On the practical limits to substitution

Ayres, Robert U.

doi:10.1016/j.ecolecon.2006.02.011

Cited by 193 publications

(93 citation statements)

References 31 publications

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“…Considerable price volatility and various supply concerns associated with indium are potential barriers to large-scale deployment of technologies that rely on indium [5,9,[27][28][29]. Therefore, there is intensive ongoing research to develop alternatives for indium and ITO.…”

Section: Unique Technical Properties Of Indiummentioning

confidence: 99%

Drivers and Constraints of Critical Materials Recycling: The Case of Indium

Ylä-Mella

Pongrácz

2016

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Abstract:Raw material criticality studies are receiving increasing attention because an increasing number of elements of great economic importance, performing essential functions face high supply risks. Scarcity of key materials is a potential barrier to large-scale deployment of sustainable energy and clean-tech technologies as resorting to several critical materials. As physical scarcity and geopolitical issues may present a barrier to the supply of critical metals, recycling is regarded as a possible solution to substitute primary resources for securing the long-term supply of critical metals. In this paper, the main drivers and constraints for critical materials recycling are analyzed from literature, considering indium as a case study of critical materials. This literature review shows that waste electrical and electronic equipment (WEEE) could be a future source of critical metals; however, the reduction of dissipation of critical materials should have much higher priority. It is put forward that more attention should be paid to sustainable management of critical materials, especially improved practices at the waste management stage. This calls for not only more efficient WEEE recycling technologies, but also revising priorities in recycling strategies.

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Section: Unique Technical Properties Of Indiummentioning

confidence: 99%

Drivers and Constraints of Critical Materials Recycling: The Case of Indium

Ylä-Mella

Pongrácz

2016

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“…Yet, the notion of the elasticity of substitution is much more general and it is well-known that it need not be constant (Revankar 1971). Conceptual discussions of limits to substitution have concluded that, while there may currently still exist ample substitution possibilities at the margin, limits to substitutability in the medium term at least are real and important (Ayres 2007: 115); They further argue that these limits will be strictly binding in the long-run due to thermodynamic limits in the production process or subsistence requirements (Ayres 2007;Ehrlich 1989;Heal 2009a,b;Stern 1997). 1 Similarly, Fenichel and Zhao (2014) note that [in] the limit, society will not be able to substitute away from clean water, clean air and a number of other natural resources. Even if specic services were substitutable with technologies, human beings may still object to substitute them.…”

Section: Conceptualising and Modeling Limits To Substitutionmentioning

confidence: 99%

“…water supply, a safe and enjoyable environment) may be very hard if not impossible to fully substitute (cf. Ayres 2007Ayres ). (2009a notes that [t]here is a minimum level of ecosystem services needed for survivalthink of this as water, air, and basic foodstus.…”

Section: Conceptualising and Modeling Limits To Substitutionmentioning

confidence: 99%

“…A key obstacle to advancing the discussion on limited substitutability in consumption as well as production has been the scarcity of empirical evidence (Ayres 2007;Neumayer 2010;Stern 1997). Recently, Yu and Abler (2010) and Baumgärtner et al (2015a) have drawn on a direct relationship within the CES utility specication between the income elasticity of willingness to pay (WTP) for ecosystem services, a fundamental substitutability parameter and the elasticity of substitution between ecosystem services and manufactured goods.…”

Section: Introductionmentioning

confidence: 99%

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Limits to Substitution between Ecosystem Services and Manufactured Goods and Implications for Social Discounting

Drupp

2015

SSRN Journal

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This paper examines implications of limits to substitution for estimating substitutability between ecosystem services and manufactured goods and for social discounting. Based on a model that accounts for a subsistence requirement in the consumption of ecosystem services, we provide empirical evidence on substitution elasticities. We nd an initial mean elasticity of substitution of two, which declines over time towards complementarity. We subsequently extend the theory of dual discounting by introducing a subsistence requirement. The relative price of ecosystem services is non-constant and grows without bound as the consumption of ecosystem services declines towards the subsistence level. An application suggests that the initial discount rate for ecosystem services is more than a percentage-point lower as compared to manufactured goods. This dierence increases by a further half percentage-point over a 300-year time horizon. The results underscore the importance of considering limited substitutability in long-term public project appraisal. JEL-Classication: Q01, Q57, H43, D61, D90

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“…So we might run down the stock of coal yet maintain the service of energy provision by increasing stocks of alternative energy resources. However, other resources, such as global oxygen stocks, are effectively non-renewable and non-substitutable (Ayres, 2007). 13 This definition is therefore a deliberate conflation of the three forms of ecosystem service benefit defined by Daily (1997) and Barbier (2007), namely: (i) "goods" (e.g., products obtained from ecosystems, such as resource harvests, water and genetic material), (ii) "services" (e.g., recreational and tourism benefits or certain ecological regulatory functions, such as water purification, climate regulation, and erosion control), and (iii) cultural benefits (e.g., spiritual and religious beliefs, heritage values).…”

mentioning

confidence: 99%

Economic analysis for ecosystem service assessments

Bateman

Mace

Fezzi

et al. 2014

Valuing Ecosystem Services

135

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The paper seeks to contribute to the expanding literature on ecosystem service assessment by considering its integration with economic analyses of such services. Focussing upon analyses for future orientated policy and decision making, we initially consider a single period during which ecological stocks are maintained at sustainable levels. The flow of ecosystems services and their contribution to welfare bearing goods is considered and methods for valuing resultant benefits are reviewed and illustrated via a case study of land use change. We then broaden our time horizon to discuss the treatment of future costs and benefits. Finally we relax our sustainability assumption and consider economic approaches to the incorporation of depleting ecological assets with a particular focus upon stocks which exhibit thresholds below which restoration is compromised. Terms of use: Documents in

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On the practical limits to substitution

Cited by 193 publications

References 31 publications

Drivers and Constraints of Critical Materials Recycling: The Case of Indium

Drivers and Constraints of Critical Materials Recycling: The Case of Indium

Limits to Substitution between Ecosystem Services and Manufactured Goods and Implications for Social Discounting

Economic analysis for ecosystem service assessments

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