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Prices of Biofuels and Related Commodities: An Example of Combined Economics and Graph Theory Approach

Author

Listed:
  • Ondrej Filip

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic)

  • Karel Janda

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic
    Department of Banking and Insurance, Faculty of Finance and Accounting, University of Economics, Namesti Winstona Churchilla 4, 13067 Prague, Czech Republic)

  • Ladislav Kristoufek

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic)

Abstract

The article investigates the connections between the prices of biofuels and many traded commodities and other relevant assets in Europe, USA and Brazil. The analysis uses a comprehensive dataset covering price data for 32 relevant traded titles over the period 2003-2015. Main contribution of this article is a combination of minimum spanning tree and hierarchical tree approaches with expert economic understanding of biofuels market leading to identification of price connections in a complex trading system. Our analysis of mutual price connections discovers the major defining features of world leading biofuels markest over the last decade. We provide characteristics of main bioethanol and biodiesel markets with respect to technical and local features of the production and consumption of particular biofuels.

Suggested Citation

  • Ondrej Filip & Karel Janda & Ladislav Kristoufek, 2017. "Prices of Biofuels and Related Commodities: An Example of Combined Economics and Graph Theory Approach," Working Papers IES 2017/07, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Mar 2017.
    • Handle: RePEc:fau:wpaper:wp2017_07
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    File URL: http://ies.fsv.cuni.cz/sci/publication/show/id/5639/lang/cs
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    More about this item

    Keywords

    biofuels; networks; minimal spanning tree; hierarchical tree;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

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