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    • AgBioForum (Journal)
    • AgBioForum, vol. 13, no.4 (2010)
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    •   MOspace Home
    • University of Missouri-Columbia
    • College of Agriculture, Food and Natural Resources (MU)
    • Division of Applied Social Sciences (MU)
    • Department of Agricultural Economics (MU)
    • Economics and Management of Agrobiotechnology Center (MU)
    • AgBioForum (Journal)
    • AgBioForum, vol. 13, no.4 (2010)
    • View Item
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    Assessing the welfare effects of US biofuel policies

    Moschini, GianCarlo
    Lapan, Harvey
    Cui, Jingbo
    Cooper, Joseph (Joseph C.), 1962-
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    [PDF] AssessingWelfareEffects.pdf (42.35Kb)
    Date
    2010
    Format
    Article
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    Abstract
    This article assesses the main welfare implications of US policies to support biofuels, with an emphasis on corn-based ethanol. The analysis relies on an open economy, multimarket equilibrium model that links world and domestic energy and agricultural markets and explicitly accounts for the externalities of carbon emissions. The first-best policy in our context entails a carbon tax (implemented with a tax on fuel and a subsidy for ethanol), an import tariff on oil, and an export tax on corn. Although this policy is likely not feasible, we show that a second-best policy with an optimally chosen fuel tax and ethanol subsidy can approximate fairly closely the welfare gains associated with the first-best policy. The largest welfare gains to the US economy from first- and second-best policies arise from their impact on the terms of trade, particularly in the oil market.
    URI
    http://hdl.handle.net/10355/9957
    Citation
    AgBioForum, 13(4) 2010: 370-374.
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    • AgBioForum, vol. 13, no.4 (2010)

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