Identifying Supply and Demand Elasticities of Agricultural Commodities: Implications for the US Ethanol Mandate
We present a new framework to identify supply elasticities ofstorable commodities where past shocks are used as exogenous price shifters. In the agricultural context, past yield shocks change inventory levels and futures prices of agricultural commodities. We use our estimated elasticities to evalua...
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| Veröffentlicht in: | The American economic review 2013-10, Vol.103 (6), p.2265-2295 |
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| container_title | The American economic review |
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| creator | Roberts, Michael J. SCHLENKER, WOLFRAM |
| description | We present a new framework to identify supply elasticities ofstorable commodities where past shocks are used as exogenous price shifters. In the agricultural context, past yield shocks change inventory levels and futures prices of agricultural commodities. We use our estimated elasticities to evaluate the impact of the 2009 Renewable Fuel Standard on commodity prices, quantities, and food consumers' surplus for the four basic staples: corn, rice, soybeans, and wheat. Prices increase 20 percent if one-third of commodities used to produce ethanol are recycled as feedstock, with a positively skewed 95 percent confidence interval that ranges from 14 to 35 percent. |
| doi_str_mv | 10.1257/aer.103.6.2265 |
| format | Article |
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In the agricultural context, past yield shocks change inventory levels and futures prices of agricultural commodities. We use our estimated elasticities to evaluate the impact of the 2009 Renewable Fuel Standard on commodity prices, quantities, and food consumers' surplus for the four basic staples: corn, rice, soybeans, and wheat. Prices increase 20 percent if one-third of commodities used to produce ethanol are recycled as feedstock, with a positively skewed 95 percent confidence interval that ranges from 14 to 35 percent.</description><identifier>ISSN: 0002-8282</identifier><identifier>EISSN: 1944-7981</identifier><identifier>DOI: 10.1257/aer.103.6.2265</identifier><identifier>CODEN: AENRAA</identifier><language>eng</language><publisher>Nashville: American Economic Association</publisher><subject>Agricultural commodities ; Agricultural economics ; Agricultural production ; biofuel mandates ; Carbon ; Carbon offsets ; Commodities ; Commodity prices ; Consumption ; Corn ; Crop economics ; Crops ; Deforestation ; Economic models ; Economic statistics ; Economic theory ; Elasticity of demand ; Energy consumption ; Energy crops ; ENVIRONMENTAL SCIENCES ; Ethanol ; Food ; food prices ; Futures ; Inventories ; Inventory ; Land use ; Price shocks ; Renewable resources ; Rice ; Soybeans ; Storable commodities ; Studies ; Supply ; Supply & demand ; Supply and demand ; supply response ; U.S.A ; Weather ; Wheat</subject><ispartof>The American economic review, 2013-10, Vol.103 (6), p.2265-2295</ispartof><rights>Copyright© 2013 American Economic Association</rights><rights>Copyright American Economic Association Oct 2013</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c519t-cfecbfdf16adc10c6cda77b2e24ae5e9a92a93e9b269973949ecc4b920f2a46c3</citedby><cites>FETCH-LOGICAL-c519t-cfecbfdf16adc10c6cda77b2e24ae5e9a92a93e9b269973949ecc4b920f2a46c3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/42920650$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/42920650$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>230,314,780,784,803,885,3748,27924,27925,58017,58250</link.rule.ids><backlink>$$Uhttps://www.osti.gov/servlets/purl/1079639$$D View this record in Osti.gov$$Hfree_for_read</backlink></links><search><creatorcontrib>Roberts, Michael J.