Heuristic Methodology for Estimating the Liquid Biofuel Potential of a Region
Dorel Dusmanescu (),
Gheorghe H. Popescu (),
Elvira Nica () and
Mirela Panait ()
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Dorel Dusmanescu: Petroleum & Gas University of Ploiesti, 39 Bucuresti Blvd., Prahova 100680, Romania
Gheorghe H. Popescu: Dimitrie Cantemir Christian University, 176 Splaiul Unirii, Bucharest 030134, Romania
Elvira Nica: Bucharest University of Economic Study, 6 Roman Place, Bucharest 010374, Romania
Energies, 2016, vol. 9, issue 9, 1-19
This paper presents a heuristic methodology for estimating the possible variation of the liquid biofuel potential of a region, an appraisal made for a future period of time. The determination of the liquid biofuel potential has been made up either on the account of an average (constant) yield of the energetic crops that were used, or on the account of a yield that varies depending on a known trend, which can be estimated through a certain method. The proposed methodology uses the variation of the yield of energetic crops over time in order to simulate a variation of the biofuel potential for a future ten year time period. This new approach to the problem of determining the liquid biofuel potential of a certain land area can be useful for investors, as it allows making a more realistic analysis of the investment risk and of the possibilities of recovering the investment. On the other hand, the presented methodology can be useful to the governmental administration in order to elaborate strategies and policies to ensure the necessity of fuels and liquid biofuels for transportation, in a certain area. Unlike current methods, which approach the problem of determining the liquid biofuel potential in a deterministic way, by using econometric methods, the proposed methodology uses heuristic reasoning schemes in order to reduce the great number of factors that actually influence the biofuel potential and which usually have unknown values.
Keywords: liquid biofuel; bioethanol; biodiesel; renewable energy sources; heuristic methodology; biofuels potential (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:9:y:2016:i:9:p:703-:d:77112
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