Graduate Courses for Agriculture and Resource Economics (AREC)
Schedule of Classes:
Fall |
Winter |
Spring |
Summer
(Only current and next semester available)
AREC 404 Applied Price Analysis (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricultural
Policy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
An introduction to the economic analysis of price behavior, with
applications to agricultural commodities. The use of price information
in the decision-making process, the relation and supply and demand in
determining price, and the relation of prices to grade, time, location,
and stages of processing in the marketing system.
AREC 405 Economics of Production (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricultural
Policy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
The use and application of production economics in analysis of firm and
policy decisions. Production functions, cost functions, multiple product
and joint production, and production processes through time.
AREC 425 Economics of Food Sector (3 credits)
Corequisite: ECON306, ECON326, or equivalent. Credit will be granted for
only one of the following: AREC425 or AREC489B. Formerly AREC489B.
Economic analysis of food sector issues, including food safety,
agricultural biotechnology, and coordination mechanisms in the food
supply chain.
AREC 427 Economics of Commodity Marketing Systems (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricultural
Policy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
Basic economic theory as applied to the marketing of agricultural
commodities. Current developments affecting market structure including
contractual arrangements, cooperative marketing, vertical integration,
and governmental policies.
AREC 433 Food and Agricultural Policy (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricultural
Polcy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
Economic and political context of governmental involvement in the farm
and food sector. Historical programs and current policy issues.
Analysis of economic effects of agricultural programs, their benefits
and costs, and comparison of policy alternatives. Analyzes the
interrelationship among international development, agricultural trade
and general economic and domestic agricultural policies.
AREC 435 Commodity Futures and Options (3 credits)
Two hours of lecture and two hours of laboratory per week. Restricted to
Agricultural & Resource Economics majors (0111C &0111O), Environmental
Science and Policy Environmental Economics concentration majors (2299D),
and those minoring in Agribusiness Economics (#AG01), Environmental
Economics and Policy (#AG02), or Resource and Agricultural Policy in
Economic Development (#AG03) Other students will be taken off the hold
file on the first day of class as space allows. Prerequisite: ECON306,
ECON326 or equivalent; and BMGT230, ECON321 or equivalent.
The economics and institutional features of commodity futures and
options markets. Students will develop a basic understanding of the
underlying price relationships between cash and futures markets and
will apply this information to business risk management decision making.
AREC 445 Agricultural Development, Population Growth and the Environment (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricultural
Policy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
Development theories, the role of agriculture in economic development,
the agricultural policy environment, policies impacting on rural income
and equity, environmental impacts of agricultural development.
AREC 453 Natural Resources and Public Policy (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricultural
Policy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
Rational use and reuse of natural resources. Theory, methodology, and
policies concerned with the allocation of natural resources among
alternative uses. Optimum state of conservation, market failure, safe
minimum standard, and cost-benefit analysis.
AREC 454 The Economics of Climate Change (3 credits)
Prerequisite: ECON306 or ECON326. Restricted to Agricultural and
Resource Economics majors (0111C and 0111O), Environmental Science and
Policy Environmental Economics Concentration majors (2299D), and those
minoring in Agribusiness Economics (#AG01), Environmental Economics and
Policy (#AG02), or Resource and Agricultural Policy in Economic
Development (#AG03). Other students will be taken off the holdfile on
the first day of class as space allows. Credit will be granted for only
one of the following: AREC454 or AREC489C. Formerly AREC489C.
The role of economics in the formation of climate policy; basic concepts
of environmental economics including efficiency, externalities, and
policy instruments; economic models of intertemporal decisions and
decision making in the face of uncertainty. Applied economic analysis of
specific issues and current policy initiatives.
AREC 455 Economics of Land Use (3 credits)
Restricted to Agricultural & Resource Economics majors (0111C &0111O),
Environmental Science and Policy Environmental Economics concentration
majors (2299D), and those minoring in Agribusiness Economics (#AG01),
Environmental Economics and Policy (#AG02), or Resource and Agricutural
Policy in Economic Development (#AG03) Other students will be taken off
the hold file on the first day of class as space allows. Prerequisite:
ECON306, ECON326 or equivalent.
