Operational safety economics: Foundations, current approaches and paths for future research

Due to the COVID-19 pandemic in 2020, the trade-off between economics and epidemic prevention (safety) has become painfully clear worldwide. This situation thus highlights the significance of balancing the economy with safety and health. Safety economics, considering the interdependencies between safety and micro-economics, is ideal for...

Validity and validation of safety-related quantitative risk analysis: A review

Quantitative risk analysis (QRA) is widely applied in several industries as a tool to improve safety, as part of design, licensing or operational processes. Nevertheless, there is much less academic research on the validity and validation of QRA, despite their importance both for the science of risk analysis and with respect to its practical...