Ph.D. Agricultural Economics

Students who opt for this field specialization will acquire a unique skill set enabling them to excel in teaching agribusiness and conducting research in various professional arenas, including academia, government, and consulting. This program delivers a robust foundation in economic theory and its practical application. For those seeking to further hone their expertise and tailor their skills, students within the agribusiness field specialization can choose to concentrate on one of the following research focus areas.

• Agricultural Finance and Investment
• Strategy Management
• Supply Chain Management
• Agribusiness Management

Students who opt for this field specialization will develop a unique skill set that equips them to excel in teaching agricultural economics and conducting in-depth research in information economics and food markets. This field of study empowers students to acquire expertise in various crucial areas, including market and demand analysis, product valuation, the utilization of directed acyclic graphs in economic analysis, commodity futures and options, information acquisition, price dispersion, industrial organization, and auctions.

To further enhance their knowledge and refine their skill set, students pursuing the Applied Market Analysis field specialization can choose to focus on one of the following research areas:

• Behavioral and Experimental Economics
• Demand Analysis
• Health Economics
• International Trade
• International Development
• Agricultural Law
• Agricultural Policy
• Livestock Economics
• Agricultural Marketing
• Sales in Agriculture and Agribusiness
• Community Economics
• Quantitative Methods
• Crop Insurance and Risk Management

Students selecting this field specialization will acquire a distinctive skill set that qualifies them to excel in teaching agricultural economics and conducting applied economic research. This research is dedicated to assessing the utilization, transfer, and allocation of natural resources, contributing valuable insights to inform environmental policies and strategies for natural resource management. Through this specialization, students will gain expertise in the application of economic tools and theories to promote the health and sustainability of our natural world.

To further enhance their expertise and refine their skill set, students pursuing the Natural Resource and Environmental Economics field specialization have the opportunity to concentrate on one of the following research focus areas:

• Water Economics
• Nonmarket Valuation and Environmental Economics
• Climate Change in Agriculture

ECMT 660: Mathematical Economics I
This course covers use of selected types of mathematical tools in economic theory (e.g., matrix algebra and multivariate calculus).

The topics covered in ECMT 660 are:
It is important that students have good skills in calculus and optimization. It would be valuable to entering students if they reviewed carefully Chapter 2 (the brief math review) in Walter Nicholson, Microeconomic Theory, 7th edition, 1998. Also, students should have a good understanding of the following topics from Alpha Chiang, Fundamental Methods of Mathematical Economics, 3rd (latest) edition, McGraw-Hill, 1984.

Online Calculus Course
An online calculus course is available which may assist you in your preparation for Masters-level course work. This web site provides a clear, helpful interactive tool for learning calculus. This site is a good way to practice the subject.

ECON 607: Foundations of Microeconomic Theory
This course is an introduction to microeconomic theory and applications. Various models using formal analysis will be developed and applied to specific problems. Supply and demand, consumer optimization, theory of the firm (cost minimization and profit maximization), analysis of different market structures (pure competition, monopoly, monopolistic competition, and oligopoly) will be covered. General competitive equilibrium will be introduced.

Topics covered in ECON 607 include:
Economic Models; Market Demand and Market Supply; Theory of Consumer Behavior; Theory of Production and Cost; Imperfectly Competitive Market Structures; General Equilibrium.

Textbook:
Walter Nicholson, Microeconomic Theory, Basic Principles and Extensions, 7th edition (1995), Dryden Press.

AGEC 621: Econometrics for Agribusiness
This course introduces students to theory, methods and applications of statistical techniques for fitting econometric models to economic data. Students will learn methods for summarizing and describing data both numerically and graphically, gain experience in fitting models and interpreting the results. Students will be introduces to statistical software and taught to use its relevant functions.

Topics covered in AGEC 621 include:
Simple Linear Regression Model; The Multiple Regression Model: (Estimating the; Parameters of Multiple Regression Model; Sample Properties of the Least Squares Estimator; Interval Estimation and Hypothesis Testing; Prediction, Goodness-of-Fit and Modeling Issues); Further Inference in the Multiple Regression Model; Seemingly; Unrelated Regression Model (SUR); Simultaneous Equations Models; Discrete Choice Models; Limited Dependent Variable Models; Time Series Models.

Textbook:
Introductory Econometrics: A Modern Approach, J. M. Wooldridge, 4^th Edition, South-Western Publication, 2009.

ECON 611: Foundations of Macroeconomic Theory
This course is an introduction to development of modern static national income analysis from general equilibrium system; roles of fiscal and monetary policy in promoting economic stability.

Topics covered in ECON 611 include:
Science of Macroeconomics;Data of Macroeconomics; National Income: Its Production, Distribution, and Allocation; Economic Growth; Unemployment; Money and Inflation; The Open Economy; Economic Fluctuations – Short-run; Aggregate Demand; Aggregate; Demand in the Open Economy; Aggregate Supply; Macroeconomic Policy Debate; Consumption; Investment; Money Supply and Money Demand.

Textbook:
G.N. Mankiew, Macroeconomics, 4th edition, Worth Publishers, 2000

All students pursuing a Ph.D. in agricultural economics are required to pass a comprehensive qualifier exam. The qualifier is administered twice a year after the Spring term has ended.

The first attempt of the qualifier exam will be given the last Friday in May in odd numbered calendar years and the Monday following the last Friday in May in even numbered calendar years.

The second attempt of the qualifier exam will be given on the Monday four weeks before classes begin for the Fall semester in odd numbered calendar years and on the Friday four weeks before classes begin for the Fall semester in even numbered years.

Traditional Ph.D. students are required to take the qualifier in May or June of their first year. Straight-through Ph.D. students are required to take the qualifier in May or June of their second year.

• This exam must be completed by December of your third year.
• If you opted for the paper, you must present it during the oral prelim exam. The paper should be submitted to your Graduate Advisory Committee at least two weeks before the oral exam. exam.
• If you choose the written preliminary examination, you must pass it before taking the oral prelim. At the oral prelim, you will also present a draft of your dissertation proposal.

Additional Information:

• If you are not prepared for the oral prelim exam by December, you must submit a petition   to the Departmental Graduate Advisory Committee (GAC) to request more time.  The Departmental Graduate Office can help with this petition.  If not approved, the oral prelim will be recorded as a fail.
• The oral prelim exam is not limited to the paper or dissertation proposal; your committee may ask about your research plans for the dissertation, mastery of subject matter within your field, and knowledge of the literature in your field.
• Students must pass both the written preliminary (or paper) and oral exam to pass the Preliminary Examination. A failure in either of these examinations constitutes a failure of the Preliminary Examination. Upon unanimous approval of the student’s Advisory Committee and the approval of the Office of Graduate Studies, a student who has failed either part of the Preliminary Examination may be given one re-examination, when adequate time has been given to permit the student to address the inadequacies emerging from the first examination. It is expected that preliminary examination will be concluded before the end of the spring semester of the third year.
• A failure on the second attempt in either the written or the oral examination constitutes a failure, and the student will not have a third chance to take the Preliminary Examination.
• The oral prelim typically includes a departmental seminar where you present your paper or preliminary dissertation proposal draft.
• Finalize and submit your dissertation proposal for signatures before the end of the spring semester in your third year.

Important Note:

• To learn more about the preliminary examination process and its details, please refer to the Departmental Graduate Handbook available at this link: Departmental Graduate Handbook.
• If you decide to pursue the paper option or if you have any questions or need guidance regarding the preliminary examination, please reach out to the Departmental Graduate Office. Good luck with your academic journey!