Wu, Feng; Guan, Zhengfei; Yu, Fan; Myers, Robert J. - In: Journal of Economic Dynamics and Control 37 (2013) 9, pp. 1755-1770
This paper studies the spillover effects of rising biofuel production on participation in the Conservation Reserve Program. Landowner participation decisions are modeled using a real options framework. We develop a land use decision model that captures biofuel-driven structural changes in market...