Business Innovation and quantitative Models in Circular Economy and Closed Loop Supply Chains/reverse Logistics: A systematic review of Literature

Abstract

Circular Economy makes an effort to overcome “take-make-waste” pattern of production and proposes a system in which value of products, services and resources is maintained in the system. It helps organizations to synergize their value systems for economic, social and environmental gains. Closed Loop Supply Chains (CLSC) can serve as a mean towards creating value in circular economy. Eminent scholars have contributed to the literature of CLSC focusing on key business decisions like product remanufacturing, inventory and demand management etc. Through a SLR, this paper aims to highlight the importance of different business and quantitative models that have been developed and have informed firms’ decision making in CE and CLSC. Our analyses suggest that conceptual models have been developed in much extent in CE and now there is a need to yield results by deploying these models through CLSC.