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Closed Product Life Cycle as a Basis of the Circular Economy

Author

Listed:
  • 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:)

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

Suggested Citation

  • Maria Vetrova, 2021. "Closed Product Life Cycle as a Basis of the Circular Economy," GATR Journals jber198, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:jber198
    DOI: https://doi.org/10.35609/jber.2021.5.4(4)
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    Cited by:

    1. Qinglan Liu & Adriana Hofmann Trevisan & Miying Yang & Janaina Mascarenhas, 2022. "A framework of digital technologies for the circular economy: Digital functions and mechanisms," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2171-2192, July.
    2. Aye Aye Khin, 2022. "Company Values of Malaysian Listed Companies' Sustainability for Palm Oil Industry: Financial Panel Data Model Approach," GATR Journals afr208, Global Academy of Training and Research (GATR) Enterprise.

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    More about this item

    Keywords

    Circular Economy; Digital Technology; Decision-making Model; Closed-loop Supply Chains;
    All these keywords.

    JEL classification:

    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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