Researchers from the University of California –Berkely (United States) recently published a paper which analyzes the impacts of biofuels policy on food and fuel markets. The paper titled, “The Economics of Biofuel Policy and Biotechnology” appears in the Journal of Agricultural & Food Industrial Organization. Among the interesting findings of their research are: (1) “biofuel policy can substitute for traditional agricultural policy intended to boost farm welfare”, (2) “food market volatility can induce periods of boom and bust in the ethanol industry, causing episodes of bankruptcy and reduced capital investment”, (3) innovations in cellulose ethanol technology and agricultural biotechnology can reduce ethanol market volatility. Details can be obtained at the Berkeley Electronic Press website (URL above)..