We employ an open economy general equilibrium model to investigate the effects of government energy policy, with an emphasis on corn-based ethanol, on the U.S. economy. The model specification incorporates world and domestic markets, assumes pollution costs from fuel consumption, and allows...

Research and Development (R&D) and innovation are crucial features of the seed industry. To support large R&D investments by the private sector, strong intellectual property rights, such as patents, are necessary. The exclusivity granted by patents naturally creates market power positions and...

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Significant government support for biofuels has led to rapid growth in U.S. ethanol production and research to develop more advanced biofuels. In this paper we construct a general equilibrium, open economy model that captures the rationale typically invoked to justify government intervention in...

A new approach to deriving Slutsky relations for mixed demand functions is developed to formulate a Rotterdam mixed demand model. The mixed Rotterdam specification, which overcomes some of the problems associated with flexible functional forms, is tested on the Canadian meat market where there...

Cost function estimation under production uncertainty is problematic because the relevant cost is conditional on unobservable expected output. If input demand functions are also stochastic, then a nonlinear errors-in-variables model is obtained and standard estimation procedures typically fail...

Because of the short-term nature of existing commodity futures contracts, optimally hedged producers remain subject to intertemporal income uncertainty, but price stabilization may be detrimental because it negates the benefits of intertemporal production flexibility. Multiperiod futures would...