Bahel, Eric; Marrouch, Walid; Gaudet, Gerard - Department of Economics, Virginia Polytechnic Institute … - 2010
In this paper we study the effects on the food market of the introduction of biofuels as a substitute for fossil fuel in the energy market. We consider a world economy with an oil cartel and a competitive fringe of farmers producing energy in the form of biofuels. Farmers also produce food and...