Courses
and Programs 1995-1997 Courses
and Programs 1995-1997Econ 101. Principles of Microeconomics. (3-0) Cr. 3. 101: F.S.SS. Theories of production and consumption, pricing and the market system, perfect and imperfect competition, business and labor regulation, issues within the capitalistic system such as problems of poverty, housing, and the environment. Comparative advantage and elements of international trade.
Econ 101H. Principles of Microeconomics. (3-0) Cr. 3. 101H: F. Theories of production and consumption, pricing and the market system, perfect and imperfect competition, business and labor regulation, issues within the capitalistic system such as problems of poverty, housing, and the environment. Comparative advantage and elements of international trade. Open only to honors students.
Econ 102. Principles of Macroeconomics. (3-0) Cr. 3. F.S.SS. Prereq: 101 recommended. Introduction to resource allocation, demand and supply; national income and employment, inflation and price levels; fiscal policy; monetary policy and the operation of the U.S. banking system; elements of international finance including balance of payments and exchange rate determination.
Econ 102H. Principles of Macroeconomics. (3-0) Cr. 3. S. Prereq: 101 or 101H. Introduction to resource allocation, demand and supply; national income and employment, inflation and price levels; fiscal policy; monetary policy and the operation of the U.S. banking system; elements of international finance including balance of payments and exchange rate determination. Open only to honors students.
Econ 110. Orientation in Agricultural Business. (1-0) Cr. R. F. Orientation course for freshman students in agricultural business.
Econ 130. Farm Business Organization and Resource Management. (4-0) Cr. 2. S. 8 weeks. For winter programs in ag studies-farm operation only. Economic and business principles applied to farmer decision making. Farm records and accounting practices for farm business management. Forms of farm business organization. Managerial decisions involving land and capital acquisitions and improvements. Sources and uses of funds for the farm business. Methods of reducing farm production and financial risks.
Econ 131. Farm Financial Analysis and Tax Management. (4-0) Cr. 2. S. 8 weeks. For winter programs in ag studies-farm operation only. Enterprise, whole-farm, partial, and cash-flow budgets. Construction and evaluation of farm net worth and income statements. Farm income taxation analysis and management. The use of computers in farm decision making.
Econ 135. Agricultural Marketing for Farm Operations. (2-0) Cr. 2. S. For winter programs in agricultural studies-farm operation only. Basic elements of producer marketing of major Midwest crops and livestock with emphasis on formulating marketing goals and plans. Marketing alternatives including the use of futures markets and forward contracts. Basic price analysis and price forecasting techniques.
Econ 192. Agribusiness Operations. (3-0) Cr. 3. F. Introduction to basic business management concepts and economic principles related to the operation of agricultural firms. Economic overview of agriculture and agribusiness, functions of management, the role of agriculture in the U.S. economy and international trade, financial management, marketing; merchandising, agricultural policy, personnel management. Visits to representative agricultural businesses. Field trip fee.
Econ 298. Cooperative Education. Cr. R. F.S.SS. Prereq: Permission of the department cooperative education coordinator; sophomore classification. Required of all cooperative education students. Students must register for these courses prior to commencing each work period.
Econ 301. Intermediate Microeconomics. (3-0) Cr. 3. F.S.SS. Prereq: 101; Math 151 or 165. Theory of consumer and business behavior; optimal consumption choices and demand; theory of firm behavior; costs, production, and supply; competitive and imperfectly competitive markets; theory of demand for and supply of factors of production; general equilibrium analysis. Open to graduate students for minor graduate credit only.
Econ 302. Intermediate Macroeconomics. (3-0) Cr. 3. F.S.SS. Prereq: 101, 102; Math 151 or 165. Theory of income, employment, interest rates, and the price level; fiscal and monetary policy; budget and trade deficits; money and capital inflows, interest rates, and inflation. Open to graduate students for minor graduate credit only.
Econ 312. History of Economic Thought. (3-0) Cr. 3. S. Prereq: 101. The logic and explanatory value of received economic doctrines since the middle of the eighteenth century. The reflection of past economic doctrines in contemporary theory and policy. Discussion of major works by Smith, Ricardo, Mill, Marx, Marshall, Walras, Wicksell, and Keynes.
