A Dynamic General Equilibrium Model of Food and Energy Crop

Aerwadee Premashthira () and Kenneth Lyon
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Aerwadee Premashthira: Faculty of Economics, Kasetsart University, Bangkok, Thailand

Applied Economics Journal, 2012, vol. 19, issue 2, 18-36

Abstract: This essay develops a dynamic general equilibrium model of an energy crop. The model can guide policy to resolve the ‘food or fuel’ dilemma. Data from Thailand were employed in calibrating the model, with cassava as the energy crop. The stationary state solution gave the set of optimal consumption, production, and allocation of resources in the economy. An approximation of optimal policy function and optimal time paths was derived by using the linear approximation method and the Runke-Kutta reverse shooting method. The results of the model provide the basic information for decision makers in optimal allocation of resources for the production of crops for food and biofuel

Keywords: energy crop; optimal control; sustainable development (search for similar items in EconPapers)
JEL-codes: C61 Q40 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:aej:apecjn:v:19:y:2012:i:2:p:18-36

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