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Optimal Cleanup of Hazardous Wastes

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  • Caputo, Michael R
  • Wilen, James E

Abstract

Over the past decade, the world community has focused on the deleterious effects of hazardous waste on humans, wildlife, and the environment. The U.S. Congress established a 'Superfund' aimed at cleaning up these wastes. This legislation and the impending regulations have given little explicit recognition to either the opportunity cost of using resources to clean up waste or the possibility of intertemporal trade-offs. The authors formulate a dynamic model of waste cleanup that examines the environmental damage and resource cost of cleaning up hazardous wastes in order to determine the pace and extent of optimal cleanup. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Caputo, Michael R & Wilen, James E, 1995. "Optimal Cleanup of Hazardous Wastes," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(1), pages 217-243, February.
    • Handle: RePEc:ier:iecrev:v:36:y:1995:i:1:p:217-43
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    Cited by:

    1. Nathaniel O. Keohane & Benjamin Van Roy & Richard J. Zeckhauser, 2000. "Controlling Stocks and Flows to Promote Quality: The Environment, With Applications to Physical and Human Capital," NBER Working Papers 7727, National Bureau of Economic Research, Inc.
    2. Fouad Ouardighi & Hassan Benchekroun & Dieter Grass, 2014. "Controlling pollution and environmental absorption capacity," Annals of Operations Research, Springer, vol. 220(1), pages 111-133, September.
    3. Tahvonen, Olli & Withagen, Cees, 1996. "Optimality of irreversible pollution accumulation," Journal of Economic Dynamics and Control, Elsevier, vol. 20(9-10), pages 1775-1795.
    4. Pauli Lappi & Markku Ollikainen, 2019. "Optimal Environmental Policy for a Mine Under Polluting Waste Rocks and Stock Pollution," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 73(1), pages 133-158, May.
    5. Simone Marsiglio & Nahid Masoudi, 2022. "Reclamation of a resource extraction site: A differential game approach," Metroeconomica, Wiley Blackwell, vol. 73(3), pages 770-802, July.
    6. Lappi, Pauli, 2018. "Optimal clean-up of polluted sites," Resource and Energy Economics, Elsevier, vol. 54(C), pages 53-68.
    7. HRITONENKO, Natali & YATSENKO, Yuri, 2011. "Sustainable growth and modernization under environmental hazard and adaptation," LIDAM Discussion Papers CORE 2011025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    8. Keohane, Nathaniel & Van Roy, Benjamin & Zeckhauser, Richard, 2005. "The Optimal Management of Environmental Quality with Stock and Flow Controls," Working Paper Series rwp05-042, Harvard University, John F. Kennedy School of Government.
    9. Keohane, Nathaniel & Van Roy, Benjamin & Zeckhauser, Richard, 2007. "Managing the quality of a resource with stock and flow controls," Journal of Public Economics, Elsevier, vol. 91(3-4), pages 541-569, April.
    10. Lappi, Pauli, 2020. "A model of optimal extraction and site reclamation," Resource and Energy Economics, Elsevier, vol. 59(C).

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