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Provedor de dados:  AgEcon
País:  United States
Título:  Entry of Alternative Fuels in a Volatile U.S. Gasoline Market
Autores:  Vedenov, Dmitry V.
Duffield, James A.
Wetzstein, Michael E.
Data:  2007-06-27
Ano:  2006
Palavras-chave:  Alternative fuels
Decision making under uncertainty
Ethanol
Price volatility
Real options
Resource /Energy Economics and Policy
Resumo:  Dramatic increases in levels and volatility of gasoline prices observed in recent years may create market incentives for adoption of alternative fuels characterized by lower price volatility. This hypothesis is investigated by applying the real-options pricing approach to develop optimal thresholds for switching from conventional gasoline to alternative fuels such as ethanol blends. The main result of the paper is that given the historical price patterns of conventional gasoline and ethanol, switching to ethanol blends is an economically sound decision provided this does not decrease efficiency of the vehicle. Analysis of data subsamples during the periods of higher volatility of gasoline prices (Gulf War and War on Terrorism) provides even stronger support for this result.
Tipo:  Journal Article
Idioma:  Inglês
Identificador:  26733

http://purl.umn.edu/10144
Editor:  AgEcon Search
Relação:  Journal of Agricultural and Resource Economics>Volume 31, Number 01, April 2006
Formato:  13

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