摘要：This paper analyzes the decision to invest in building ethanol
plants in Thailand.
We analyze the effects of economic factors, strategic factors, and government
policies on ethanol investment using discrete response and fixed effects regression
models. Results show that the main factor that affects the decision to invest
in building an ethanol plant in a particular changwat is the number of ethanol
plants already in the changwat. The number of ethanol plants already in the
changwat has a significant negative effect on the decision to invest in
building an ethanol plant in a particular changwat, which suggests that
potential investors are deterred by local competition in input and output
markets.
