Agricultural Economics and Agribusiness M. J. Cochran
Department Head
217 Agriculture Building
479-575-2256
Lucas D. Parsch
Adviser of Studies
217 Agriculture Building
479-575-2256
E-mail: lparsch@uark.edu
Web: http://www.uark.edu/depts/agriecon/
• University Professor LaFerney
• Professors Cochran, Dixon, Redfern, Wailes
• Adjunct Professor Millager
• Associate Professors Ahrendsen, Goodwin, McKenzie, Parsch,
Popp (J.), Popp (M.), Thomsen
• Assistant Professors Hogan, Rainey, Watkins
• Adjunct Assistant Professors Bryant, Miller
• Instructor Hipp
Degree Conferred:
M.S. in Agricultural Economics (AGEC)
Areas of Concentration: agricultural economics, agribusiness, international agribusiness.
Primary Areas of Faculty Research: Agribusiness, agricultural cooperatives, agricultural finance, agricultural marketing, agricultural outlook, agricultural policy, agricultural production, applied econometrics, delta crops (rice, soybeans, wheat, cotton), economic development, farm management, food policy, food marketing, global marketing, integrated pest management, international trade, managerial economics, market infrastructure and development, natural resource management, product development, production economics, public finance, risk management.
Requirements for the Master of Science Degree in Agricultural Economics (Thesis): (Minimum 31 hours.)
Prerequisites to the Thesis Concentration: Six semester hours of mathematics (College Algebra and Survey of Calculus or above); 3 semester hours of statistics; 6 semester hours of upper level (junior or senior) micro and macro economic theory; 3 semester hours of farm management or junior or senior level equivalent; 3 semester hours of agricultural marketing or junior or senior level equivalent; 6 semester hours of humanities and/or social sciences.
Core Requirements (12 hours):
AGEC 5303 Agricultural Marketing Theory
AGEC 5403 Quantitative Methods for Agribusiness
AGEC/ECON 5613 Econometrics I
ECON 5533 Microeconomic Theory I, or
ECON 6233 Microeconomic Theory II
Elective Areas (12 hours):
AGEC 5011 Seminar (1 hour)
AGEC 600V Master’s Thesis (6 hours)
Other Requirements:
A minimum of 19 hours of Agricultural Economics.
Requirements for the Master of Science Degree in Agricultural Economics (Agribusiness Concentration, Non-thesis): (Minimum 31 hours.)
Prerequisites to the Non-thesis Concentration: Six semester hours of mathematics (College Algebra and Survey of Calculus or Finite Mathematics or above); 3 semester hours of statistics; 6 semester hours of lower division economic theory (micro & macro); 3 semester hours of farm management or junior or senior level equivalent; 3 semester hours of agricultural marketing or junior or senior level equivalent; 3 semester hours of introductory accounting.
Methods, Management, Finance, Trade, Policy, and Marketing: (19 hours)
AGEC 5403 Quantitative Methods for Agribusiness
AGEC 5413 Agribusiness Strategy
AGEC 5143 Financial Management in Agriculture, or
AGEC 4143 Agricultural Finance
AGEC 5153 Economics of Agricultural Policy, or
AGEC 4613 Domestic and International Agricultural Policy
AGEC 5303 Agricultural Marketing Theory, or
AGEC 4303 Adv. Agricultural Marketing Management, or AGEC 4313 Agricultural Business Management
AGEC 5113 Agricultural Marketing Analysis, or
AGEC 4113 Agricultural Prices and Forecasting
AGEC 5011 Seminar
Business Electives (6 hours): Students must take 6 hours of graduate credit courses from the Walton College of Business. These courses are determined by the student with the advice and approval of her/his advisor.
Controlled Electives (6 hours):
AGEC 503V Internship in Agricultural Economics (1-3 hours)
Other Agricultural Economics Graduate Courses
Graduate Courses from the Walton College of Business
Graduate Courses from the Bumpers College
of Agricultural, Food and Life Sciences
Other Requirements:
Maximum of 9 hours at the 4000 level
Minimum of 16 hours in Agricultural Economics
All agricultural economics graduate students are required to attend AGEC 5011, Seminar, for each semester they are in residence. Each student will register for AGEC 5011 the last semester in attendance.
Requirements for the Master of Science Degree in Agricultural Economics (International Agribusiness Concentration, Non-thesis): (Minimum 31 hours.)
Note: Participation in this program includes both Scottish Agricultural College (SAC) and the University of Arkansas, Fayetteville, (UA) students. Students study during the fall semester at the UA Fayetteville campus, the spring semester at SAC-Aberdeen, and the summer is spent completing an agribusiness internship or special problem, but enrollment remains at the host institution. UA students earn credits in AGEC 502 (V) Special Topics for courses taken at SAC.