Econ 320. Labor Economics. (3-0) Cr. 3. F. Prereq: 101. Survey of contemporary labor market problems and public policy toward labor. Economic analysis of topics such as labor supply and hours of work, work incentives of transfer programs, education and training, mobility, labor demand and employment, minimum wages, unions, income distribution and relative wages, discrimination, unemployment and wage inflation. Open to graduate students for minor graduate credit only.
Econ 321. Economics of Discrimination. Same as W S 321. (3-0) Cr. 3. F. Prereq: 101. Economic theories of discrimination. Analysis of the economic problems of women and minorities in such areas as earnings, occupations, and unemployment. Public policy concerning discrimination. Open to graduate students for minor graduate credit only.
Econ 322. Collective Bargaining. (3-0) Cr. 3. S. Prereq: 320. Economic analysis and institutional aspects of unions and collective bargaining. Organizing, bargaining strategy, and contract terms; impact of unions on employment and wages. Public policy toward unions, strikes, and negotiated benefits in both the private and public sectors. Open to graduate students for minor graduate credit only.
Econ 330. Farm Business Management. (3-2) Cr. 4. F.S. Prereq: 101; Acct 284. Business and economic principles applied to decision making and problem solving in the management of a farm business. Cash flow, partial, enterprise, and whole farm budgeting. Information systems for farm accounting, analysis, and control. Obtaining and managing land, capital, and labor resources. Alternatives for farm business organization.
Econ 332. Cooperatives. (2-0) Cr. 2. S. Prereq: 101. Survey of cooperative activities with emphasis on agricultural cooperatives; types of cooperatives; methods of organization and operation; principles; legal and tax aspects; cooperative finance; economic possibilities and limitations of cooperation. Field trip fee. Open to graduate students for minor graduate credit only.
Econ 334. Agricultural Markets. (3-0) Cr. 3. F. Prereq: 101. The agricultural marketing complex and functions performed. Analyzing price-making forces for agricultural products. Futures markets, hedging, and speculation. Alternatives for buying and selling commodities.
Econ 335. Agricultural Marketing and Price Analysis. (3-2) Cr. 4. F.S.SS. Prereq: 101, 301. Agricultural markets and marketing systems. Agricultural prices: demand, supply, and price determination. Marketing margins. Product quality and grading. Markets over space: location, transportation, and spatial price equilibrium. Markets over time: storage, price relationships, and forecasting. Futures markets: price discovery and risk management. Information and marketing strategies with futures and options. Market structure, performance, and efficiency in agricultural markets. Marketing institutions, cooperatives, and agricultural policy. Open to graduate students for minor graduate credit only.
Econ 336. Agricultural Selling. (3-0) Cr. 3. S. Prereq: 101. Principles of selling with application to agricultural businesses. Attitudes, value systems, and behavioral patterns that relate to agricultural sales. Relationship of sales to marketing, selling strategies, preparing for sales calls, making sales presentations, handling objections, and closing sales. Analysis of the buying or purchasing process. Evaluation of agri-selling as a possible career choice.
Econ 338. Dairy Marketing. (2-0) Cr. 2. Alt. F., offered 1996. Prereq: 101. Trends in milk production and consumer demand for dairy products; industry organization and performance; federal milk marketing orders; dairy price support programs; dairy cooperatives; component pricing; promotional efforts.
Econ 344. Public Finance. (3-0) Cr. 3. F.SS. Prereq: 101. The economic role of governments in market economies. Public goods, externalities, income distribution, and income maintenance programs. The effect of taxes on economic behavior, descriptions of the structure of the principal U.S. taxes, and current reform proposals. Open to graduate students for minor graduate credit only.
Econ 353. Money and Banking. (3-0) Cr. 3. F.S.SS. Prereq: 101, 102. Fundamentals of financial markets; financial institutions; the money supply process; the federal reserve system and the conduct of monetary policy; monetary theory; international finance.
