Linkages between the energy, biofuel and agricultural sectors
AbstractThe expansion of the EU biofuel sector in recent years has led to speculation that the linkages between the oil and agricultural markets has strengthened and resulted in increased transmission of price volatility. This study uses the FAPRI European modelling system, which includes a UK model, to explore the energy-biofuel-agricultural market linkages in the EU. The complete modelling system is a dynamic, partial equilibrium, multi-commodity model of the EU agriculture and liquid biofuel for transportation sectors. A stochastic approach is used in which the modelling system is simulated 500 times under different paths of oil prices and world commodity prices. This stochastic approach provides a means to analyse the impact of alternative crude oil prices on the biofuel and agricultural sectors. The model simulations demonstrate the complex interactions between the different sectors.
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Bibliographic InfoPaper provided by Agricultural Economics Society in its series 86th Annual Conference, April 16-18, 2012, Warwick University, Coventry, UK with number 134717.
Date of creation: 27 Sep 2012
Date of revision:
Policy modelling; partial equilibrium model; UK; agricultural policy; Agricultural and Food Policy; Crop Production/Industries;
This paper has been announced in the following NEP Reports:
- NEP-AGR-2012-10-13 (Agricultural Economics)
- NEP-ALL-2012-10-13 (All new papers)
- NEP-ENE-2012-10-13 (Energy Economics)
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