A waste management model for optimal recycling-landfilling policies under macroeconomic conditions

Chang Chih Chen; So De Shyu; Yen Chun Wu; Chih Yuan Yang

doi:10.1016/j.econmod.2010.10.020

A waste management model for optimal recycling-landfilling policies under macroeconomic conditions

Chang Chih Chen, So De Shyu, Yen Chun Wu, Chih Yuan Yang^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

2 Citations (Scopus)

Abstract

This research provides a waste management model in the presence of macroeconomic conditions. An optimal control problem which integrates the recycling-landfilling decision with industry supply-demand dynamics is designed to achieve the value-maximizing objective. The model simultaneously considers idiosyncratic technical and aggregate demand shocks, while the stoppage time for landfill use is assumed to follow a Cox process with the intensity function of a firm's total waste collection. The closed-form solution of the optimal recycling ratio is also derived. The results suggest that when macroeconomic effects are neglected, optimal recycling ratios tend to be underestimated.

Original language	English
Pages (from-to)	852-858
Number of pages	7
Journal	Economic Modelling
Volume	28
Issue number	3
DOIs	https://doi.org/10.1016/j.econmod.2010.10.020
Publication status	Published - 2011 May
Externally published	Yes

Keywords

C53
C61
Macroeconomic conditions
Optimal recycling ratio
Q53
Waste management policies

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/j.econmod.2010.10.020

Cite this

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title = "A waste management model for optimal recycling-landfilling policies under macroeconomic conditions",

abstract = "This research provides a waste management model in the presence of macroeconomic conditions. An optimal control problem which integrates the recycling-landfilling decision with industry supply-demand dynamics is designed to achieve the value-maximizing objective. The model simultaneously considers idiosyncratic technical and aggregate demand shocks, while the stoppage time for landfill use is assumed to follow a Cox process with the intensity function of a firm's total waste collection. The closed-form solution of the optimal recycling ratio is also derived. The results suggest that when macroeconomic effects are neglected, optimal recycling ratios tend to be underestimated.",

keywords = "C53, C61, Macroeconomic conditions, Optimal recycling ratio, Q53, Waste management policies",

author = "Chen, {Chang Chih} and Shyu, {So De} and Wu, {Yen Chun} and Yang, {Chih Yuan}",

note = "Funding Information: The authors would like to extend their sincere appreciation to the National Sun Yat-Sen University, Taiwan and the National Science Council of Taiwan (grant no. NSC 97-2511-S-110-006-MY2 ) for the financial support.",

year = "2011",

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doi = "10.1016/j.econmod.2010.10.020",

language = "English",

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T1 - A waste management model for optimal recycling-landfilling policies under macroeconomic conditions

AU - Chen, Chang Chih

AU - Shyu, So De

AU - Wu, Yen Chun

AU - Yang, Chih Yuan

N1 - Funding Information: The authors would like to extend their sincere appreciation to the National Sun Yat-Sen University, Taiwan and the National Science Council of Taiwan (grant no. NSC 97-2511-S-110-006-MY2 ) for the financial support.

PY - 2011/5

Y1 - 2011/5

N2 - This research provides a waste management model in the presence of macroeconomic conditions. An optimal control problem which integrates the recycling-landfilling decision with industry supply-demand dynamics is designed to achieve the value-maximizing objective. The model simultaneously considers idiosyncratic technical and aggregate demand shocks, while the stoppage time for landfill use is assumed to follow a Cox process with the intensity function of a firm's total waste collection. The closed-form solution of the optimal recycling ratio is also derived. The results suggest that when macroeconomic effects are neglected, optimal recycling ratios tend to be underestimated.

AB - This research provides a waste management model in the presence of macroeconomic conditions. An optimal control problem which integrates the recycling-landfilling decision with industry supply-demand dynamics is designed to achieve the value-maximizing objective. The model simultaneously considers idiosyncratic technical and aggregate demand shocks, while the stoppage time for landfill use is assumed to follow a Cox process with the intensity function of a firm's total waste collection. The closed-form solution of the optimal recycling ratio is also derived. The results suggest that when macroeconomic effects are neglected, optimal recycling ratios tend to be underestimated.

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KW - Macroeconomic conditions

KW - Optimal recycling ratio

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KW - Waste management policies

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A waste management model for optimal recycling-landfilling policies under macroeconomic conditions

Abstract

Keywords

ASJC Scopus subject areas

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