Econ 355. International Economics. (4-0) Cr. 4. F. Prereq: 101, 102. Explanations of causes of international trade and the impact of trade on welfare and employment patterns. Analysis of government policies towards trade, such as tariffs, quotas, and free trade areas. Theory of balance of payments and exchange rate determination, and the role of government policies. Examination of alternative international monetary arrangements. Credit for either 355 or 454, but not both, may be applied to graduation. Open to graduate students for minor graduate credit only.
Econ 370. Comparative Economic Systems. (3-0) Cr. 3. F. Prereq: 101, 102. Analysis and comparison of variants of capitalism, including effects of government intervention on private economic activity, growth, incentives, and income distribution. Analysis of the transition to market economies by centrally planned economies based on planned socialism. Economies examined include those of the United States, China, Japan, Eastern and Western Europe, and Russia.
Econ 376. Urban-Regional Economics. (3-0) Cr. 3. F. Prereq: 101. Theories of urban development; city typologies, trade and commuting patterns; urban economic interdependence; social investment in metropolitan communities; regional growth and efficiency; locational determinants of firms and households; the regional economic base; resource development and economic planning in the city-region. Open to graduate students for minor graduate credit only.
Econ 380. Environmental and Resource Economics. Same as Env S 380. (3-0) Cr. 3. F.S. Prereq: 101. Natural resource availability, use, conservation, and government policy, including energy issues. Environmental quality and pollution control policies.
Econ 381. International Economic History. Same as Hist 381. See History.
Econ 382. United States Economic History. Same as Hist 382. See History.
Econ 385. Economic Development. (3-0) Cr. 3. S. Prereq: 101, 102. Current problems of developing countries, theories of economic development, agriculture and economic development, measurement and prediction of economic performance of developing countries, alternative policies and reforms required for satisfying basic needs of Third World countries, interrelationships between industrialized countries and the developing countries, including foreign aid. Open to graduate students for minor graduate credit only.
Econ 392. Career Seminar. (1-0) Cr. 1. F. Prereq: Classification in agricultural business. Career opportunities in the various agribusiness industries. Required training and skills needed to perform successfully in different types of jobs within industry. Selection and training programs of typical agribusiness firms.
Econ 398. Cooperative Education. Cr. R. F.S.SS. Prereq: Permission of the department cooperative education coordinator; junior classification. Required of all cooperative education students. Students must register for these courses prior to commencing each work period.
Econ 399. Agricultural Business Internship. Cr. 2 each time taken; maximum of 4. Prereq: Permission of instructor and classification in agricultural business. A professional, supervised work experience in agricultural business followed by a written and oral report.
Econ 401. Mathematical Economics. (3-0) Cr. 3. F. Prereq: 301, Math 252 or 265. Methods of mathematical optimization and analysis as applied to theories of consumer demand, the theory of the firm, and other theories of microeconomic behavior. Especially recommended for students going on to graduate school in economics. Open to graduate students for minor graduate credit only.
Econ 402. Advanced Topics in Macroeconomic. (3-0) Cr. 3. S. Prereq: 301, 302, Stat 227; Econ 472 recommended. Advanced treatment of selected topics from one or more of the following areas: business cycle theory, growth theory, fiscal and monetary policy, coordination issues, open economy macroeconomics, and financial economics. Open to graduate students for minor graduate credit only.
Econ 415. Economics of Imperfect Competition, Antitrust and Regulated Industries. (3-0) Cr. 3. S. Prereq: 301; Math 151 or 160 or 165. The economic and strategic analysis of monopoly and oligopoly, predatory pricing, cartels and price-fixing, entry barriers and entry deterrence, vertical integration, technological change, and bid-rigging and other anticompetitive practices. The economic foundations of antitrust policy and industry regulation. Open to graduate students for minor graduate credit only.
Econ 430. Advanced Farm Business Management. (3-2) Cr. 4. F. Prereq: 330. Familiarity with personal computers is helpful but not required. Effective use of decision methods and computer assistance for solving farm problems. Applications of economic and management theory to analyze farm production problems using efficiency measures to assess current resource use and direct the farm analysis and planning process. Integrating tax management into the farm decision-making and problem-solving process. Computers as aids in the decision process. Materials fee. Open to graduate students for minor graduate credit only.
