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

Silvia Bertarelli, Chiara Lodi () and Stefania Ragni ()
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Chiara Lodi: University of Urbino Carlo Bo
Stefania Ragni: University of Ferrara

Decisions in Economics and Finance, 2023, vol. 46, issue 2, No 14, 711 pages

Abstract: 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.

Keywords: Recycling; Non-renewable resource; Optimal control; Input allocation; Waste disposal (search for similar items in EconPapers)
JEL-codes: Q3 Q53 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10203-023-00408-y

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