This paper analyses the effects of the expiration of the volumetric ethanol subsidy and the implementation of the renewable fuels standard (RFS) on the U.S. fuel ethanol industry. Analyses that ignore the dynamic implications of these policies, including their effects on incumbent ethanol...

Tradeable credits are a central component of many market-based regulations. Whenever the market for compliance credits is efficient and policies are enforced over time, credit prices should reflect both current and expected future discounted marginal compliance costs, which are a function of...

This paper estimates a dynamic model of the world market for nine nonrenewable resources over the period 1970-2004, and tests whether the countries supplying a nonrenewable resource behaved as price-takers or oligopolists. The model generates estimates of the shadow price of the nine minerals...