Econ 432. Agribusiness Management. (3-0) Cr. 3. F.S. Prereq: 301, Stat 227, Math 151; Fin 350 recommended. A capstone course in agri-business intended to increase students' ability to apply economic concepts to decision making within agri-business firms in an international economy. Problem solving involving quantitative and conceptual analyses of production and investment decisions, pricing strategies, technological change, and the management of risk. Open to graduate students for minor graduate credit only.
Econ 433. Agricultural Production Economics. This course is dual listed with 533. (3-2) Cr. 4. S. Prereq: 301, 430, Stat 227, Math 151. Economic concepts applied to the design, evaluation, and management of agricultural production technologies. Estimation and inter-pretation of production functions. Use of mathe-matical programming and simulation models for technology assessment. Economics of technology adoption and transfer, farming systems research, and sustainability.
Econ 442. Applied Commodity Marketing and Price Analysis. This course is dual listed with 542. (3-0) Cr. 3. S. Prereq: 301, Stat 227, Math 151. Applied commodity price forecasting; futures market theory and hedging strategy evaluation; options theory and strategy evaluation.
Econ 448. Economics of Aging. Same as HD FS 448. See Human Development and Family Studies. Open to graduate students for minor graduate credit only.
Econ 451. Agricultural Law. (3-2) Cr. 4. F.S. Prereq: Senior classification. The legal framework impinging upon decision-making by farm firms, families and individuals: real and personal property, contracts, secured transactions, negotiable instruments, debtor-creditor relations, bankruptcy, organization of farm firms, intergeneration property transfers, trusts, insurance, liabilities, environmental law, federal and state regulatory powers. Open to graduate students for minor graduate credit only.
Econ 452. Legal Issues in Agriculture. (2-0) Cr. 2. Prereq: 101. Designed for off campus programs in agriculture. Offered as demand warrants. The legal framework impinging on decision-making by individuals, families, and firms in agriculture; ownership and transfer of real property: commercial law including secured transactions, sales, and negotiable instruments; bankruptcy; income tax planning and management; estate and business planning for the farm family; civil liabilities; water law; environmental law; government regulation of agriculture. Open to graduate students for minor graduate credit only.
Econ 454. International Trade and Finance. (4-0) Cr. 4. S. Prereq: 301. Rigorous treatment of theories of international trade and its impact on domestic and world welfare and the distribution of income. Theoretical analysis of government policies towards trade, such as quotas, tariffs and free trade areas. Theory of exchange rate and balance of payments determination and the role of government policy; study of efficiency of the foreign exchange market. Examination of alternative international monetary arrangements. Credit for either 355 or 454, but not both, may be applied toward graduation. Open to graduate students for minor graduate credit only.
Econ 460. Agricultural, Food, and Trade Policy. (3-0) Cr. 3. F.S. Prereq: 301. Description and analysis of economic problems of U.S. agriculture. Explanation and economic analysis of government policies and programs to develop agriculture, conserve agricultural resources, address consumer food concerns, stabilize farm prices, and raise farm incomes. The influence of macropolicy, world economy, and international trade on U.S. agriculture. Open to graduate students for minor graduate credit only.
Econ 466. Agricultural Finance. (3-2) Cr. 4. F.S. Prereq: 301, Math 151, Stat 227; Fin 350 and Econ 353 recommended. Financial analysis of agricultural businesses; liquidity, capital structure, and growth of agricultural firms; risk and return; capital asset pricing model; risk management strategies in agriculture; capital budgeting methods; analysis of land investments, leasing, and costs of credit; financial intermediation and major financial institutions for agriculture; credit scoring, loan pricing, and asset-liability management techniques by financial intermediaries; public policies affecting agricultural credit markets. Open to graduate students for minor graduate credit only.
Econ 470. Public Choice. Same as Pol S 470. (3-0) Cr. 3. Alt. F., offered 1995. Prereq: 101 and Pol S 251. Application of economics to political science in the study of nonmarket decision-making. Behavior of bureaucrats, elected officials, and voters. Market failure, collective action, representative democracies, direct democracies, logrolling, voter paradoxes, game theory, and terrorism.
