Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/oup/ajagec/v100y2018i2p570-584..html
   My bibliography  Save this article

Corn Ethanol and U.S. Biofuel Policy 10 Years Later: A Quantitative Assessment

Author

Listed:
  • Gal Hochman
  • David Zilberman
Abstract
We conduct meta-analyses of the estimated impacts of corn ethanol on food and fuel prices, as well as greenhouse gases, and analyze the implications for the balance of trade. The meta-analyses suggest that corn ethanol has minor effects on greenhouse gas emissions and significant yet moderate effects on food and fuel prices. However, corn ethanol has a relatively significant impact on fuel security in terms of reductions in the import of oil to the U.S. and its overall effect on the U.S. balance of trade.

Suggested Citation

  • Gal Hochman & David Zilberman, 2018. "Corn Ethanol and U.S. Biofuel Policy 10 Years Later: A Quantitative Assessment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 100(2), pages 570-584.
    • Handle: RePEc:oup:ajagec:v:100:y:2018:i:2:p:570-584.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/ajae/aax105
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. U. Martin Persson, 2015. "The impact of biofuel demand on agricultural commodity prices: a systematic review," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 4(5), pages 410-428, September.
    2. Gal Hochman & Deepak Rajagopal & David Zilberman, 2011. "The Effect of Biofuels on the International Oil Market," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(3), pages 402-427.
    3. Havranek, Tomas & Irsova, Zuzana & Janda, Karel & Zilberman, David, 2015. "Selective reporting and the social cost of carbon," Energy Economics, Elsevier, vol. 51(C), pages 394-406.
    4. Thomas J. Steichen, 2001. "Nonparametric trim and fill analysis of publication bias in meta-analysis," Stata Technical Bulletin, StataCorp LP, vol. 10(57).
    5. Condon, Nicole & Klemick, Heather & Wolverton, Ann, 2015. "Impacts of ethanol policy on corn prices: A review and meta-analysis of recent evidence," Food Policy, Elsevier, vol. 51(C), pages 63-73.
    6. Taisuke Nakata & Christopher Tonetti, 2015. "Small sample properties of Bayesian estimators of labor income processes," Journal of Applied Economics, Universidad del CEMA, vol. 18, pages 121-148, May.
    7. Searchinger, Timothy & Heimlich, Ralph & Houghton, R. A. & Dong, Fengxia & Elobeid, Amani & Fabiosa, Jacinto F. & Tokgoz, Simla & Hayes, Dermot J. & Yu, Hun-Hsiang, 2008. "Use of U.S. Croplands for Biofuels Increases Greenhouse Gases Through Emissions from Land-Use Change," Staff General Research Papers Archive 12881, Iowa State University, Department of Economics.
    8. Gal Hochman & Deepak Rajagopal & David Zilberman, 2011. "The Effect of Biofuels on the International Oil Market-super- ," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(3), pages 402-427.
    9. Zhang, Wei & Yu, Elaine A. & Rozelle, Scott & Yang, Jun & Msangi, Siwa, 2013. "The impact of biofuel growth on agriculture: Why is the range of estimates so wide?," Food Policy, Elsevier, vol. 38(C), pages 227-239.
    10. Anderson, David P. & Outlaw, Joe L. & Bryant, Henry L. & Richardson, James W. & Ernstes, David P. & Raulston, J. Marc & Welch, J. Mark & Knapek, George M. & Herbst, Brian K. & Allison, Marc S., 2008. "The Effects of Ethanol on Texas Food and Feed," Research Reports 257898, Texas A&M University, Agricultural and Food Policy Center.
    11. T.D. Stanley & Hristos Doucouliagos & Margaret Giles & Jost H. Heckemeyer & Robert J. Johnston & Patrice Laroche & Jon P. Nelson & Martin Paldam & Jacques Poot & Geoff Pugh & Randall S. Rosenberger & , 2013. "Meta-Analysis Of Economics Research Reporting Guidelines," Journal of Economic Surveys, Wiley Blackwell, vol. 27(2), pages 390-394, April.
    12. Ujjayant Chakravorty & Marie-Hélène Hubert & Linda Nøstbakken, 2009. "Fuel Versus Food," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 645-663, September.
      • Ujjayant Chakravorty & Marie-Hélène Hubert & Linda Nøstbakken, 2009. "Fuel Versus Food," Post-Print halshs-01117673, HAL.
      • Chakravorty, Ujjayant & Hubert, Marie-Helene & Nostbakken, Linda, 2009. "Fuel versus Food," Working Papers 2009-20, University of Alberta, Department of Economics.
    13. Serra, Teresa & Zilberman, David, 2013. "Biofuel-related price transmission literature: A review," Energy Economics, Elsevier, vol. 37(C), pages 141-151.
    14. Deepak Rajagopal, 2014. "Consequential Life Cycle Assessment of Policy Vulnerability to Price Effects," Journal of Industrial Ecology, Yale University, vol. 18(2), pages 164-175, April.
    15. Loomis, John B. & White, Douglas S., 1996. "Economic benefits of rare and endangered species: summary and meta-analysis," Ecological Economics, Elsevier, vol. 18(3), pages 197-206, September.
