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The economics of oil, biofuel and food commodities

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dc.contributor.author Marrouch, Walid
dc.contributor.author Bahel, Eric
dc.contributor.author Gaudet, Gerard
dc.date.accessioned 2016-01-28T13:40:21Z
dc.date.available 2016-01-28T13:40:21Z
dc.date.copyright 2013
dc.date.issued 2016-01-28
dc.identifier.issn 0928-7655 en_US
dc.identifier.uri http://hdl.handle.net/10725/2975
dc.description.abstract We study the effects on the food price of introducing biofuels as a substitute for fossil fuel in the energy market. Energy is supplied by a price-leading oil cartel and a competitive fringe of farmers producing biofuel. Biofuel production shares a finite land resource with food production. A positive relationship results between energy and food prices. We establish that the equilibrium price of food will be growing as long as the oil stock is being depleted, and beyond if demand is growing. An analysis of the effects of the productivity of land use in either the food or the biofuel sectors is carried out. It is shown that, with a highly inelastic demand for food, an increase in the productivity of land in agriculture will decrease the price of food in the short-run, only to increase it in the long-run as the stock of fossil fuel is depleted. en_US
dc.language.iso en en_US
dc.title The economics of oil, biofuel and food commodities en_US
dc.type Article en_US
dc.description.version Published en_US
dc.author.school SOB en_US
dc.author.idnumber 200200185 en_US
dc.author.woa N/A en_US
dc.author.department Department of Economics (ECON) en_US
dc.description.embargo N/A en_US
dc.relation.journal Resource and Energy Economics en_US
dc.journal.volume 35 en_US
dc.journal.issue 4 en_US
dc.article.pages 599-617 en_US
dc.keywords Biofuel en_US
dc.keywords Oil depletion en_US
dc.keywords Demand growth en_US
dc.keywords Energy price en_US
dc.keywords Food price en_US
dc.identifier.doi http://dx.doi.org/10.1016/j.reseneeco.2013.02.005 en_US
dc.identifier.ctation Bahel, E., Marrouch, W., & Gaudet, G. (2013). The economics of oil, biofuel and food commodities. Resource and Energy Economics, 35(4), 599-617. en_US
dc.author.email walid.marrouch@lau.edu.lb
dc.identifier.url http://www.sciencedirect.com/science/article/pii/S0928765513000195
dc.orcid.id https://orcid.org/0000-0001-8488-6555 en_US


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