Three measure commonly used to evaluate the consumer welfare implications of a policy change are reviewed. The notion of consumer surplus is dealt with first, followed by an assessment of the concepts of compensating variation and equivalent variation. The relationships among the three concepts...

A team of U.S. analysts visited China to assess the potential for use of distillers dried grain plus solubles (DDGS) in China's livestock sector. They examined the economics of the use of DDGS in feeds, the policy issues surrounding the use of the product, and transportation-logistic constraints...

Major issues and challenges encountered in modeling and analyzing agricultural and trade policy reforms are reviewed. We focus on the modeling approach and pay special attention to the type and scope of the models, the calibration of a realistic baseline scenario, the representation of the...

In response to a request by Senator Tom Harkin, the Food and Agricultural Policy Research Institute (FAPRI) has evaluated a number of issues related to the lock and dam system on the Upper Mississippi and Illinois Rivers. One critical issue is how future demand for agricultural exports will...

Projections of U.S. ethanol production and its impacts on planted acreage, crop prices, livestock production and prices, trade, and retail food costs are presented under the assumption that current tax credits and trade policies are maintained. The projections were made using a multi-product,...

The ongoing growth of corn-based ethanol production raises some fundamental questions about what impact continued growth will have on U.S. and world agriculture. Estimates of the long-run potential for ethanol production can be made by calculating the corn price at which the incentive to expand...

We examine four scenarios for the evolution of the biofuel sector using a partial equilibrium model of the world agricultural sector. The model includes the new Renewable Fuels Standard in the 2007 energy act, the two-way relationship between fossil energy and biofuel markets, and a new trend...

We analyze the sensitivity of greenhouse gas (GHG) emissions from land-use change to modifications in assumptions concerning crop area, yield, and deforestation. For this purpose, we run a modified version of the Center for Agricultural and Rural Development (CARD) Agricultural Outlook Model,...

The recently signed Korea-U.S. Free Trade Agreement (KORUS FTA) grants the U.S. livestock industry with preferential access to South Korea's import market. This study evaluates the likely impacts of the KORUS FTA on the U.S. livestock sector. Using the Food and Agricultural Policy Research...

Changes in China's food situation and trade behavior have important implications for U.S. agricultural exports. This report considers some of the trends in China's meat market. It also uses a partial equilibrium model of China's livestock and grain sectors to examine the impact of tariff...