    16. Sari, Ramazan & Ewing, Bradley T. & Soytas, Ugur, 2008. "The relationship between disaggregate energy consumption and industrial production in the United States: An ARDL approach," Energy Economics, Elsevier, vol. 30(5), pages 2302-2313, September.
    17. T.D. Stanley & Hristos Doucouliagos & Margaret Giles & Jost Heckemeyer & Robert Johnston & Patrice Laroche & Jon Nelson & Martin Paldam & Jacques Poot & Geoff Pugh & Randall Rosenberger & Katja Rost, 2013. "Meta-analysis of economics research reporting guidelines," Post-Print hal-02137661, HAL.
    18. Richard S. J. Tol, 2009. "The Economic Effects of Climate Change," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 29-51, Spring.
    19. Jon Nelson & Peter Kennedy, 2009. "The Use (and Abuse) of Meta-Analysis in Environmental and Natural Resource Economics: An Assessment," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(3), pages 345-377, March.
    20. Lihong Lu McPhail & Bruce A. Babcock, 2008. "Short-Run Price and Welfare Impacts of Federal Ethanol Policies," Center for Agricultural and Rural Development (CARD) Publications 08-wp468, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    21. T. D. Stanley, 2001. "Wheat from Chaff: Meta-analysis as Quantitative Literature Review," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 131-150, Summer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Karel Janda & Ladislav Krištoufek, 2019. "The Relationship Between Fuel and Food Prices: Methods and Outcomes," Annual Review of Resource Economics, Annual Reviews, vol. 11(1), pages 195-216, October.
    2. Zhengyi Dong, 2019. "Does the Development of Bioenergy Exacerbate the Price Increase of Maize?," Sustainability, MDPI, vol. 11(18), pages 1-16, September.
    3. Nelson, Kelly P. & Parton, Lee C. & Brown, Zachary S., 2022. "Biofuels policy and innovation impacts: Evidence from biofuels and agricultural patent indicators," Energy Policy, Elsevier, vol. 162(C).
    4. Gao, Yixuan & Malone, Trey & Schaefer, K. Aleks & Myers, Robert J., 2023. "Disentangling Short-Run COVID-19 Price Impact Pathways in the US Corn Market," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 48(2), May.
    5. Gal Hochman & Chrysostomos Tabakis, 2020. "Biofuels and Their Potential in South Korea," Sustainability, MDPI, vol. 12(17), pages 1-17, September.
    6. Johnson, David R. & Geldner, Nathan B. & Liu, Jing & Baldos, Uris Lantz & Hertel, Thomas, 2023. "Reducing US biofuels requirements mitigates short-term impacts of global population and income growth on agricultural environmental outcomes," Energy Policy, Elsevier, vol. 175(C).
    7. Xi He & Miguel Carriquiry & Amani Elobeid & Dermot Hayes & Minghao Li & Wendong Zhang, 2022. "China's corn and biofuel policies and agricultural trade: Projections from an international agricultural commodity market model," Agribusiness, John Wiley & Sons, Ltd., vol. 38(4), pages 970-989, October.
    8. Karel Janda & Ladislav Kristoufek, 2019. "The relationship between fuel and food prices: Methods, outcomes, and lessons for commodity price risk management," CAMA Working Papers 2019-20, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    9. Britz, Wolfgang & Li, Jingwen & Shang, Linmei, 2021. "Combining large-scale sensitivity analysis in Computable General Equilibrium models with Machine Learning: An Example Application to policy supporting the bio-economy," Conference papers 333285, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    10. Jerome Dumortier & Miguel Carriquiry & Amani Elobeid, 2023. "Interactions Between U.S. Vehicle Electrification, Climate Change, and Global Agricultural Markets," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 84(1), pages 99-123, January.
    11. Ram N. Acharya & Rafael Perez-Pena, 2020. "Role of Comparative Advantage in Biofuel Policy Adoption in Latin America," Sustainability, MDPI, vol. 12(4), pages 1-13, February.
    12. Wang, Linjie & Chavas, Jean-Paul & Li, Jian, 2024. "Dynamic Linkages in Agricultural and Energy Markets: A Quantile Impulse Response Approach," 2024 Annual Meeting, July 28-30, New Orleans, LA 343541, Agricultural and Applied Economics Association.
    13. Karel Janda & Eva Michalikova & Luiz Célio Souza Rocha & Paulo Rotella Junior & Barbora Schererova & David Zilberman, 2022. "Review of the Impact of Biofuels on U.S. Retail Gasoline Prices," Energies, MDPI, vol. 16(1), pages 1-21, December.
    14. Linjie Wang & Jean‐Paul Chavas & Jian Li, 2024. "Dynamic linkages in agricultural and energy markets: A quantile impulse response approach," Agricultural Economics, International Association of Agricultural Economists, vol. 55(4), pages 639-676, July.
    15. Tanaka, Tetsuji & Guo, Jin & Wang, Xiufang, 2024. "Understanding the spillover effects of ethanol production and energy prices on African food markets: A time-varying approach," Energy Economics, Elsevier, vol. 134(C).
