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The U.S. Ethanol and Commodity Policy Labyrinth: Looking into Welfare Space to Analyze Policies that Combine Multiple Instruments

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  • Bullock, David S.
  • Couleau, Anabelle
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    Abstract

    We analyze complicated ethanol/commodity policies not just in (q, p) space, but also in “policy space” and “welfare space.” Specific advantages of conducting policy analysis in welfare and policy spaces are (1) it makes clearer the distributional consequences of policy change instead of focusing solely on the aggregate welfare consequences of policy change; (2) it can be used to analyze the effects of many (even infinitely many) policies instead of just a few; and (3) it makes clearer what it means for policies to be more/less “efficient,” and for policy instruments to make each other more/less “efficient.” We show the usefulness of our framework to critique various conclusions that have recently been expressed in the literature on ethanol policies that employ multiple instruments.

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    Bibliographic Info

    Paper provided by International Association of Agricultural Economists in its series 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil with number 126901.

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    Date of creation: 2012
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    Handle: RePEc:ags:iaae12:126901

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    Web page: http://www.iaae-agecon.org/
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    Keywords: Research and Development/Tech Change/Emerging Technologies; Resource /Energy Economics and Policy;

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    1. Lapan, Harvey E. & Moschini, GianCarlo, 2009. "Biofuels Policies and Welfare: Is the Stick of Mandates Better Than the Carrot of Subsidies?," Staff General Research Papers 13076, Iowa State University, Department of Economics.
    2. Grossman, G.M. & Helpman, E., 1992. "Protection for Sale," Papers 162, Princeton, Woodrow Wilson School - Public and International Affairs.
    3. Mindy L. Baker, 2008. "Welfare Changes from the U.S. Ethanol Tax Credit: The Role of Uncertainty and Interlinked Commodity Markets," Center for Agricultural and Rural Development (CARD) Publications 08-wp483, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    4. Kola, Jukka, 1993. "Efficiency of Supply Control Programmes in Income Redistribution," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 20(2), pages 183-98.
    5. Jean-Marc Bourgeon & David Tréguer, 2010. "Killing two birds with one stone: US and EU biofuel programmes," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 37(3), pages 369-394, September.
    6. Gardner Bruce, 2007. "Fuel Ethanol Subsidies and Farm Price Support," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 5(2), pages 1-22, December.
    7. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, September.
    8. Babcock, Bruce A., 2008. "Distributional Implications of U.S. Ethanol Policy," Staff General Research Papers 12936, Iowa State University, Department of Economics.
    9. de Gorter, Harry & Just, David R. & Tan, Qinwen, 2009. "The Socially Optimal Import Tariff and Tax Credit for Ethanol with Farm Subsidies," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 38(1), April.
    10. Schmitz Andrew & Moss Charles B. & Schmitz Troy G., 2007. "Ethanol: No Free Lunch," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 5(2), pages 1-28, December.
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