Prerequisites to the Non-thesis Concentration: Six semester hours of mathematics (College Algebra and Survey of Calculus or Finite Mathematics or above); 3 semester hours of statistics; 6 semester hours of lower division economic theory (micro & macro); 3 semester hours of farm management or junior or senior level equivalent; 3 semester hours of agricultural marketing or junior or senior level equivalent; and 3 semester hours of introductory accounting.
Methods, Management, Finance, Trade, Policy, and Marketing: (19 hours)
AGEC 5403 Quantitative Methods for Agribusiness
AGEC 5413 Agribusiness Strategy
AGEC 5143 Financial Management in Agriculture, or
AGEC 4143 Agricultural Finance
AGEC 5153 Economics of Agricultural Policy, or
AGEC 4613 Domestic and International Agricultural Policy
AGEC 5303 Agricultural Marketing Theory, or
AGEC 4303 Advanced Agricultural Marketing Management,
or AGEC 4313 Agricultural Business Management
AGEC 502 (1) Special Topics: Macroeconomic Effects on Agriculture
AGEC 503 (3) Internship in Agricultural Economics, or
AGEC 500V Special Problems*
Agribusiness Management (SAC Option 1): (12 hours)
Note: Select either Option 1, Agribusiness Management, or Option 2, Food Processing Management. Courses are taken on the SAC-Aberdeen campus during the spring semester.
AGEC 502 (1) Mgmt Theory & Reality
AGEC 502 (3) Integrated Agricultural Business Applications
AGEC 502 (1) Diversification Case Study
AGEC 502 (2) Examined Case
AGEC 502 (2) Agribusiness Case Studies
AGEC 502 (1) Environmental Management
AGEC 502 (1) Food Ind & Ret Mgmt.
AGEC 502 (1) Banking Case Study
Food Processing Management (SAC Option 2): (12 hours)
AGEC 502 (1) Human Resource Mgmt.
AGEC 502 (2) Food Industry & Retail Management
AGEC 502 (2) Int’l Consumer Studies
AGEC 502 (1) Quality Assur. in Food Chain
AGEC 502 (2) Food Business Case Study
AGEC 502 (2) International Marketing
AGEC 502 (1) Int’l Food Bus Study Tour
AGEC 502 (1) Operations Management
Other Requirements:
Maximum of 9 hours at 4000 level
Minimum of 16 hours of Agricultural Economics
*This application requirement is completed during the summer session.
AGRICULTURAL ECONOMICS (AGEC)
AGEC4113 Agricultural Prices and Forecasting (SP) Price theory and techniques for predicting price behavior of general economy and price behavior of individual agricultural products will be analyzed. Provides practice in the application of economics and statistics to agricultural price analysis. Lecture 2 hours, laboratory 2 hours per week. Prerequisite: AGEC 1103 (or ECON 2023) and ISYS 2013 (or AGST 4023 or STAT 2023) and MATH 2053 or MATH 2053 C (or MATH 2043) and ISYS 1121L.
AGEC4110L Agricultural Prices and Forecasting Laboratory (SP)
AGEC4143 Agricultural Finance (FA) Methods and procedures whereby agricultural firms acquire and utilize funds required for their successful operation. Emphasis is placed upon role of finance and financial planning and consideration is given to an understanding of financial firms serving agriculture. ACCT 2013 and ACCT 2023 are recommended. Prerequisite: AGEC 1103 (or ECON 2023) and AGEC 2103 (or ECON 2013).
AGEC4163 Agricultural and Rural Development (SU) Examination of agricultural and rural development issues in less developed countries. Alternative agricultural production systems are compared, development theories examined, and consideration given to the planning and implementation of development programs. Prerequisite: AGEC 1103 (or ECON 2023).
AGEC4303 Advanced Agricultural Marketing Management (SP) Marketing concepts will be developed and applied to the global food and fiber system. The course will use both commodity and product marketing principles and economic theory to analyze varied marketing situations. Case studies will be used to demonstrate role that demand analysis and consumer behavior play in market management. Prerequisite: AGEC 2303 and AGEC 3303.
AGEC4313 Agricultural Business Management (FA) The planning, organizing, leading and controlling functions of management as they relate to agricultural business firms. Marketing of value-added products, budgeting, organizational structure, cost control, financial statements, capital budgeting and employee supervision and motivation. Case studies are used to teach communication and decision-making skills. Prerequisite: AGEC 2303 or equivalent, ACCT 2013 and ACCT 2023 as well as senior standing is recommended.
AGEC4373 Advanced Price Risk Management (SP) Use of futures markets as risk shifting institutions. Students design and implement hedging and cross hedging strategies for grain farmers, country elevators, soybean crushers, poultry firms, etc. Spreadsheets and statistical techniques are used to develop optimal hedging ratios. Prerequisite: AGEC 3373.
