Designing an optimal contract mechanism in a cellulosic biofuel enterprise

Author(s):  
Sinem Tokcaer ◽  
Hayri Önal ◽  
Özgür Özpeynirci
2003 ◽  
Vol 154 (8) ◽  
pp. 305-313 ◽  
Author(s):  
Roman Eyholzer ◽  
Martin Baumann ◽  
Rolf Manser

Faced with the challenging task of balancing forest interests and wildlife, the Swiss Forest Agency initiated the pilot programme«Game and Forest», which is committed to a philosophy of goal-oriented management practice and a redesign of forestry subsidizing. Within this programme the diverse goals of forestry and hunting have been amalgamated to a superimposed goal and set out in a corresponding contract. The Game-Forest-Management-Tool (GFMT) has been divised to simulate the effect of various strategies to deal with the complex problems of forest-wildlife. Optimal contract-fulfilling procedures can be simulated on a PC using this technical tool. The efficiency of the measures suggested by simulations that were carried out are being tested in a study area within the pilot programme, «Game and Forest». Half way through this trial, after two years, we can say that there has been no significant increase of non-browsed areas. In 2004, after the collection of data for the entire study area, we will be able to tell whether applying this computer simulated strategy truly leads to an augmentation of non-browsed area and a decrease in bark-peeled forests in the pilot area.


2021 ◽  
Vol 14 (1) ◽  
Author(s):  
Shannon M. Hoffman ◽  
Maria Alvarez ◽  
Gilad Alfassi ◽  
Dmitry M. Rein ◽  
Sergio Garcia-Echauri ◽  
...  

Abstract Background Future expansion of corn-derived ethanol raises concerns of sustainability and competition with the food industry. Therefore, cellulosic biofuels derived from agricultural waste and dedicated energy crops are necessary. To date, slow and incomplete saccharification as well as high enzyme costs have hindered the economic viability of cellulosic biofuels, and while approaches like simultaneous saccharification and fermentation (SSF) and the use of thermotolerant microorganisms can enhance production, further improvements are needed. Cellulosic emulsions have been shown to enhance saccharification by increasing enzyme contact with cellulose fibers. In this study, we use these emulsions to develop an emulsified SSF (eSSF) process for rapid and efficient cellulosic biofuel production and make a direct three-way comparison of ethanol production between S. cerevisiae, O. polymorpha, and K. marxianus in glucose and cellulosic media at different temperatures. Results In this work, we show that cellulosic emulsions hydrolyze rapidly at temperatures tolerable to yeast, reaching up to 40-fold higher conversion in the first hour compared to microcrystalline cellulose (MCC). To evaluate suitable conditions for the eSSF process, we explored the upper temperature limits for the thermotolerant yeasts Kluyveromyces marxianus and Ogataea polymorpha, as well as Saccharomyces cerevisiae, and observed robust fermentation at up to 46, 50, and 42 °C for each yeast, respectively. We show that the eSSF process reaches high ethanol titers in short processing times, and produces close to theoretical yields at temperatures as low as 30 °C. Finally, we demonstrate the transferability of the eSSF technology to other products by producing the advanced biofuel isobutanol in a light-controlled eSSF using optogenetic regulators, resulting in up to fourfold higher titers relative to MCC SSF. Conclusions The eSSF process addresses the main challenges of cellulosic biofuel production by increasing saccharification rate at temperatures tolerable to yeast. The rapid hydrolysis of these emulsions at low temperatures permits fermentation using non-thermotolerant yeasts, short processing times, low enzyme loads, and makes it possible to extend the process to chemicals other than ethanol, such as isobutanol. This transferability establishes the eSSF process as a platform for the sustainable production of biofuels and chemicals as a whole.


1997 ◽  
Vol 41 (2) ◽  
pp. 227-243 ◽  
Author(s):  
Christopher J. Ellis ◽  
Steinar Holden

2016 ◽  
Vol 6 (1) ◽  
Author(s):  
Zhuo Liu ◽  
Shih-Hsin Ho ◽  
Kengo Sasaki ◽  
Riaan den Haan ◽  
Kentaro Inokuma ◽  
...  

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Ho Cheung Cheng

Abstract This paper considers contractual choice under imperfect legal systems, in particular, contracts with different timing of payment. Ex-ante payment contracts are risky for the buyer, because the seller may shirk. Ex-post payment contracts are risky for the seller, as the buyer may default. Optimal contract is solved for any given legal environment. Exchanges with lower gains from trade tend to adopt ex-post payment contracts. The seller is a better proposer than the buyer in terms of the efficiency of the proposed contract. Surprisingly, offering ex-ante payment contracts is not strictly better for the seller under any legal environment. Moreover, mixed payment contracts are also analyzed and shown to never be optimal.


2011 ◽  
Vol 01 (01) ◽  
pp. 169-203 ◽  
Author(s):  
Phelim P. Boyle ◽  
Ranjini Jha ◽  
Shannon Kennedy ◽  
Weidong Tian

There is controversy about the relative merits of stock and options in executive compensation. Some observers contend that stock is a more efficient mechanism, while others reach the opposite conclusion. We focus on the manager's risk-taking incentives and derive an optimal compensation contract by using the concept of a comparable benchmark and imposing a volatility constraint in a principal-agent framework. We demonstrate a joint role for both stock and options in the optimal contract. We show that firms with higher volatility should use more options in compensating their executives and provide empirical evidence supporting this testable implication.


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