Malone, Trey

May, 2023

By: Gao, Yixuan; Malone, Trey; Schaefer, K. Aleks; Myers, Robert J.
Using a data-modified version of the relative-price-of-a-substitute method, we distinguish the consequences of the sharp decline in US automotive fuel demand from the consequences of nonethanol demand changes in the US corn market. Our results suggest thatÑdue to the renewable fuel standard and ethanol-gas price linkagesÑthe COVID-19 pandemic affected corn markets more than it affected other agricultural commodities. The onset of the pandemic reduced Illinois cash prices for corn by approximately 18%. The majority of this impact (approximately 16%) was driven by pandemic-induced reductions in ethanol demand. Ethanol-driven and total impacts were greater in locations farther from terminal markets.

September, 2016

By: Malone, Trey; Lusk, Jayson L.
California legislation outlawed the use and sale of battery cages for egg-laying hens in 2015. While a number of ex ante studies projected the effects of the housing prohibitions, the ultimate ex post effects are unknown. Using a price series reported by the USDA, we study the movement of daily egg prices in California and the United States before and after the law’s implementation. Depending on the methods used, we find that Californians now pay between $0.48 and $1.08 more for a dozen eggs. The estimates suggest an annual reduction in California consumer surplus of between $400 million and $850 million.