Econ 472. Introductory Econometrics. (4-0) Cr. 4. F.S. Prereq: 301, 302, Stat 227. Introduction to the models and methods used to estimate relationships and test hypotheses pertaining to economic variables. Simple and multiple regression analysis; stochastic regressors; heteroskedasticity; autocorrelation; measurement error; simultaneous equations. Open to graduate students for minor graduate credit only.
Econ 480. Intermediate Environmental and Resource Economics. (3-0) Cr. 3. S. Prereq: 301. Theories of natural resource utilization and allocation. Externalities, public goods, and environmental quality. Planning natural resource use and environmental quality. Methodologies for analyzing natural resource and environmental problems. Open to graduate students for minor graduate credit only.
Econ 490. Independent Study. Cr. 1 to 5 each time taken. Prereq: Junior or senior classification, 14 credits in economics. Students in the College of Agriculture may use no more than 6 credits of Econ 490 toward the total of 128 credits required for graduation; students in the College of Liberal Arts and Sciences may count no more than 9 credits of Econ 490 toward graduation.
H. Honors
Econ 493. Workshops. This course is dual listed with 593. Cr. 1 to 3 each time taken. Prereq: Permission of instructor. Open to graduate students for minor graduate credit only.
Econ 498. Cooperative Education. Cr. R. F.S.SS. Prereq: Permission of the department cooperative education coordinator; senior classification. Required of all cooperative education students. Students must register for these courses prior to commencing each work period.
Econ 500. Quantitative Methods in Economic Analysis I. (4-0) Cr. 1. F. Prereq: 301. Economic applications of selected concepts of finite mathematics, differential calculus with emphasis on optimization, and integral calculus.
Econ 506. Macroeconomics. (4-0) Cr. 4. F. Prereq: Credit or enrollment in 500 or equivalent background in calculus. Models of aggregate supply and demand, theories of consumption and investment, money supply and demand, inflation, rational expectations, stabilization policy, financial markets, and international finance. This is a masters level course.
Econ 507. Microeconomics. (4-0) Cr. 4. S. Prereq: 301, 500 or equivalent background in calculus. The theory of the consumer, theory of the firm, perfect and imperfect competition, welfare economics and selected topics in general equilibrium and uncertainty. This is a masters level course.
Econ 511. Business Economics. (3-0) Cr. 3. F.S. Prereq: 101 and enrollment in MBA or BAS program; not for economics majors. Applications of microeconomic theory and decision analysis. Demand analysis, production and cost analysis, forecasting, pricing, market structures and strategy, capital investment analysis, decision making under uncertainty, government and business.
Econ 513. History of Economic Analysis. (3-0) Cr. 3. F. Prereq: 301 and 302. The ideas of great economists from the eighteenth to the twentieth centuries. Adam Smith, David Ricardo, Thomas Robert Malthus, John Stuart Mill, Karl Marx, William Stanley Jevons, Leon Walras, John Bates Clark, Thorstein Veblen, Alfred Marshall, John Maynard Keynes, and John R. Hicks.
Econ 515. Industrial Organization I. (4-0) Cr. 4. Alt. F., offered 1996. Prereq: 601. Theoretical and empirical studies of industry structure, conduct, and performance. Monopoly; review of game theory; oligopoly, collusion, mergers, and cartels; concentration and performance; entry barriers and deterrence; contestable markets; vertical integration and contractual alternatives.
Econ 516. Industrial Organization II. (3-0) Cr. 3. Alt. S., offered 1997. Prereq: 515. Theoretical and empirical analyses of industry structure, conduct, and performance. Technological innovation and diffusion; patents and licensing; monopolistic competition; spatial markets; price discrimination; regulation and regulated industries.
Econ 520. Labor Supply and Human Capital Formation. (3-0) Cr. 3. Alt. S., offered 1996. Prereq: 507 or 601. Labor supply decisions and empirical analysis for agricultural operators and wage earning households; multiple job holding; resource allocation in productive households; human capital formation by households, firms, and public institutions, which includes schooling, on-the-job training, migration, health, research, raising of children, and implications for household income and welfare; applications to problems in rural areas of developing and developed countries.
Econ 521. Labor Markets. (3-0) Cr. 3. Alt. F., offered 1996. Prereq: 507 or 601. Modern analysis of labor demand and market determination of wages and employment; analysis of distortions in labor markets due to non-competitive forces, legislation, and discrimination; microeconomic analysis of unemployment and job search.
