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Course Criteria
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4.00 Credits
Applications of the theory of economic behavior under uncertainty and asymmetric information. Analysis of individual decision making under uncertainty includes: tests of the expected utility hypothesis; comparative statistics of changes in risk preferences and risk; and moment based models of decision making. Analysis of economic equilibrium under uncertainty and asymmetric information includes tests for complete markets and applications of noncooperative game theory. Prerequisite: Concurrent enrollment in ECON 500 and ECON 506.
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4.00 Credits
Applications of demand and supply theories and applications of firm and household behavior. Topics include demand and supply systems, aggregation and separability, dynamics, formation and boundaries of the firm, household decision making, intrahousehold allocation, allocation of time, human capital, and hedonics. Same as ECON 513. Prerequisite: ECON 500 and ACE 501.
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4.00 Credits
Provides a theoretical and applied treatment of economic equilibrium and the consequences of displacement of equilibrium for the welfare levels of economic agents. Displacement of equilibrium will be shown to be brought about by changes in government policy, technology, and consumer preferences. Welfare measures under partial equilibrium, general equilibrium, and multi-market models will be presented. Includes various applications of welfare economics in the analysis of policy and technological change. Prerequisite: ECON 500 and at least two semesters of college calculus.
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4.00 Credits
Economic theory is used to examine the allocation of renewable and efficiency issues that arise from natural resource policy and management issues. Same as ECON 515, ENVS 510, and NRES 510. Prerequisite: ECON 302 or equivalent.
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4.00 Credits
Same as ECON 516 and ENVS 511. See ECON 516.
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4.00 Credits
Examination of selected economic problems in marketing agricultural products and relevant theory and empirical methods for analyzing and interpreting research results. Topics include: operational efficiency in marketing firms and industries; efficient allocation over space, form, and time; price making institutions; and research in demand stimulation and selected issues in trade. Prerequisite: ACE 562 and ACE 563, and ECON 500; or equivalent.
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4.00 Credits
Study of methods used to analyze factors affecting agricultural prices; analysis of agricultural prices and price movements with respect to time, space, and form; and examination of methods of price forecasting and techniques of time series analysis. Prerequisite: ACE 562 or ECON 507 and ECON 500; or equivalent.
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4.00 Credits
Research literature on commodity futures and options markets, both theoretical and empirical; topics include: supply of storage, basis models, theory of the firm and hedging under uncertainty, optimal hedging, speculative returns, market performance, pricing efficiency and option pricing. Prerequisite: ACE 328 or equivalent, and ECON 500 or equivalent.
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4.00 Credits
Econometric applications of the economic theory of production. Basic theory includes production functions; duality; cost functions; profit functions and parameters that can be derived from them such as returns to scale or substitution elasticity. Econometric issues include simultaneity bias, panel data, instrumental variables, generalized method of moments, functional forms, nonparametrics, and dynamics. Prerequisite: ECON 500 and ACE 562.
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4.00 Credits
Theory of financial decision making as applied to farms and firms related to agriculture. Topics include asset pricing models, financial markets, capital structure, farmland control, term structure of interest rates, risk management and credit evaluation. Prerequisite: ECON 500, calculus, and mathematical statistics, or equivalent; at least one course in finance strongly recommended; or consent of instructor.
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