    16. Deepayan Debnath & Madhu Khanna & Deepak Rajagopal & David Zilberman, 2019. "The Future of Biofuels in an Electrifying Global Transportation Sector: Imperative, Prospects and Challenges," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 41(4), pages 563-582, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Johanna Choumert & Pascale Combes Motel & Charlain Guegang Djimeli, 2017. "The biofuel-development nexus: A meta-analysis," CERDI Working papers halshs-01512678, HAL.
    2. Hochman, Gal & Zilberman, David, 2016. "Corn Ethanol and US Biofuel Policy Ten Years Later: A Systematic Review and Meta-analysis," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235467, Agricultural and Applied Economics Association.
    3. Peter H. Howard & Thomas Sterner, 2017. "Few and Not So Far Between: A Meta-analysis of Climate Damage Estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(1), pages 197-225, September.
    4. Karel Janda & Ladislav Kristoufek, 2019. "The relationship between fuel and food prices: Methods, outcomes, and lessons for commodity price risk management," CAMA Working Papers 2019-20, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    5. Condon, Nicole & Klemick, Heather & Wolverton, Ann, 2015. "Impacts of ethanol policy on corn prices: A review and meta-analysis of recent evidence," Food Policy, Elsevier, vol. 51(C), pages 63-73.
    6. Choumert Nkolo, Johanna & Combes Motel, Pascale & Guegang Djimeli, Charlain, 2018. "Income-generating Effects of Biofuel Policies: A Meta-analysis of the CGE Literature," Ecological Economics, Elsevier, vol. 147(C), pages 230-242.
    7. Gal Hochman & Chrysostomos Tabakis, 2020. "Biofuels and Their Potential in South Korea," Sustainability, MDPI, vol. 12(17), pages 1-17, September.
    8. Branger, Frédéric & Quirion, Philippe, 2014. "Would border carbon adjustments prevent carbon leakage and heavy industry competitiveness losses? Insights from a meta-analysis of recent economic studies," Ecological Economics, Elsevier, vol. 99(C), pages 29-39.
    9. Markus Hang & Jerome Geyer‐Klingeberg & Andreas Rathgeber & Stefan Stöckl, 2018. "Economic Development Matters: A Meta‐Regression Analysis on the Relation between Environmental Management and Financial Performance," Journal of Industrial Ecology, Yale University, vol. 22(4), pages 720-744, August.
    10. Jonathan Jones, 2017. "Agglomeration economies and the location of foreign direct investment: A meta-analysis," Journal of Regional Science, Wiley Blackwell, vol. 57(5), pages 731-757, November.
    11. Havranek, Tomas & Horvath, Roman & Zeynalov, Ayaz, 2016. "Natural Resources and Economic Growth: A Meta-Analysis," World Development, Elsevier, vol. 88(C), pages 134-151.
    12. Demena, Binyam Afewerk & Afesorgbor, Sylvanus Kwaku, 2020. "The effect of FDI on environmental emissions: Evidence from a meta-analysis," Energy Policy, Elsevier, vol. 138(C).
    13. Hang, Markus & Geyer-Klingeberg, Jerome & Rathgeber, Andreas W. & Stöckl, Stefan, 2018. "Measurement matters—A meta-study of the determinants of corporate capital structure," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 211-225.
    14. Stéphane Goutte & David Guerreiro & Bilel Sanhaji & Sophie Saglio & Julien Chevallier, 2019. "International Financial Markets," Post-Print halshs-02183053, HAL.
    15. Marvin Schütt, 2021. "Systematic Variation in Waste Site Effects on Residential Property Values: A Meta-Regression Analysis and Benefit Transfer," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 78(3), pages 381-416, March.
    16. Antinyan, Armenak & Asatryan, Zareh, 2019. "Nudging for tax compliance: A meta-analysis," ZEW Discussion Papers 19-055, ZEW - Leibniz Centre for European Economic Research.
    17. Ma, Chunbo & Rogers, Abbie A. & Kragt, Marit E. & Zhang, Fan & Polyakov, Maksym & Gibson, Fiona & Chalak, Morteza & Pandit, Ram & Tapsuwan, Sorada, 2015. "Consumers’ willingness to pay for renewable energy: A meta-regression analysis," Resource and Energy Economics, Elsevier, vol. 42(C), pages 93-109.
    18. Fernau, Erik & Hirsch, Stefan, 2019. "What drives dividend smoothing? A meta regression analysis of the Lintner model," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 255-273.
    19. Asatryan, Zareh & Havlik, Annika & Heinemann, Friedrich & Nover, Justus, 2020. "Biases in fiscal multiplier estimates," European Journal of Political Economy, Elsevier, vol. 63(C).
    20. Iryna Printezis & Carola Grebitus & Stefan Hirsch, 2019. "The price is right!? A meta-regression analysis on willingness to pay for local food," PLOS ONE, Public Library of Science, vol. 14(5), pages 1-23, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:ajagec:v:100:y:2018:i:2:p:570-584.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.