Investment in Cellulosic Biofuel Refineries: Do Waivable Biofuel Mandates Matter?
研究可豁免与不可豁免的生物燃料强制令对纤维素乙醇精炼厂投资的影响，发现强制令在边际成本递增时能刺激投资，但可豁免政策效果较弱，且在边际成本不变时仅提高高效投资者的预期利润。
We develop a conceptual model to study the impact of mandate policies on stimulating investment in cellulosic biofuel refineries. In a two‐period framework, we compare the first‐period investment level (FIL) under three scenarios: laissez‐faire , non‐waivable mandate (NWM) policy, and waivable mandate (WM) policy. Results show that when plant‐level marginal costs are increasing then both NWM policy and WM policy may stimulate FIL. The WM policy has a smaller impact than does the NWM policy. When the plant‐level marginal costs are constants, however, WM policy does not increase FIL but does increase the expected profit of more efficient investors.