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DOI10.1016/j.foodpol.2014.12.007
Impacts of ethanol policy on corn prices: A review and meta-analysis of recent evidence
Condon, Nicole1,2; Klemick, Heather1; Wolverton, Ann1
发表日期2015-02-01
ISSN0306-9192
卷号51页码:63-73
英文摘要

The literature on the impacts of biofuels on agricultural commodity prices is characterized by contradictory findings. We review studies published between 2007 and 2014 that estimate the effects of U.S. corn ethanol policy on corn prices and find estimates ranging from nil to over 80%. Such divergent results make it difficult to assess the merits of alternative biofuel policies. To bring more clarity to the issue and facilitate comparisons across studies, we assemble a database of over 150 medium-to-long run estimates of the effect of corn ethanol production on corn prices from 29 published studies. We first normalize corn price impacts by the change in corn ethanol volume to control for the large differences in ethanol quantities across scenarios. We then conduct a meta-analysis to identify the factors that drive the remaining variation in corn price impacts across studies. In addition to ethanol volumes, we find that modeling framework, projection year, inclusion of ethanol co-products, and biofuel production from other feedstocks explain much of the differences in price effects. The results indicate that a one billion gallon expansion of the US corn ethanol mandate in the year 2015 would lead to a three to four percent increase in corn prices, with smaller price changes projected in future years. Published by Elsevier Ltd.


英文关键词Ethanol;Biofuels;Renewable fuel standard;Commodity prices;Meta-analysis
语种英语
WOS记录号WOS:000352747600007
来源期刊FOOD POLICY
来源机构美国环保署
文献类型期刊论文
条目标识符http://gcip.llas.ac.cn/handle/2XKMVOVA/56930
作者单位1.US EPA, Natl Ctr Environm Econ, Washington, DC 20460 USA;
2.DC Water & Sewer Author, External Affairs, Washington, DC 20032 USA
推荐引用方式
GB/T 7714
Condon, Nicole,Klemick, Heather,Wolverton, Ann. Impacts of ethanol policy on corn prices: A review and meta-analysis of recent evidence[J]. 美国环保署,2015,51:63-73.
APA Condon, Nicole,Klemick, Heather,&Wolverton, Ann.(2015).Impacts of ethanol policy on corn prices: A review and meta-analysis of recent evidence.FOOD POLICY,51,63-73.
MLA Condon, Nicole,et al."Impacts of ethanol policy on corn prices: A review and meta-analysis of recent evidence".FOOD POLICY 51(2015):63-73.
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