Making the market: How U.S. Policy influences near term agriculture and biofuel industry production and profitability under technology adoption
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The beneficiaries of technology adoption in agriculture and biofuels markets in the United States are heavily influenced by domestic biofuel policies and market context. Biofuel mandates, one of the key pillars of domestic biofuel policies, may significantly alter the
elasticity of demand for biofuels as well as the derived demand for maize used to produce a significant share of ethanol in the United States. Using a stochastic agriculture and biofuels
model, we assess how the introduction of technology may affect the crops and biofuel
markets under binding and non-binding biofuel mandates and discuss the implications for analysis of EU biofuel policies.