The Welfare Economics of a Biofuel Tax Credit and the Interaction Effects with Price Contingent Farm Subsidies
分析了生物燃料消费税抵免的福利效应，以及其与价格条件性农业补贴的交互影响。研究发现，乙醇价格因税收抵免而高于汽油价格，玉米种植者直接受益，而汽油消费者仅从世界油价下降中获益。历史上，乙醇供给曲线截距高于汽油价格，导致部分税收抵免冗余，产生巨大的矩形无谓损失，远超传统农业补贴的三角形无谓损失。
Abstract A framework is developed to analyze the effects of a biofuel consumer tax exemption and the interaction effects with a price contingent farm subsidy. Ethanol prices rise above the gasoline price by the amount of the tax credit. Corn farmers gain directly while gasoline consumers only gain from any reduction in world oil prices due to the extra ethanol production. Domestic oil producers lose. Historically, the intercept of the ethanol supply curve is above the gasoline price. Hence, part of the tax credit is redundant and represents “rectangular” deadweight costs that dwarf triangular deadweight cost measures of traditional farm subsidies.