Econ 528. Applied Agricultural Marketing. (2-0) Cr. 2. Prereq: 6 credits in economics. Off campus. Offered as demand warrants. Market structure and performance in the food and agricultural sector. Vertical coordination systems and pricing systems in agriculture. Market information and price forecasting. Alternative marketing methods and strategies for major Iowa agricultural commodities including the use of futures market. Designed for master of agriculture program only.
Econ 530. Advanced Farm Management. (2-0) Cr. 2. Prereq: 6 credits in economics. Offered off campus as demand warrants. Management techniques of planning, implementation, and control as applied to farm businesses. Quantitative tools as applied to agricultural decision-making. Accounting control concepts and decision theory as used to manage agricultural enterprises. Designed for master of agriculture program only.
Econ 531. Agricultural Marketing. (3-0) Cr. 3. F. Prereq: 507 or 511 or 601. Analysis of agricultural marketing systems focusing on their structure, pricing and coordination mechanisms (including futures markets), and performance. Government market intervention and regulation methods. Comparison of market mechanisms and problems in the U.S. and centrally planned or developing countries.
Econ 533. Agricultural Production Economics. This course is dual listed with 433. (3-2) Cr. 4. S. Prereq: 301, 430, Stat 227, Math 151. Economic concepts applied to the design, evaluation, and management of agricultural production technologies. Estimation and interpretation of production functions. Use of mathematical programming and simulation models for technology assessment. Economics of technology adoption and transfer, farming systems research and sustainability.
Econ 534. Mathematical Programming in Agricultural and Applied Economics. (3-0) Cr. 3. Alt. F., offered 1996. Prereq: 3 credits in economics at the 400 level or above and permission of instructor. Linear programming and the Simplex method; sensitivity analysis and parametric programming; goal programming, stochastic programming, and other extensions of linear programming; input-output and interregional models; nonlinear and quadratic programming to reflect production, marketing, and financial risk; comparison with other criteria for making risky decisions; integer programming and investment analysis; use of recursive and dynamic programming in long-term planning and farm firm growth models.
Econ 538. Econometric Statistics. Same as Stat 538. See Statistics.
Econ 539. Game Theory. Same as Stat 539. See Statistics.
Econ 540. Operations Research Methods and Economic Analysis. Same as Stat 540. See Statistics.
Econ 542. Applied Commodity Marketing and Price Analysis. This course is dual listed with 442. (3-0) Cr. 3. S. Prereq: 301, Stat 227, Math 151. Applied commodity price forecasting; futures market theory and hedging strategy evaluation; options theory and strategy evaluation.
Econ 544. Theory of Public Goods and Externalities. (3-0) Cr. 3. F. Prereq: 507 or 601. Pure public goods and local public goods; optimality conditions for an economy with public goods; market and club provision of excludable public goods; externalities and common property resources; preference revealing mechanisms; fiscal federalism; public choice; decision making.
Econ 545. Economics of Taxation. (3-0) Cr. 3. S. Prereq: 507 or 601. Partial and general equilibrium analysis of tax shifting and incidence; excess burden and effects of taxes on supplies of labor, capital, and risk-taking; alternate bases for taxation and concepts of equity; optimal taxation; public debt; social security.
Econ 553. Current Trends in Monetary Economics. (3-0) Cr. 3. S. Prereq: 302 or 506. Various policy issues in monetary economics, including commercial bank deregulation and re-regulation, international banking, the internationalization of financial markets, innovations in financial instruments, deposit insurance, domestic monetary policy, and the international coordination of monetary policy.
Econ 555. Issues in International Economics. (3-0) Cr. 3. F. Prereq: 506, 507. Theories of international trade and finance. Emphasis on current policy issues in international economics.
Econ 560. Agricultural Policy. (3-0) Cr. 3. F. Prereq: 507 or 601. The instruments and motivations for government intervention in agriculture; price and income policies for developed and developing countries; instability and stabilization; agricultural policy in an open economy; government policy choice and implementation.
