A waste management model for optimal recycling-landfilling policies under macroeconomic conditions |
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Authors: | Chang-Chih ChenSo-De Shyu Yen-Chun WuChih-Yuan Yang |
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Institution: | a Department of Business Management, National Sun Yat-sen University, Taiwanb Department of Finance, National Sun Yat-sen University, Taiwan |
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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. |
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Keywords: | Q53 C53 C61 |
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