By Mindy L. Baker, Dermot J. Hayes and Bruce A. Babcock
A myriad of policy issues and questions revolve around understanding the bioeconomy. To gain insight, the authors develop a stochastic and dynamic general equilibrium model and capture the uncertain nature of key variables such as crude oil prices and commodity yields.
They also incorporate acreage limitations on key feedstocks such as corn, soybeans, and switchgrass. They make standard assumptions that investors are rational and engage in biofuel production only if returns exceed what they can expect to earn from alternative investments.
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Contents
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1. |
Previous Literature |
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2. |
The Economy |
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3. |
Commodity Supply |
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4. |
Commodity Demand |
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5. |
The Investors |
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6. |
Competitive Equilibrium |
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7. |
Implementing the Model |
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8. |
Limitations of the Model |
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9. |
Results |
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10. |
Sensitivity of Results to Required Levels of Switchgrass Production |
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11. |
Conclusions |
[Source: CARD - Iowa State University]
English
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