Econ 562. Quantitative Research on Agricultural Policy and Trade. (3-0) Cr. 3. S. Prereq: 560. Application of economic theory and quantitative methods and models to the analysis of agricultural policy and agricultural trade problems.
Econ 563. Issues in Government Policy Affecting Agriculture. (2-0) Cr. 2. Prereq: 101. Off campus. Offered as demand warrants. Government policy and the policy-making process as it affects food, agriculture, and trade. Description and analysis of government policies and programs designed to address production agriculture problems and consumer food concerns. Evaluation of the interaction of agriculture and world trade as affected by U.S. and foreign government policies. Designed for master of agriculture program only.
Econ 571. Intermediate Econometrics. (3-0) Cr. 3. S. Prereq: 500; Stat 401. Single and multiple equation regression models; dummy explanatory variables; serial correlation; heteroscedasticity; distributed lags; qualitative dependent variables; simultaneity. Use of econometric models for tests of economic theories and forecasting.
Econ 573. Econometrics I. (3-0) Cr. 3 each. F. Prereq: 601 and Stat 447 or 542. Specification, analysis, estimation, and evaluation of single and multiple equation models for economic processes; issues arising from analysis of nonexperimental and experimental data; examination and evaluation of emprirical studies published by economists and agricultural economists.
Econ 574. Econometrics II. (3-0) Cr. 3 each. S. Prereq: 573. Specification, analysis, estimation, and evaluation of single and multiple equation models for economic processes; issues arising from analysis of nonexperimental and experimental data; examination and evaluation of emprirical studies published by economists and agricultural economists.
Econ 575. Bayesian Econometrics. (3-0) Cr. 3. F. Offered twice every three years, offered 1996. Prereq: Stat 447. Difficulties with orthodox procedures, foundations of Bayesian inference, parameter estimation and forecasting, Bayesian and post-Bayesian hypothesis testing, regression models, simultaneous equations, Bayesian control models.
Econ 583. Environmental and Resource Management. Same as W Res 583. (3-0) Cr. 3. S. Prereq: Graduate classification; not for economics majors. Economic analysis of environmental and resource management. Topics include market failure, nonmarket valuation, pollution control strategies, renewable and nonrenewable resources, environmental disputes and negotiation, and land management.
Econ 585. Economic Development. (3-0) Cr. 3 F. Prereq: 506 and 507 or 601 and 602. Performance of developing countries in terms of growth, employment, structural changes, and social indicators; theories and paradigms of development; sources of growth; policies to promote industrialization and trade; role of agriculture; farm size and tenure institutions in relation to production efficiency and technology adoptions; generation, diffusion, and impact of agricultural technology; population, growth, and sustainability of development; policy distortions and development strategies for growth and equity.
Econ 586. Current Issues in Economic Development. (3-0) Cr. 3. Alt. S., offered 1996. Prereq: 585. Critical appraisal of current problems, theoretical contributions, and empirical analyses of economic growth and development; sectoral analyses; identification of research issues; review of research methodologies; evaluation of alternative development strategies, policies, and program case studies.
Econ 587. Evaluation of Development Projects and Policies. (3-0) Cr. 3. Alt. S., offered 1997. Prereq: 507 or 601. The project concept; financial, economic efficiency, and social valuation; measures of project worth; measurement of consumers' surplus and factor rents; general equilibrium incidence of projects and development policies; calculation of systems of social accounting prices; review of the evaluation methodologies used by domestic and international lending agencies.
Econ 590. Special Topics. Cr. 1 to 5 each time taken.
Econ 593. Workshops. This course is dual listed with 493. Cr. 1 to 3 each time taken. Prereq: Permission of instructor.
Econ 599. Creative Component. Cr. 1 to 5.
Econ 600. Quantitative Methods in Economic Analysis II. (3-0) Cr. 3. F. Prereq: 500 or equivalent background in calculus. Introduction to elements of nonlinear programming, comparative static analysis, difference and differential equations, probability, statistics, and game theory useful for micro- and macroeconomic modeling.
