Ethanol production has recently surged in response to biofuel policies and increased fossil oil prices. We develop a partial equilibrium model focused on U.S. corn-based ethanol production with downside risk-averse farmers to assess the consequences of ethanol production on agricultural...

[paper in French] The stabilization of agricultural markets and incomes is, with the support of farm income, one of the initial objectives of the Common Agricultural Policy (CAP). These two objectives have long been reached simultaneously thanks to price support mechanisms. However, the...