Sixty Billion Gallons by 2030: Economic and Agricultural Impacts of Ethanol and Biodiesel Expansion

Agriculture is well positioned as a feedstock source because the fuels can be utilized with current engine technologies and are compatible with the current distribution infrastructure. Commercialization of cellulosic to ethanol technology will enable fuels to be derived from a diverse portfolio of feedstocks from numerous regions of the country. The levels of ethanol production analyzed are 10, 30, and 60 billion gallons of ethanol annually by 2010, 2020 and 2030, respectively. Impacts of producing 1 billion gallons of biodiesel production by 2012 and 1.6 billion gallons by 2030 are also projected. Overall, for the period 2007 to 2030, the estimated accumulated gains in net farm income are over $210 billion; and the accumulated potential savings in government payments are estimated to be$150 billion. Due to the geographic decentralization of the production of feedstock, economic gains are projected to accrue to the majority of regions of the country. Significant expansion beyond 60 billion gallons per year would likely require expansion of the region suitable for the production of bioenergy crops, ability to convert other pastureland (beyond cropland in pasture) into energy crops; allowing CRP acreage to be used in feedstock production, increasing short-rotation wood crops in the Northeast and Northwest regions, increased yields above those assumed in the analysis, and/or increasing the efficiency of cellulosic conversion. Further research should examine the agricultural, environmental, and economic impacts of one or more these factors changing.Resource /Energy Economics and Policy,

Shareholder Theory/Shareholder Value

Shareholder theory states that the primary objective of management is to maximize shareholder value. This objective ranks in front of the interests of other corporate stakeholders, such as employees, suppliers, customers, and society.Shareholder theory argues that shareholders are the ultimate owners of a corporate’s assets, and thus, the priority for managers and boards is to protect and grow these assets for the benefit of shareholders. Shareholder theory assumes that shareholders value corporate assets with two measurable metrics, dividends and share price. There-fore, management should make decisions that maximize the combined value of dividends and share price increases. However, shareholder theory fails to consider that shareholders and corporates may have other objectives that are not based on financial performance. For example, as early as1932, Berle and Means argued that corporations have a variety of purposes and interests including encouraging entrepreneurship, innovation, and building communities. This wider view is gaining more traction in recent decades as evidenced by an increased interest in ethical investment funds.This suggests that shareholders and potential shareholders are not only interested in financial gains but are also interested in corporates being socially responsible (Kyriakou2018). Therefore shareholder value creation is important; however,it needs to be balanced with other stakeholders’ interests. This is referred to as an enlightened approach to shareholder value maximization

ECONOMIC IMPACTS RESULTING FROM CO-FIRING BIOMASS FEEDSTOCKS IN SOUTHEASTERN UNITED STATES COAL-FIRED PLANTS

Economic impacts of using biomass in Southeast United States coal-fired plants are estimated using a county-level biomass database; ORCED, a dynamic electricity distribution model that estimates feedstock value; ORIBAS, a GIS model that estimates feedstock transportation costs; and IMPLAN, an input-output model that determines the impacts of co-firing on economic activity.Resource /Energy Economics and Policy,

Legal determinants of external finance revisited : the inverse relationship between investor protection and societal well-being

This paper investigates relationships between corporate governance traditions and quality of life as measured by a number of widely reported indicators. It provides an empirical analysis of indicators of societal health in developed economies using a classification based on legal traditions. Arguably the most widely cited work in the corporate governance literature has been the collection of papers by La Porta et al. which has shown, inter alia, statistically significant relationships between legal traditions and various proxies for investor protection. We show statistically significant relationships between legal traditions and various proxies for societal health. Our comparative evidence suggests that the interests of investors may not be congruent with the interests of wider society, and that the criteria for judging the effectiveness of approaches to corporate governance should not be restricted to financial metrics

Attractive Interactions Between Rod-like Polyelectrolytes: Polarization, Crystallization, and Packing

We study the attractive interactions between rod-like charged polymers in solution that appear in the presence of multi-valence counterions. The counterions condensed to the rods exhibit both a strong transversal polarization and a longitudinal crystalline arrangement. At short distances between the rods, the fraction of condensed counterions increases, and the majority of these occupy the region between the rods, where they minimize their repulsive interactions by arranging themselves into packing structures. The attractive interaction is strongest for multivalent counterions. Our model takes into account the hard-core volume of the condensed counterions and their angular distribution around the rods. The hard core constraint strongly suppresses longitudinal charge fluctuations.Comment: 4 figures, uses revtex, psfig and epsf. The new version contains a different introduction, and the bibliography has been expande

Damage Spreading in the Ising Model

We present two new results regarding damage spreading in ferromagnetic Ising models. First, we show that a damage spreading transition can occur in an Ising chain that evolves in contact with a thermal reservoir. Damage heals at low temperature and spreads for high T. The dynamic rules for the system's evolution for which such a transition is observed are as legitimate as the conventional rules (Glauber, Metropolis, heat bath). Our second result is that such transitions are not always in the directed percolation universality class.Comment: 5 pages, RevTeX, revised and extended version, including 3 postscript figure