A Hotelling model for the circular economy including recycling, substitution and waste accumulation Hasselt University KU Leuven University of Antwerp
Non-renewable resources include a large variety of deposits that have been formed by geological processes over millions of years. Although extraction of such resources provides benefits as employment and economic revenues, it also contributes to negative environmental externalities and it increases resource scarcity. An important policy question is how to optimally extract non-renewable resource stocks over time while taking possible substitutes ...