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dc.rights.licensehttps://creativecommons.org/licenses/by-sa/2.5/ar/es_AR
dc.contributor.authorMerener, Nicoláses_AR
dc.contributor.authorDavison, Mattes_AR
dc.coverage.spatialEstados Unidoses_AR
dc.coverage.temporal2000-2017es_AR
dc.date.accessioned2022-11-24T15:11:32Z
dc.date.available2022-11-24T15:11:32Z
dc.date.issued2022
dc.identifier.issn2405-8513
dc.identifier.urihttps://repositorio.utdt.edu/handle/20.500.13098/11450
dc.identifier.urihttps://doi.org/10.1016/j.jcomm.2022.100292
dc.identifier.urihttps://dx.doi.org/10.2139/ssrn.3307105
dc.description.abstractIn the last twenty years a large number of competitive ethanol rms have estab- lished operations in the US. Ethanol, produced from corn, is blended with pure gasoline to produce fuel. Producers hold an option to turn o unpro table plants. Blenders choose to substitute ethanol for gasoline at or beyond the minimum ratio set by the government. We propose and test an equilibrium model for blenders and producers that accounts for the real optionality embedded in the industry. The model, driven by corn and gasoline prices, leads to analytical expressions for the price and physical output of ethanol, and for the value of an ethanol producer. We confront the model with data between 2000 and 2017. In line with the model, we con rm that ethanol was largely priced as the maximum of rescaled gasoline and corn prices. Historical output levels between the mandate and installed capacity were explained by the model. Finally, the share price dynamics for the largest public ethanol producer in the US was consistent in some aspects with the value of a real option.es_AR
dc.description.sponsorshipJournal of Commodity Markets (JCM)
dc.format.extent40 p.es_AR
dc.format.mediumapplication/pdfes_AR
dc.languageenges_AR
dc.publisherJournal of Commodity Marketses_AR
dc.publisherElsevier B.V.es_AR
dc.relation.isversionofJournal of Commodity Markets, 2022, 100292
dc.rightsinfo:eu-repo/semantics/openAccesses_AR
dc.subjectEthanol Productiones_AR
dc.subjectReal optionses_AR
dc.subjectBiofuelses_AR
dc.subjectValuationes_AR
dc.titleEquilibrium and Real Options in the Ethanol Industry: Modelling and Empirical Evidencees_AR
dc.typeinfo:eu-repo/semantics/articlees_AR
dc.type.versioninfo:eu-repo/semantics/submittedVersiones_AR


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