Optimizing biofuels production in an uncertain decision environment: Conventional vs. advanced technologies

The question of increasing biofuels production and the development of different biofuels production technologies has become controversial. On the one hand, production of corn-based biofuels creates a ‘food/feed vs. fuel’ tradeoff condition, along with subsequent uncertainties for both consumers and producers (farmers). On the other, advanced biofuels (from, e.g., switchgrass, miscanthus, algae), although acknowledged as environmentally friendly, are not available on a large commercial scale yet.