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The New Markets for Renewable Identification Numbers

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  • Wyatt Thompson
  • Seth Meyer
  • Pat Westhoff
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    Abstract

    Renewable Identification Numbers (RINs) were developed to act as tracking mechanisms that ensure compliance with the U.S. biofuel use mandates legislated in 2005 and increased and adjusted to include sub-mandates in 2007. Reviewing the rules for RIN production and use, we conclude that RIN prices will be hierarchical, and rollover provisions allow stock-holding. We illustrate our interpretation by constructing RIN supply and use tables, and by discussing how expiring tax credits and the specific tariff raise RIN prices and mandate costs. RIN markets are critical for estimating biofuel use mandate effects on biofuel and feedstock markets and welfare. Copyright 2010, Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/aepp/ppq021
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    Bibliographic Info

    Article provided by Agricultural and Applied Economics Association in its journal Applied Economic Perspectives and Policy.

    Volume (Year): 32 (2010)
    Issue (Month): 4 ()
    Pages: 588-603

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    Handle: RePEc:oup:apecpp:v:32:y:2010:i:4:p:588-603

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    Cited by:
    1. Ahmedov, Zafarbek & Woodard, Joshua D., 2012. "Do RIN Mandates and Blender's Tax Credit Affect Blenders' Hedging Strategies?," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124980, Agricultural and Applied Economics Association.
    2. Wang, Xiaolei & Ouyang, Yanfeng & Yang, Hai & Bai, Yun, 2013. "Optimal biofuel supply chain design under consumption mandates with renewable identification numbers," Transportation Research Part B: Methodological, Elsevier, vol. 57(C), pages 158-171.
    3. Philip Abbott, 2013. "Biofuels, Binding Constraints and Agricultural Commodity Price Volatility," NBER Working Papers 18873, National Bureau of Economic Research, Inc.
    4. Philip Abbott, 2013. "Biofuels, Binding Constraints and Agricultural Commodity Price Volatility," NBER Chapters, in: The Economics of Food Price Volatility National Bureau of Economic Research, Inc.
    5. Gbadebo Oladosu & Siwa Msangi, 2013. "Biofuel-Food Market Interactions: A Review of Modeling Approaches and Findings," Agriculture, MDPI, Open Access Journal, vol. 3(1), pages 53-71, February.

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