Prices of Biofuels and Related Commodities: An Example of Combined Economics and Graph Theory Approach

Ondrej Filip, Karel Janda and Ladislav Krištoufek ()
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Ondrej Filip: Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Smetanovo nabrezi 6, 111 01 Prague 1, Czech Republic

No 2017/07, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: The article investigates the connections between the prices of biofuels and many traded commodities and other relevant assets in Europe, USA and Brazil. The analysis uses a comprehensive dataset covering price data for 32 relevant traded titles over the period 2003-2015. Main contribution of this article is a combination of minimum spanning tree and hierarchical tree approaches with expert economic understanding of biofuels market leading to identification of price connections in a complex trading system. Our analysis of mutual price connections discovers the major defining features of world leading biofuels markest over the last decade. We provide characteristics of main bioethanol and biodiesel markets with respect to technical and local features of the production and consumption of particular biofuels.

Keywords: biofuels; networks; minimal spanning tree; hierarchical tree (search for similar items in EconPapers)
JEL-codes: C38 Q16 Q42 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2017-03, Revised 2017-03
New Economics Papers: this item is included in nep-agr and nep-ene
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