Closed Product Life Cycle as a Basis of the Circular Economy

Maria Vetrova ()
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Maria Vetrova: Faculty of Economics, Saint Petersburg State University, Russia. Author-2-Name: Dinara Ivanova Author-2-Workplace-Name: Faculty of Economics, Saint Petersburg State University, Russia. Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:

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Abstract: Objective - The circular economy aims to preserve the value of products and materials within a closed supply chain. The existing models and decision-making methods for managing the end of the product life cycle are mostly focused on the economic aspects. While the circular economy is aimed at combining environmental, economic and social goals. This article aims to develop a model for enterprise decision-making on the disposal of used products, taking into account socio-environmental and economic factors. Methodology/Technique - The article analyzes the impact of digital technologies on the formation of closed supply chains and the development of a circular economy. At the same time, special attention is focused on the model of a closed product life cycle, as a fundamental element in the formation of a circular economy at the micro and nano levels, as well as the importance of using digital technologies at all stages of the product life cycle. Findings - The methods of product management at the end of the life cycle studied in the article have made it possible to form a simulation decision support model regarding the method of product disposal, taking into account environmental and economic feasibility. Novelty - This study identified the main trends in the development of closed supply chains under the influence of digital technologies in the context of a circular economy. Type of Paper - Review

Keywords: Circular Economy; Digital Technology; Decision-making Model; Closed-loop Supply Chains (search for similar items in EconPapers)
JEL-codes: F42 F43 (search for similar items in EconPapers)
Pages: 15
Date: 2021-03-31
New Economics Papers: this item is included in nep-tra
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Citations: View citations in EconPapers (2)

Published inJournal of Business and Economics Review, Volume 5, Issue4

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Persistent link: https://EconPapers.repec.org/RePEc:gtr:gatrjs:jber198

DOI: 10.35609/jber.2021.5.4(4)

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