Graduate Faculty
701-231-7441
Cheryl S. DeVuyst, Ph.D.
University of Illinois, 1999
Research Interests:
Agribusiness
Eric A. DeVuyst, Ph.D.
Purdue University, 1993
Research Interests:
Production and Resource Economics, Farm Management, Operations
Research
George K. Flaskerud, Ph.D.
Oklahoma State University, 1970
Research Interests:
Grain Marketing
Justin Garosi, Ph.D.
University of Michigan, 2005
Research Interests:
Public Finance, Taxation Policy
Robert Hearne, Ph.D.
University of Minnesota, 1995
Research Interests:
Natural Resource and Environmental Economics
Robert S. Herren, Ph.D.
Duke University, 1975
Research Interests:
Economic History, Labor, Money and Banking
Siew Hoon Lim, Ph.D.
University of Georgia, 2005 Research Interests:
Production Economics, Transportation, Industrial Organization
Won W. Koo, Ph.D.
Iowa State University, 1974
Research Interests:
International Trade, Grain Marketing
David K. Lambert, Ph.D.
Oregon State University, 1985
Research Interests:
Production Economics
F. Larry Leistritz, Ph.D.
University of Nebraska, 1970
Research Interests:
Economic Development, Resource Economics
Gregory McKee, Ph.D.
University of California, Davis, 2006
Research Interests:
Industrial Organization, Agribusiness, Cooperatives
Dragan Miljkovic, Ph.D.
University of Illinois, 1996
Research Interests:
Agricultural Prices, International Trade, Agricultural and Food Marketing and Policy
William E. Nganje, Ph.D.
University of Illinois, 1998
Research Interests:
Agribusiness, Food Safety, Finance
David M. Saxowsky, J.D.
The Ohio State University, 1979
Research Interests:
Agricultural Law
Cheryl J. Wachenheim, Ph.D.
Michigan State University, 1994
Research Interests:
Agribusiness
William W. Wilson, Ph.D.
University of Manitoba, 1980
Research Interests:
Commodity Marketing, Agribusiness, Industrial Organization
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Program Description
The Department of Agribusiness and Applied
Economics offers two Master of Science degrees:(1) Agribusiness
and Applied Economics, and (2) International Agribusiness. Graduates
of both programs are prepared to analyze important agricultural
development, finance, marketing, policy, production, resource,
international trade, and transportation and logistical issues
facing society.
The Agribusiness and Applied Economics
Master of Science degree include areas of specialization in applied
economics, agribusiness, and transportation and logistics.
The Applied Economics area emphasizes course
work in economic theory, research methods, and quantitative techniques.
The option is designed to prepare students for careers in agricultural
economics research in private and public sectors and for Ph.D.
programs at other institutions.
The Agribusiness specialization is a broad-based
program which combines training in agribusiness management, economic
analysis, and agricultural sciences. Training may include biotechnology,
processing, and food and environmental safety. Students in the
Agribusiness Option must complete a thesis or a comprehensive
study paper. Students are prepared for a variety of successful
careers in agribusiness by fulfilling the requirements for expertise
in quantitative methods and developing a rigorous background
in economic theory and research.
The departments of Agribusiness and Applied
Economics and Civil Engineering, in conjunction with the Upper
Great Plains Transportation Institute, offer an interdisciplinary
graduate program in multimodal transportation. The program includes
rural and non-metropolitan planning, highway and railroad engineering,
freight transportation operations and economics, and agribusiness
logistics and distribution. Both thesis and comprehensive study
options are available.
A Master of Science program in Natural
Resource Management, with an emphasis in social science, is also
available (see the section on Natural Resource Management).
Students of all options have complete access
to well-equipped research facilities and to faculty supervision
time. (A favorable faculty to student ratio is maintained.) The
department has an excellent placement record with national and
international agricultural and business firms as well as government
agencies.
Admissions Requirements
The Department of Agribusiness and
Applied Economics graduate program is open to all qualified graduates
of universities and colleges of recognized standing. To be admitted
with full status to the program, an applicant must
- Hold a baccalaureate degree from an educational institution
of recognized standing.
- At the baccalaureate level, have earned a cumulative grade
point average (GPA) of at least 3.0 or equivalent.
