Essays on Investments in New Technologies --- Policy, Information, and Learning
The general theme of this dissertation is investment in new technologies, with a focus on the impact of policy, information, and learning. The first essay investigates the impacts of the waivable biofuel mandates on investment in cellulosic biofuel refineries. This essay contributes to the understanding of waivable mandates by specifying conditions under which even a waivable mandate can stimulate investment in cellulosic biofuel refineries. Focusing on wheat markets, the second essay estimates (1) growers' willingness to pay for a new technology that can segregate wheat grain after measuring grain protein concentration, (2) the new technology's impacts on U.S. wheat markets, and (3) the technology's market prospect. The third essay studies optimal investments in two lines of research activities under uncertainties of climate change and research outcomes. These two lines of research activities are (1) research to mitigate the possible negative impact of climate change; and (2) research to investigate the true impact of climate change.