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

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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: 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:
      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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V1 [2019-10-11]

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