policy and Management, TU Delft, Delft, The Netherlands.
Safety Science
|December 26, 2022
Summary
Safety economics balances economic factors with public health and safety. This study explores its foundational issues and methodologies for better decision-making in safety management and investment.
Area of Science:
- Transdisciplinary and interdisciplinary research
- Focuses on the coevolution of micro-economies and safety
Background:
- The COVID-19 pandemic highlighted the critical trade-off between economic activity and public safety.
- Existing economic approaches like cost-benefit analysis are used in safety management but lack foundational depth.
- There is a need for a systematic study of safety economics.
Purpose of the Study:
- To define safety economics and its scope.
- To explore the role of safety economics in safety management and investment decisions.
- To analyze economic approaches for optimizing prevention investments and safety strategies.
Main Methods:
- Systematic literature review and analysis of foundational issues in safety economics.
- Exploration of interdependencies between safety and micro-economics.
- Summarization and analysis of economic decision-making approaches for safety.
Main Results:
- Safety economics is defined as a field examining the interplay between safety and micro-economies.
- The study outlines the application of safety economics in safety management and production investment.
- Economic approaches for profitable decision-making in safety investments are analyzed.
Conclusions:
- Safety economics provides a framework for balancing economic considerations with safety and health.
- Further research is needed in areas like security economics, risk perception, and multi-criteria analysis.
- The study aims to improve decision-making for safety investments and strategies.
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