Replication data for: Identifying Supply and Demand Elasticities of Agricultural Commodities: Implications for the US Ethanol Mandate
Principal Investigator(s): View help for Principal Investigator(s) Michael J. Roberts; Wolfram Schlenker
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 03:09:PM |
Project Citation:
Roberts, Michael J., and Schlenker, Wolfram. Replication data for: Identifying Supply and Demand Elasticities of Agricultural Commodities: Implications for the US Ethanol Mandate. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112674V1
Project Description
Summary:
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We present a new framework to identify supply elasticities of storable
commodities where past shocks are used as exogenous price shifters.
In the agricultural context, past yield shocks change inventory
levels and futures prices of agricultural commodities. We use our
estimated elasticities to evaluate the impact of the 2009 Renewable
Fuel Standard on commodity prices, quantities, and food consumers'
surplus for the four basic staples: corn, rice, soybeans, and wheat.
Prices increase 20 percent if one-third of commodities used to
produce ethanol are recycled as feedstock, with a positively skewed
95 percent confidence interval that ranges from 14 to 35 percent.
Scope of Project
JEL Classification:
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Q11 Agriculture: Aggregate Supply and Demand Analysis; Prices
Q16 Agricultural R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
Q42 Alternative Energy Sources
Q48 Energy: Government Policy
Q11 Agriculture: Aggregate Supply and Demand Analysis; Prices
Q16 Agricultural R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
Q42 Alternative Energy Sources
Q48 Energy: Government Policy
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