- Have adequate preparation in economic theory, calculus, and
statistics for the selected degree option.
- Show potential to undertake advanced study and research as
evidenced by academic performance and experience.
Students who do not meet all requirements
for admission or have deficiencies in prerequisite course work,
but show potential for successful graduate study, may be admitted
under a conditional status. Evidence must be provided showing
that the applicant's potential is not adequately reflected
by his/her record. After meeting the specified standards of performance
set by the department, the student, in consultation with the major
adviser, may request a change to full graduate standing.
It is desirable that students begin their
program in the fall semester, although students may also begin their
programs of study in January. The application for admission should
be received by The Graduate School by February 1 if the student
wishes to be considered for financial assistance. Application
for admission to graduate school should be as far in advance as
possible, in all cases at least one month prior to the next registration
date. International students are advised to submit applications
by no later than March 1st to ensure VISA documents will be completed
for a fall matriculation.
Application information and forms are available
at The Graduate School. Three letters of recommendation are generally
required before action is taken on any application.
The TOEFL examination is required of international
applicants. A minimum score of 550 (paper test) or 213 (computer
test) must be achieved.
Financial Assistance
The Department offers assistantships on
a competitive basis. Information about other forms of financial
assistance may be obtained from the Financial Aid Office in Ceres
Hall. Two types of assistantships are available: the Graduate
Research Assistantship (GRA), and the Teaching Assistantship (TA).
The GRA and TA provide a monthly stipend
plus tuition waiver. Regardless of the type of assistantship,
the student must pay an activity fee each semester. An assistantship
normally begins the first semester the student is both at full
graduate standing and enrolled in courses that apply to the student's
graduate program of study.
Application for financial assistance should
be made to the department at the same time as application to the graduate
school. Applicants to graduate school who are accepted in less
than full standing will not be eligible for an assistantship until
their status changes to full standing. Granting assistantships
depends on academic performance, departmental needs, and availability
of assistantships. Application forms may be obtained from the
department.
Most assistantships are half time. Students
on assistantships are expected to perform research and other duties
in the department in return for their stipend. All half-time assistants
are expected to be available for performing services related to
research or other duties for an average of 20 hours per week.
Time expended on the student's research project is recognized
as partial fulfillment of this requirement.
Degree Requirements
Candidates meeting all prerequisites for
the M.S. degree in Agribusiness and Applied Economics may complete
their program in 15-18 months. The degree requires the completion of 30
credit hours of letter-graded course work with an overall GPA
of 3.0 or higher. A faculty seminar and an oral defense of either
a research-based thesis or paper are required. Each student chooses
a thesis adviser during his/her first semester of graduate school.
Plans of study are developed to meet both disciplinary requirements
and special interests of the student.
Students pursuing a Master of Science in
Agribusiness and Applied Economics (thesis option or comprehensive
study option) must complete all core courses. Students select
elective courses (with approval of their adviser and supervisory
committee) to fulfill the remaining Graduate School credit requirements.
The core requirements assure breadth and competence in key areas
of knowledge and professional activity. It is required that
students have competence in calculus,
multiple regression, and intermediate economic theory
before enrolling in core courses. The following courses, or their
equivalent, constitute the core of the Master of Science program
for each area of specialization:
M.S. in Agribusiness and Applied Economics
MS in Agribusiness and Applied Economics
Required:
AGEC 701 (1 credit) Research Philosophy
ECON 710 (3 credits) Advanced Econometrics
AGEC 739 (3 credits) Analytical Methods for Applied Economists
AGEC 741 (3 credits) Advanced Microeconomics
AGEC 797/798 Comprehensive Study or Thesis
Thesis Option:
- Minimum of 16 credits of approved graduate-level course work
- 6 to 10 credits of AGEC 798 (Thesis)
- Minimum of 30 credits of course work and thesis credits
Comprehensive Study Option:
- Minimum of 7 credits of quantitative courses (including ECON 610, ECON 710, AGEC 739, AGEC 711 or other approved quantitative courses)
- Minimum of 21 credits of approved graduate-level course work
- 2 to 4 credits of AGEC 797 (Comprehensive Study)
- Minimum of 30 credits of course work and comprehensive study credits
Courses Offered
- 644 Crops Marketing 3
- Capstone course for commodity
marketing option. Advanced work on topics related to marketing
of crops. 2 lectures. Prereq: AgEc 344.