Fundamentals of location theory. Microeconomics of land use decisions,
including determination of rent and hedonic pricing models. Impacts of
government decisions on land use, including regulation (e.g., zoning),
incentives (transferable development rights), provision of public
services, and infrastructure investments. Impacts of land use on
environmental quality, including issues relating to sprawl, agricultural
land preservation, and other topics of special interest.
AREC 489 Special Topics in Agricultural and Resources Economics (3 credits)
Repeatable to 9 credits.
AREC 610 Microeconomic Applications in Agricultural and Resource Markets (3 credits)
Three hours of lecture and one and one-half hours of discussion per
week. Prerequisite: ECON 603.
Applications of graduate level microeconomic analysis to the problems
of agricultural and natural resource production and distribution
including demand for agricultural output, the nature of agricultural
supply decisions, farm labor issues, land rental and acquisition, and
exploitation of natural resources.
AREC 620 Optimization in Agricultural and Resource Economics (3 credits)
Three hours of lecture and one and one-half hours of discussion per
week. Prerequisite: differential calculus and one course in matrix or
linear algebra.
Mathematical theory of optimization as it is used in agricultural and
resource economics. Topics include necessary and sufficient conditions
for nonlinear programming and related Kuhn-Tucker and saddle point
theory, convexity and concavity, existence and uniqueness, duality and
the envelope theorem, the discrete maximum principle, and control
theory and dynamic optimization.
AREC 623 Applied Econometrics I (4 credits)
Three hours of lecture and one and one-half hours of discussion per
week.
Fundamentals of mathematical statistics for applications in
econometrics. Development of the standard linear model and computer
applications in applied econometric problems.
AREC 624 Applied Econometrics II (4 credits)
Three hours of lecture and one and one-half hours of discussion per
week.
Variations of the standard linear model and simultaneous equations
estimation. Application of econometric tools including nonlinear
regression, nonlinear simultaneous equations estimation, qualitative
econometric models including logit, probit, and tobit models, varying
parameters models, unobserved variables, time series models, and model
selection procedures.
AREC 625 Economic Welfare Analysis (3 credits)
Also offered as AREC 825. Credit will be granted for only one of the
following: AREC 625 or AREC 825.
The measurement of economic well-being for producers, consumers, and
resource owners. Topics include competitive equilibrium, Pareto
optimality, market failure, public goods and nonmarket welfare
measurement, multimarket considerations, existing distortions, and
second best. Applications in economic welfare analysis of agricultural
and resource policies are discussed.
AREC 632 Agricultural Policy Analysis (3 credits)
Also offered as AREC 832. Credit will be granted for only one of the
following: AREC 632 or AREC 832.
The economics of agricultural policies. Methods for analyzing costs and
benefits of price supports, import restraints, and other policies for
producers, consumers, and taxpayers. Farm programs of the U.S., other
industrial countries and developing countries including interventions in
both domestic markets and international trade are covered along with
their consequences for factor owners and related commodity markets.
Theories of the farm problem and possible remedies are offered.
AREC 645 Environment and Development Economics (3 credits)
Also offered as AREC 845. Credit will be granted for only one of the
following: AREC 645 or AREC 845.
Considers neoclassical and endogenous growth models; international trade
theory; the role of property right institutions and factor markets; the
environmental impact of trade liberalization in developing countries and
the environmental effects of increasing international capital mobility;
empirical studies relating the environment to growth and globalization;
and policy analyses.
AREC 689 Special Topics in Agricultural and Resource Economics (3 credits)
Subject matter taught will be varied and will depend on the persons
available for teaching unique and specialized phases of agricultural
and resource economics. The course will be taught by the staff or
visiting agricultural and resource economists who may be secured on
lectureship or visiting professor basis.
AREC 699 Special Problems in Agricultural and Resource Economics (1-2 credits)
Intensive study and analysis of specific problems in the field of
agricultural and resource economics, providing in-depth information in
areas of special interest to the student.
