Renewable Fuel Standard Potential Economic and Environmental Effects of U.S. Biofuel Policy (2011) / Chapter Skim
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Pages 337-340
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J Economic Models Used to Assess the Effects of Biofuel Production in the United States E conomic models are widely used for agricultural and energy policy analysis. For biofuels in the United States, the four main models that have been used are the Food and Agricultural Policy Research Institute (FAPRI)
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338 APPENDIX J Forward-looking models assume perfect knowledge of the future; recursive dynamic models assume agents are myopic and operate as if current prices will continue into the future. FASOM is a forward-looking model and solves all years simultaneously, whereas FAPRI and POLYSYS are recursive dynamic models.
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339 APPENDIX J Environmental Protection Agency (EPA) to determine GHG reductions from various biofuel pathways.
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340 APPENDIX J INCORPORATING BIOFUELS INTO ECONOMIC MODELS All four models were developed before the implementation of RFS2, but each has been modified in recent years to include varying degrees of biofuel coverage. FAPRI and GTAP include only first-generation biofuels (corn-grain ethanol, sugarcane ethanol, and oilseed-based biodiesel)
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