Renewable portfolio standards (RPS) are commonly promoted as a policy tool to reduce emissions associated with fossil generation, while also stimulating development of local renewable resource endowments. We develop a general equilibrium model of an RPS policy that captures key features such as...

Renewable fuel standards, low carbon fuel standards, and ethanol subsidies are popular policies to incentivize ethanol production and reduce emissions from transportation. Compared to carbon trading, these policies lead to large shifts in agricultural activity and unexpected social costs. We...