期刊
ENERGY ECONOMICS
卷 34, 期 5, 页码 1380-1391出版社
ELSEVIER
DOI: 10.1016/j.eneco.2012.06.016
关键词
Biofuels; Networks; Minimal spanning tree; Hierarchical tree
类别
In this paper, we analyze the relationships between the prices of biodiesel, ethanol and related fuels and agricultural commodities with a use of minimal spanning trees and hierarchical trees. To distinguish between short-term and medium-term effects, we construct these trees for different frequencies (weekly and monthly). We find that in short-term, both ethanol and biodiesel are very weakly connected with the other commodities. In medium-term, the biofuels network becomes more structured. The system splits into two well separated branches - a fuels part and a food part. Biodiesel tends to the fuels branch and ethanol to the food branch. When the periods before and after the food crisis of 2007/2008 are compared, the connections are much stronger for the post-crisis period. This is the first application of this methodology on the biofuel systems. (C) 2012 Elsevier B.V. All rights reserved.
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