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IMEL – Wirtschafts- und Rechtswissenschaften in der Circular Economy
IMEL – Economics and Law in the Circular Economy
The Institute of Management, Economics and Law (IMEL) brings together economics and law with engineering and sustainability studies at Clausthal University of Technology. Our work focuses on how social, economic and legal transformation processes towards a circular economy can be successfully shaped.
We understand the circular economy not merely as a technical or ecological concept, but as a comprehensive societal challenge. For the circular economy to succeed, it requires viable business models, a reliable legal framework, societal acceptance, digital solutions and sound economic decisions. This is precisely where IMEL comes in.
Research: Understanding and shaping transformation
Research at IMEL combines perspectives from business administration, economics and law. Our joint research approach takes a holistic view of transformation processes: from the definition of societal and corporate goals, through decision-making under uncertainty, to the coordination of complex value creation systems and the design of appropriate legal and institutional frameworks.
Our research focuses in particular on the following areas:
Experimental economics
The essence of experimental economics: method
- for testing economic theories and
- to test the effectiveness of institutional designs
under controlled laboratory conditions and to derive recommendations for practical action.
Areas of application:
- Independent, individual decisions: Consumer behavior, risk propensities, ...
- Strategic interactions in small groups: Incentive systems, negotiations, ...
- Markets: market processes, market design, auctions
- Choice-Based Conjoint Analysis
Current projects at the Institute of Economics:
- Market exit behavior in shrinking markets
- Consumption of non-renewable resources
- Design of incentive systems in the case of restriction networks
- Simulation of forecast validity and parameter recovery in consumer choice decisions using hierarchical Bayesian choice-based conjoint models
- Effects of simplification strategies of consumers on the forecast quality of preference models
- Comparison of decision criteria with several target variables in real applications
- Suitability of efficiency concepts with multiple targets
- Behavioral economic aspects of capacity decisions in the recycling sector
- Experiments to analyze demand preferences and willingness to pay for electric vehicles
Departments involved:
Operations Management
The Operations Management includes methods of statistics, of operations research and artificial intelligence for operational decision support in development, operational planning and analyis of production, logistics and distribution systems. In order to find solutions for planning and analysis problems, the monitored systems are first depicted in a modell. The modeling yields a formal description of the system states, action alternatives and framework conditions for the subsequent planning or analysis. Depending on the coefficient of determination of the data, methods from the fields of mathematical programming, combinatorial optimization, stochastic optimization, machine learning, stochastic simulation and stochastic process theory are applied.
Current projects:
- Decentralized planning of project portfolios with asymmetrical information and target allocation
- Stochastic performance analysis of ASRS with speed-optimized single cycles
- Cross-period budget allocation for the maintenance of modular systems
- Allocation and controlling of flexible buffers in stochastic series production systems
- Schedule construction processes for scheduling problems with storage resources
- Tour planning of internal roll-off container logistics
- Transport optimization in empties networks of the Volkswagen AG
- Prize optimization for products and product categories in retail
- Simultaneous optimal product line development on segmented sales markets
Involved departments:
Marketing and Accounting
This research area focuses on issues relating to a company's relationships with its customers (marketing) on the one hand and accounting for internal and external stakeholders (accounting) on the other. A wide range of aspects play a role here, including
For marketing:
- Preference research and analysis of demand behaviour based on empirical and simulated data
- Development of decision support models in the areas of new product design and pricing
- Application of psychological principles in digital marketing and sustainability marketing
- Linking customer preferences with business models
For accounting:
Normative-theoretical and empirical research in relation to
- Accounting in accordance with HGB and IFRS
- Sustainability reporting
- Company analysis
Involved departments:
Legal Framework for the Energy and Raw Materials Sectors
This research area focuses on the legal framework for a sustainable energy and raw materials supply within a competitive economic system. It examines both the application of current law and possible regulatory alternatives. Research is often conducted in close collaboration with the fields of economics and engineering. Key areas of research include the legal frameworks for
- energy infrastructures, particularly electricity and hydrogen grids as well as energy storage systems
- the integration of secondary raw materials into the raw materials supply system
- the incorporation of climate protection considerations into the energy and raw materials supply systems
Current research projects of the department:
- The role of local distribution systems in the electricity supply system
- Framework conditions for energy sharing
- Allocation of electricity grid costs among grid users
- Grid-oriented deployment of battery storage systems
- Division of responsibilities in energy regulation among the EU, member states, and regulatory authorities
Participating departments: