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The first essay develops and applies a structural, partial equilibrium model of United States biomass supply and demand. The aim is to examine the biomass price and expenditure effects of domestic biofuel policies. The results indicate that the cellulosic biofuel sub-mandate alone could increase biomass prices by an average of 50% to 100% over the baseline values. Biomass expenditures by sectors competing with biofuel producers increase by an average of 26% relative to the baseline suggesting those sectors cannot fully shift away from biomass energy sources. A sensitivity analysis focusing on supply response indicates that the results are not very sensitive to the supply elasticity. This study contributes to the literature by providing policymakers and other energy policy stakeholders with a forward looking analysis of potential policy effects on the U.S. biomass market. The second essay develops a similar type of model applied toward the domestic and international petroleum and petroleum products markets as well as the domestic biofuel market and the domestic light-duty vehicle sector. The goal is to investigate the impact of CAFE standards and alternative-fuel vehicle production incentives on the biofuel market and RFS compliance, in particular. The results suggest that holding CAFE standards at the 2010 level could significantly reduce the blendwall problem in the U.S. ethanol market. Furthermore, the alternative fuel production incentives appear to have only minimal effects. However, there is much uncertainty surrounding the appropriate level of automaker response to those incentives, and a sensitivity analysis indicates the model is fairly sensitive to the assumed level of response. The third essay highlights a few of the theories put forth regarding the expected price behavior of Renewable Identification Numbers (RINs). The theories are tested both observationally and empirically with a dataset containing daily RIN price observations going back to January 2009. The behavior does not always match expectations, although the exact causes remain uncertain. In addition, the information provided by RIN prices is used to test the implications of a binding renewable fuel standard (RFS) versus a non-binding RFS on the ethanol-gasoline price relationship. Cointegration tests provide some evidence that the relationship between conventional ethanol and gasoline prices at the wholesale level is weaker in the presence of a binding RFS.
February issue includes Appendix entitled Directory of United States Government periodicals and subscription publications; September issue includes List of depository libraries; June and December issues include semiannual index
This Handbook offers an up-to-date collection of research on agricultural economics. Drawing together scholarship from experts at the top of their profession and from around the world, this collection provides new insights into the area of agricultural economics. The Routledge Handbook of Agricultural Economics explores a broad variety of topics including welfare economics, econometrics, agribusiness, and consumer economics. This wide range reflects the way in which agricultural economics encompasses a large sector of any economy, and the chapters present both an introduction to the subjects as well as the methodology, statistical background, and operations research techniques needed to solve practical economic problems. In addition, food economics is given a special focus in the Handbook due to the recent emphasis on health and feeding the world population a quality diet. Furthermore, through examining these diverse topics, the authors seek to provide some indication of the direction of research in these areas and where future research endeavors may be productive. Acting as a comprehensive, up-to-date, and definitive work of reference, this Handbook will be of use to researchers, faculty, and graduate students looking to deepen their understanding of agricultural economics, agribusiness, and applied economics, and the interrelationship of those areas.
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