Essays on the Effect of Biofuels on Agricultural Markets
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Corn and soybean meals are major feed ingredients for livestock producers. The first part of the research studies the effects of renewable fuel standard mandate on the U.S. beef and dairy sectors. A dynamic and recursive partial equilibrium model was developed to study the effect of renewable fuel standards on beef and dairy sectors. The study finds that feed cost shocks have significant impact at feedlot level and relatively less effect for cow-calf and milk producers. No major changes were found at the retail level. Given the projected corn prices are expected to be lower in the coming decade than the record high price observed in 2011, the results also suggest that the higher returns provide economic incentives for expansion of the beef and dairy sectors in the future. The second part of the research employs an application of hedonic pricing model for whole algae and post-extracted algae residue meal for aquaculture. Prices and nutritional characteristics of commonly applied aquaculture feed ingredients are used to determine the value of whole algae and post extracted algae residue based on its dietary composition. The research finds that whole algae will have value higher than that of soybean meal and lower than that of menhaden fishmeal. The results also indicate that post extracted algae residue will have value lower than that of soybean meal and menhaden fishmeal. The third part of this research estimates the economic feasibility of biofuel production and high value squalene from a tobacco biomass. Pro-forma stochastic financial statements were constructed and the feasibility of multi-year financial projects were evaluated. The results suggest the commercialization of biofuel production from tobacco is unrealistic. The results also indicate the economic feasibility of high value squalene is realistic under the certain conditions.
Maisashvili, Aleksandre (2014). Essays on the Effect of Biofuels on Agricultural Markets. Doctoral dissertation, Texas A & M University. Available electronically from