Miao, Ruiqing; Hennessy, David A.; Babcock, Bruce A. - Department of Economics, Iowa State University - 2012
We develop a conceptual model to study the impact of mandate policies on stimulating investment in cellulosic biofuel refineries. In a two-period framework, we compare the first-period investment level (FIL) under three scenarios: laissez-faire, non-waivable mandate (NWM) policy, and waivable...