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Recycled and non-recycled exhaustible resource: an optimal control strategy for input allocation

Author

Listed:
  • Silvia Bertarelli

    (University of Ferrara)

  • Chiara Lodi

    (University of Urbino Carlo Bo
    SEEDS)

  • Stefania Ragni

    (University of Ferrara)

Abstract

The United Nations aim to perform a transition toward a sustainable environment where people can live by decoupling economic growth from resource use. Through the definition of the Agenda 2030 and the corresponding sustainable development goals, this transition asks for a lower dependence on non-renewable resources and for the use of recycled materials in a finite term perspective. In this respect, we provide an optimal control model which searches for an efficient allocation of labor between non-recycling and recycling sectors exploiting a given non-renewable resource. The optimization process is carried out over a finite time horizon in accordance with the need of rapidly achieving the targets imposed by the ecological transition. By employing the classical tools of optimal control theory, a complete theoretical analysis of the model well-posedness is developed under the assumption of linear production in both sectors. The approach is applied in order to simulate a hypothetical test case.

Suggested Citation

  • Silvia Bertarelli & Chiara Lodi & Stefania Ragni, 2023. "Recycled and non-recycled exhaustible resource: an optimal control strategy for input allocation," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 46(2), pages 681-711, December.
    • Handle: RePEc:spr:decfin:v:46:y:2023:i:2:d:10.1007_s10203-023-00408-y
    DOI: 10.1007/s10203-023-00408-y
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    Keywords

    Recycling; Non-renewable resource; Optimal control; Input allocation; Waste disposal;
    All these keywords.

    JEL classification:

    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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