AREC 753 Economics of Renewable Natural Resources (3 credits)
Prerequisite: AREC 610; and AREC 620; or permission of department.
Basic models of renewable natural resources. Current research issues
concerning natural resources with emphasis on problems in commercial
and recreational fisheries, forestry, water, fugitive wildlife, and
agriculture. Policies to correct related market failures.
AREC 785 Advanced Economics of Natural Resources (3 credits)
Prerequisite: ECON 603 and AREC 623 or permission of department. Also
offered as ECON 785. Credit will be granted for only one of the
following: AREC 785 or ECON 785.
The use of exhaustible and renewable natural resources from normative
and positive points of view. Analysis of dynamic resource problems
emphasizing energy, mineral, groundwater, forestry, and fishery
resources; optimal, equilibrium, and intergenerational models of
resource allocation.
AREC 799 Master's Thesis Research (1-6 credits)
AREC 815 Experimental and Behavioral Economics (3 credits)
Prerequisite: AREC623, AREC624, and ECON603; or equivalent. Credit will
be granted for only one of the following: AREC815 or AREC869A. Formerly
AREC869A.
This course discusses recent experimental and behavioral economics
literature. Discusses experimental methods, recent experimental findings
and new behavioral theory that adjusts standard neoclassical models in
order to explain observed behavioral patterns, which commonly occur but
are paradoxical for traditional models.
AREC 825 Advanced Economic Welfare Analysis (3 credits)
Also offered as AREC 625. Credit will be granted for only one of the
following: AREC 625 or AREC 825.
Theory of economic welfare measurement, problems of path dependence in
evaluating multiple price changes, welfare measurement under risk,
general equilibrium welfare measurement with multiple distortions, and
applications in evaluation of agricultural and resource policies.
AREC 829 Topics in Applied Econometrics (3 credits)
Two hours of lecture and two hours of discussion/recitation per week.
Prerequisite: AREC 623 and AREC 624 or permission of instructor.
Topics in applied econometrics. Topics vary from year to year.
AREC 832 Advanced Agricultural Policy Analysis (3 credits)
Also offered as AREC 632. Credit will be granted for only one of the
following: AREC 632 or AREC 832.
Research problems in agricultural policy that include models and
methods for explaining the consequences and causes of intervention in
agricultural commodity markets. Quantitative, market level analysis of
the implications of uncertainty, strategic behavior in international
trade, second-best policies, the general equilibrium analysis of
intervention, and the political economy of collective action in farm
policy.
AREC 845 Environment and Development Economics (3 credits)
Also offered as AREC 645. Credit will be granted for only one of the
following: AREC 645 or AREC 845.
Considers neoclassical and endogenous growth models; international trade
theory; the role of property right institutions and factor markets; the
environmental impact of trade liberalization in developing countries and
the environmental effects of increasing international capital mobility;
empirical studies relating the environment to growth and globalization;
and policy analyses.
AREC 846 Development Microeconomics (3 credits)
Prerequisite: ECON603; and AREC623/AREC624; or equivalent. Formerly
AREC869E.
Development economics with focus on issues applicable to rural
development and agriculture in developing countries. Focuses on both
theory and empirical application of theory.
AREC 859 Advanced Topics in Natural Resource Economics (1-3 credits)
Repeatable to 9 credits if content differs.
Intertemporal considerations in natural resource problems including
irreversibility and stochastic control. Nonmarket welfare measurement
and nonconsumptive values, option/quasi-option and existence values,
applications to extinction and uncertainty, and alternative
expectations in common property resource problems.
AREC 869 Advanced Topics in Agricultural Economics (1-3 credits)
Repeatable to 9 credits if content differs.
Frontiers of research in agricultural policy, agricultural production,
international trade, and agricultural development. Decision making
under risk and related market institutions, principal agent analysis,
optimal policy design, technology adoption, market structure, land and
credit markets, information markets, and income distribution.
AREC 898 Pre-Candidacy Research (1-8 credits)
AREC 899 Doctoral Dissertation Research (1-8 credits)