AGEC4403 Advanced Farm Business Management (SP) Principles and procedures of decision making as applied to the allocation of resources in the farm business for profit maximization. Emphasis is placed on use of principles of economics and their application to the decision making process. Includes exercises on the application of principles to specific farm management problems. Prerequisite: AGEC 3403 and AGME 2903 (or ISYS 1121L).
AGEC4413 Economics of Environmental Management (SP) An economic approach to problems of evaluating private and social benefits and costs of altering the environment. Emphasis given to the interaction of individuals, institutions, and technology in problems of establishing and maintaining an acceptable level of environmental quality. (Same as ENSC 4413) Prerequisite: AGEC 1103 and AGEC 3413.
AGEC4613 Domestic and International Agricultural Policy (FA) Agricultural and food policies studied from domestic and international perspectives. Examines public policy in terms of rationale, content, and consequences. Economic framework used to assess policies to improve competitive structure, operation, and performance of U.S. and international food and agriculture. Farm, international trade, resource, technology, food marketing, and consumer policies analyzed. Prerequisite: (AGEC 1103 or ECON 2023) and (AGEC 2103 or ECON 2013).
AGEC500V Special Problems (1-3) (FA, SP, SU) Individual reading and investigation of a special problem in agricultural economics not available under regular courses, under the supervision of the graduate faculty. Prerequisite: graduate standing.
AGEC5011 Seminar (FA, SP) Presentation and discussion of graduate student research. Formal presentations are made by all graduate students. Consideration given to research design, procedures, and presentation of results. Prerequisite: graduate standing.
AGEC502V Special Topics (1-3) (IR) Advanced studies of selected topics in agricultural economics not available in other courses. May be repeated. Prerequisite: graduate standing.
AGEC503V Internship in Agricultural Economics (1-6) (IR) On-the-job application of skills developed in the M.S. program (credit/non-credit only).
AGEC5113 Agricultural Marketing Analysis (SU) Course prepares students for some of the more common tasks in market analysis as undertaken by professional agricultural economists in industry, government, and academic institutions. Major emphasis is on the analytical procedures and techniques required in short- and long-term outlook work; forecasting and projecting supply, demand and prices; and optimal market organization. Prerequisite: AGEC 5303.
AGEC5143 Financial Management in Agriculture (IR) Covers advanced topics in agricultural finance. The general focus of the course is the financial management of non-corporate firms. Covers the basic tools of financial analysis including financial arithmetic, asset evaluation under risk, and financial analysis and planning using econometric models. Such topics covered include management of current assets, capital budgeting, capital structure, and institutions involved in agricultural finance. Prerequisite: graduate standing.
AGEC5153 The Economics of Agricultural Policy (SP) Application of welfare criteria and economic analyses to the problems and policies affecting resource adjustments in agriculture. Existing programs and alternative proposals are evaluated for both short and long term viewpoints, under the criterion of resource use and income distribution within agriculture or between agriculture and the rest of the economy. Prerequisite: graduate standing.
AGEC5303 Agricultural Marketing Theory (SP) Survey of the structure of agricultural product and factor markets including a critique of theoretical analyses of industry structure, conduct and performance; and a review of market structure research in agricultural industries. Prerequisite: graduate standing.
AGEC5403 Quantitative Methods for Agribusiness (FA) Application of quantitative techniques used to support managerial decision-making and resource allocation in agricultural firms. Provides exposure to mathematical and statistical tools (regression analysis, mathematical programming, simulation) used in economic analysis in agriculture. Emphasis is placed on computer applications with conceptual linkage to economic theory. Prerequisite: graduate standing.
AGEC5413 Agribusiness Strategy (FA) Addresses problems of strategy formulation in agribusiness emphasizing current problems and cases in agriculture. Surveys modern and classic perspectives on strategy with applications to agribusiness. Examines the development of firm level strategies within the structure and competitive environment of agricultural firms and industries. Prerequisite: graduate standing.
AGEC5613 Econometrics I (FA) Use of economic theory and statistical methods to estimate economic models. The single equation model is examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags. An introduction to the simultaneous systems model is presented. Two 80-minute lecture periods weekly. (Same as ECON 5613) Prerequisite: MATH 2043 and knowledge of matrix methods, which may be acquired as a corequisite and (AGEC 1103 or ECON 2023) and an introductory statistics course.
AGEC5623 Econometrics II (SP) Use of economic theory and statistical methods to estimate simultaneous equation models of an economy. Emphasis given to the problem of identification and the methods of estimating system models. Frontier topics are introduced. (Same as ECON 5623) Prerequisite: ECON 5533 and ECON 5613 (or AGEC 5613).
AGEC600V Master’s Thesis (1-6) (FA, SP, SU) Prerequisite: graduate standing.
AGEC700V Doctoral Dissertation (1-6) (FA, SP, SU) Prerequisite: candidacy. |
