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Governance Issues in the Principal-Agent Framework: Producing Cellulosic Ethanol in Michigan AgEcon
Pandey, Vivek; Shanoyan, Aleksan; Ross, Brent.
This article analyzes the incentives and compensation problems faced by cellulosic ethanol producer and logging firms and the consequent impact on the organization of the wood based cellulosic ethanol industry in the US. The success of this relationship is central to setting up the biofuel industry in Michigan and in the US at large. The theoretical results indicate that specification contract under the principal-agent framework is of limited utility due to’ metering’ problem when the principal contracts with multiple agents for the supply of feedstock.. Alternative arrangements including JVs have the potential to provide close to first best solutions.
Tipo: Conference Paper or Presentation Palavras-chave: Principal-Agent; Cellulosic Ethanol; Michigan; Multiple agents; Asymmetric Information; Agribusiness; Institutional and Behavioral Economics; Resource /Energy Economics and Policy; D82; D86; L23; L24; Q42.
Ano: 2010 URL: http://purl.umn.edu/61362
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Energy Cane Usage for Cellulosic Ethanol: Estimation of Feedstock Costs AgEcon
Mark, Tyler B.; Darby, Paul M.; Salassi, Michael E..
Tipo: Conference Paper or Presentation Palavras-chave: Cellulosic Ethanol; Energy Cane; Sugarcane; Farm Management; Production Economics.
Ano: 2009 URL: http://purl.umn.edu/46837
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Impact of Off-Farm Employment on Farmers’ Willingness to Grow Switchgrass and Miscanthus AgEcon
Gedikoglu, Haluk.
Current study analyzed the socio-economic factors that impact farmers’ willingness to grow switchgrass and Miscanthus in Missouri and Iowa. The results of study show that current level of farmers’ willingness to grow either crop is low. Hence, there are barriers to accomplishing to goal of producing 21 billion gallons of cellulosic ethanol by 2022, as set by the Energy Independence and Security Act of 2007. The results of the ordered probit regressions show that farmers with higher education levels and smaller farm sales are more willing to grow energy crops. The results of this study show that currently growing energy crops is more attractive to small farms as a source of crop diversification, rather than an alternative crop production in the big scale by...
Tipo: Presentation Palavras-chave: Bioenergy; Cellulosic Ethanol; Switchgrass; Miscanthus; Ordered Probit; Agricultural and Food Policy; Environmental Economics and Policy; Resource /Energy Economics and Policy.
Ano: 2012 URL: http://purl.umn.edu/119663
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Using Cellulosic Ethanol to ‘Go Green’: What Price for Carbon? AgEcon
Miranowski, John A.; Rosburg, Alicia.
The revised Renewable Fuels Standard (RFS2) mandates that cellulosic biofuels be part of the liquid transportation fuel mix and contribute to reducing our carbon footprint. Unfortunately, since no commercial cellulosic biorefinery exists and cellulosic biomass production is typically smaller scale than conventional crop production, limited knowledge exists of the actual costs of producing cellulosic biomass and converting it to cellulosic ethanol. Understanding of the implications of RFS2 requires a better understanding of the economics of producing cellulosic ethanol. We use the Biofuel Breakeven model (BIOBREAK), a simple long run breakeven model that represents the feedstock supply system and biofuel refining process, along with estimates of the...
Tipo: Conference Paper or Presentation Palavras-chave: Environmental Economics and Policy; Resource /Energy Economics and Policy; Biofuels; Biomass; Cellulosic Ethanol; RFS2; Carbon.
Ano: 2010 URL: http://purl.umn.edu/61395
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Supporting Cellulosic Ethanol Biomass Production and its Impact on Land Use Conversion AgEcon
Wu, Feng; Guan, Zhengfei.
One of the problems facing the cellulosic ethanol industry is the cellulose material supply. The U.S. forestlands have considerable potential to become one of the main sources of biomass to meet the 2022 renewable fuel target. Focusing on the land exiting the Conservation Reserve Program (CRP), the article finds that few landowners are willing to convert their land to forestland after the CRP contract is expired. Our econometric estimates show the choice decision is responsive to net returns of land use alternatives, especially cropland. Two policy initiatives are suggested to provide direct incentives for land use change. The nested logit estimates are used to simulate landowners‘ responses to policy mechanism. The results show that subsidies can...
Tipo: Conference Paper or Presentation Palavras-chave: Cellulosic Ethanol; Biomass; Land Use; The CRP; Forestland; Environmental Economics and Policy.
Ano: 2009 URL: http://purl.umn.edu/49451
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