</creatorcontrib><creatorcontrib>SCHLENKER, WOLFRAM</creatorcontrib><creatorcontrib>North Carolina State University, Raleigh, NC (United States)</creatorcontrib><title>Identifying Supply and Demand Elasticities of Agricultural Commodities: Implications for the US Ethanol Mandate</title><title>The American economic review</title><description>We present a new framework to identify supply elasticities ofstorable commodities where past shocks are used as exogenous price shifters. In the agricultural context, past yield shocks change inventory levels and futures prices of agricultural commodities. We use our estimated elasticities to evaluate the impact of the 2009 Renewable Fuel Standard on commodity prices, quantities, and food consumers' surplus for the four basic staples: corn, rice, soybeans, and wheat. Prices increase 20 percent if one-third of commodities used to produce ethanol are recycled as feedstock, with a positively skewed 95 percent confidence interval that ranges from 14 to 35 percent.</description><subject>Agricultural commodities</subject><subject>Agricultural economics</subject><subject>Agricultural production</subject><subject>biofuel mandates</subject><subject>Carbon</subject><subject>Carbon offsets</subject><subject>Commodities</subject><subject>Commodity prices</subject><subject>Consumption</subject><subject>Corn</subject><subject>Crop economics</subject><subject>Crops</subject><subject>Deforestation</subject><subject>Economic models</subject><subject>Economic statistics</subject><subject>Economic theory</subject><subject>Elasticity of demand</subject><subject>Energy consumption</subject><subject>Energy crops</subject><subject>ENVIRONMENTAL SCIENCES</subject><subject>Ethanol</subject><subject>Food</subject><subject>food prices</subject><subject>Futures</subject><subject>Inventories</subject><subject>Inventory</subject><subject>Land use</subject><subject>Price shocks</subject><subject>Renewable resources</subject><subject>Rice</subject><subject>Soybeans</subject><subject>Storable commodities</subject><subject>Studies</subject><subject>Supply</subject><subject>Supply & demand</subject><subject>Supply and demand</subject><subject>supply response</subject><subject>U.S.A</subject><subject>Weather</subject><subject>Wheat</subject><issn>0002-8282</issn><issn>1944-7981</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2013</creationdate><recordtype>article</recordtype><sourceid>8G5</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><sourceid>GNUQQ</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNpdkT1v2zAQhomiBeo6XbsVINqlixR-iTK7BY7bGEiRIc0s0NQxpkGJKkkN_veh6qJDprvDPffx4kXoEyU1ZU17rSHWlPBa1ozJ5g1aUSVE1aoNfYtWhBBWbdiGvUcfUjqRpabtCoV9D2N29uzGZ_w4T5M_Yz32-BaGJey8TtkZlx0kHCy-eY7OzD7PUXu8DcMQ-r-973g_TN4ZnV0YE7Yh4nwE_PSId_mox-Dxr7JOZ7hC76z2CT7-i2v09GP3e3tX3T_83G9v7ivTUJUrY8EcbG-p1L2hxEjT67Y9MGBCQwNKK6YVB3VgUqmWK6HAGHFQjFimhTR8jb5c9obyf5eKAjBHE8YRTO4oaZXkqkDfLtAUw58ZUu4Glwx4r0cIc-qoEBveci55Qb--Qk9hjmORsFCUMyELu0b1hTIxpBTBdlN0g47ncrJbTOqKSSXnnewWk8rA58vAKeUQ_9OCFSWyIfwFamiPuw</recordid><startdate>20131001</startdate><enddate>20131001</enddate><creator>Roberts, 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| ispartof | The American economic review, 2013-10, Vol.103 (6), p.2265-2295 |
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| source | Business Source Complete; JSTOR Archive Collection A-Z Listing; American Economic Association |
| subjects | Agricultural commodities Agricultural economics Agricultural production biofuel mandates Carbon Carbon offsets Commodities Commodity prices Consumption Corn Crop economics Crops Deforestation Economic models Economic statistics Economic theory Elasticity of demand Energy consumption Energy crops ENVIRONMENTAL SCIENCES Ethanol Food food prices Futures Inventories Inventory Land use Price shocks Renewable resources Rice Soybeans Storable commodities Studies Supply Supply & demand Supply and demand supply response U.S.A Weather Wheat |
| title | Identifying Supply and Demand Elasticities of Agricultural Commodities: Implications for the US Ethanol Mandate |
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