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Contracting for perennial energy crops and the cost-effectiveness of the Biomass Crop Assistance Program

机译：常年能源作物承包以及生物量作物援助计划的成本效益

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摘要

Using a framework that meshes mechanism design theory and real options analysis, we recover the contract terms that a biomass processing plant would offer a farmer to induce conversion of land to perennial energy crops. We consider three contract terms: performance payment (price per dry ton of biomass), establishment payment (one-time payment per acre planted), and acreage payment (annual payment per acre planted). We find that, in equilibrium, the contract signed by farmers and buyers of Miscanthus (the perennial energy crop of choice in our analysis) uses a combination of all three payments. Conditional on the equilibrium contract, we show how changes in the structure of the Biomass Crop Assistance Program affect cost and risk along the vertical supply chain. Our analysis reveals that subsidies to both establishment and acreage payments are equally cost-effective in reducing production cost of cellulosic biofuels. However, establishment subsidies are more effective at reducing risk for the buyer and, therefore, dominate acreage subsidies from a risk-adjusted cost-effectiveness criterion. This suggests that a larger share of the Biomass Crop Assistance Program budget should be allocated to establishment subsidies to the detriment of matching payments (subsidies to performance payments) and maintenance payments (subsidies to acreage payments).
机译：使用网格机制设计理论和真实选择分析的框架，我们收回了生物质加工厂将为农民提供促使土地转换为多年生能源作物的合同条款。我们考虑三个合同条款：绩效付款（每次干燥的价格），建立支付（每英亩一次性付款）和面积支付（每英亩每年种植）。我们发现，在均衡中，农民和Miscanthus的买家签署的合同（我们分析中的多年期能源作物）使用了所有三项付款的组合。在均衡合同上有条件，我们展示了生物质作物辅助计划结构的变化如何影响垂直供应链的成本和风险。我们的分析表明，对建立和面积支付的补贴在降低纤维素生物燃料的生产成本方面同样具有成本效益。然而，建立补贴在减少买方风险方面更有效，因此，从风险调整的成本效益标准中占据了种植面积补贴。这表明，应将生物质作物援助方案预算的更大份额分配给建立补贴，以损害匹配付款（补贴履行付款）和维护付款（补贴面积付款）。

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