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646 Agribusiness Finance 3
- Application of financial theory to investment
and liability management problems of agribusiness and farm firms.Characteristics,
operations, and management of agricultural financial institutions.
3 lectures. Prereq: AgEc 346, Busn 340.
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670 Agricultural Trade 2
- Introduction
to trade theory and policies, and their applications to agricultural
product trade. 2 lectures. Prereq: AgEc 201, 202.
-
656 History of Economic Thought 3
- Development of economic thought from
the mercantilists to Keynesian economics. Prereq: Econ 341 or
Busn 451 and Econ 324 or 343.
-
661 Economic Development 3
- Analysis of the main causes of economic
development. Prereq: Econ 341 or Busn 451.
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665 Labor Economics 3
- Theoretical analysis and survey of empirical
studies relating to labor markets, human capital formation,
and nature and causes of unemployment. Prereq: Econ 341 or Busn
451.
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670 Public Finance 3
- Taxation, intergovernmental fiscal relations,
and public expenditures; implications of various taxation policies.
Prereq: Econ 341 or Busn 451.
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672 International Trade 3
- Theories of international trade, payments,
and foreign exchange markets. Prereq: Econ 341 or Busn 451.
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676 Monetary Theory and Policy 3
- Analysis of relationships among money,
credit, employment, price stability, and national monetary policy.
Prereq: Econ 324 or 343.
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680 Industrial Organization 3
- Introduction to trade theory and policies,
and their applications to agricultural product trade. 2 lectures.
Prereq: AgEc 201, 202.
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681 Natural Resource Economics 3
- Application of economic tools to evaluate
natural resource policies. Concepts such as property rights,
non-market goods, resource allocation over time, externalities,
open access, and public goods are discussed in an inter mediate
micro-economics and calculus-based format. Prereq: Econ 341.
Cross listed with NRM.
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701 Research Philosophy 1
- Role of the scientist, reasoning, values,
and decisions. Problem formulation, literature review, hypothesis
development, data collection, analysis, and interpretation.
1 lecture. Prereq: Stat 330.
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710 Econometrics 3
- Applications of statistical methods
to specification, estimation, and forecasting of linear economic
models, including multiple regression models, cross-section
data analysis, time-series data analysis, and qualitative dependent
variable models. 4 lectures for first half of semester. Prereq:
AgEc 701, Stat 331.
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711 Advanced Topics in Econometrics 1-3
- Advanced econometric methods appropriate
to a variety of research areas in economics and agribusiness
will be offered. Analytical methods covered will vary by semester.
Repeated enrollment allowed. Prereq: AgEc 710 or consent of
instructor.
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739 Analytical Methods for Applied Economics 3
- Study and application of operations
research techniques and other decision methods to problems in
agriculture, transportation, and resource management. 3 lectures.
Coreq: AgEc 710, Econ 741.
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741 Advanced Microeconomics 3
- Advanced analysis of demand, production,
and costs; pricing output; and resource allocation under various
market structures. Prereq: Econ 341, Math 146 or equivalent.
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743 Advanced Macroeconomics 3
- Advanced analysis of macroeconomic theories,
economic growth, business fluctuations, and inflation. Prereq:
Econ 343, Math 146 or equivalent.
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744 Agribusiness I: Agricultural Product Marketing and
Agribusiness Strategy 3
- Conceptual foundations of agribusiness
strategic planning are presented. Emphasis is placed on quantitative
strategic decision making for the agribusiness firm. Prereq:
AgEc 741.
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746 Agribusiness II: Agrifinance and Commodity Trading
3
- Conceptual foundations of agribusiness
finance, trading, and strategy are presented. Emphasis is placed
on financial instruments and planning for agribusiness firms,
and trading and risk management in agricultural commodities.
Prereq: AgEc 741.
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771 Economics of Transportation Systems 3
- The course will provide an understanding
of transportation economics and policy issues facing society.
Topics include transportation demand, modal costs, transportation
competition and market power, transportation regulation, transportation
investment, and the economics of transportation safety. Prereq:
Math 146; Stat 331; Econ 341 or equivalent calculus, statistics,
and economics course work.
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