La revue : Economic Analysis Letters

L’article : « Confrontation between shareholders and local residents over safety investments in high-risk industries », Vol.2 No.3 (2023)

L’auteur : Nicolas Piluso, membre du CERTOP, est Maître de conférences en sciences économiques à l’Université Toulouse 3


The aim of this article is to model a negotiation between shareholders in high-technology-risk industries and local residents on the safety investments to be implemented. The methodology used is a Nash bargaining model, with a DE curve representing shareholders’ dividend demands and an NS curve representing the safety demands of local residents’ associations. The model is used to determine the level of safety investment required. One of the main results is that the estimation of a higher accident risk is accompanied by both a higher safety investment and a higher dividend payout. The most obvious implication of this result is that it is undoubtedly necessary to give greater weight to local residents in investment decision-making, in order to improve the well-being of all stakeholders.