Econ 601. Microeconomic Analysis I. (4-1) Cr. 4 each. F. Prereq: 301 and 500. Economic theory and methodology; theory of consumer behavior, theory of the competitive firm, supply and factor demand; duality relations in consumer and producer theory, partial equilibrium analysis, stability and comparative statics; general equilibrium analysis, efficiency and welfare; market failures, externalities, and the theory of the second best; theory of imperfect competition; applications of game theory to economic analysis; uncertainty and economic theory; consumer portfolio and savings decisions under uncertainty; producer output and factor demands under uncertainty; value of information.
Econ 602. Macroeconomic Analysis. (4-1) Cr. 4. F. Prereq: 301, 302 and 500. Analysis of static and dynamic models of aggregate economic activity with an emphasis on the role of fiscal and monetary policies on the determination of GNP and its distribution, the price level, and labor employment.
Econ 604. Advanced Macroeconomic Analysis. (4-1) Cr. 4. S. Prereq: 601, 602. Introduction to microtheoretic-based dynamic and stochastic macroeconomic models applied to the study of economic growth, business cycles, and governmental policies.
Econ 607. Microeconomic Analysis II. (4-1) Cr. 4 each. S. Prereq: 601. Economic theory and methodology; theory of consumer behavior, theory of the competitive firm, supply and factor demand; duality relations in consumer and producer theory, partial equilibrium analysis, stability and comparative statics; general equilibrium analysis, efficiency and welfare; market failures, externalities, and the theory of the second best; theory of imperfect competition; applications of game theory to economic analysis; uncertainty and economic theory; consumer portfolio and savings decisions under uncertainty; producer output and factor demands under uncertainty; value of information.
Econ 608. Noncooperative Game Theory and Information Economics. (3-0) Cr. 3. Alt. F., offered 1995. Prereq: 607. The noncooperative theory of strategic and extensive form games. Nash equilibrium, subgame perfection and other refinements, and other solution concepts such as iterated dominance. Supergames. Applications in information economics including bargaining, auctions, signaling, and the principal-agent problem.
Econ 612. History of Economic Thought I. (3-0) Cr. 3. Alt. F., offered 1996. Prereq: 506 and 507 or 601 and 602. Principal figures in the development of economic ideas; contribution of each period of economic thought. The Mercantilists to the Classical School, inclusive.
Econ 613. History of Economic Thought II. (3-0) Cr. 3. Alt. F., offered 1995. Prereq: 506 and 507 or 602 and 607. Critics of the Classical School to J. M. Keynes.
Econ 632. Advanced Agricultural Marketing Research and Decision Models. (3-0) Cr. 3. Alt. S., offered 1996. Prereq: 571 or 573, 601. Use of statistical, economic, and other social science models to study marketing problems. Applications to public and private decision-making.
Econ 634. Agricultural Price Analysis. (3-0) Cr. 3. F. Prereq: 507 or 601, credit or enrollment in 571 or 573. Specification, estimation, and application of econometric models for agricultural market analysis. Aggregation of individual demand and supply decisions. Static and dynamic demand and supply systems. Storage and price relations over time. Price discovery and risk allocation with futures markets.
Econ 639. Economics of Consumption and Demand Analysis. (3-0) Cr. 3. Alt. S., offered 1997. Prereq: 601. Economic theory of consumption with emphasis on the theory, the development and estimation of models and the assessment and application of empirical results. Demand systems, functional forms, family budgets, equivalence scales, composite commodities, cost of living indices, dynamic processes, extensions to the basic economic model and policy applications to marketing regulations, food assistance programs, poverty, nutrition and health.
Econ 641. Advanced Production Economics. (4-0) Cr. 4. S. Prereq: 573, 601; 534 recommended. Theory and structure of production; empirical estimation, duality principles; supply and demand functions; technological change and productivity; non-parametric approaches to economic theory; stochastic production, dynamic production models.
Econ 642. Production Under Risk. (3-0) Cr. 3. Alt. F., offered 1995. Prereq: 573. 607. Theoretical and empirical examination of the effects of risk on firm decisions. Analytical and numerical optimization under uncertainty, density function estimation, crop yield distributions, self protection and self insurance, and the role of information.
Econ 653. Financial Markets and Monetary Economics I. (3-0) Cr. 3. F. Prereq: 604, 607. Savings, wealth, and the valuation of risky assets; information and financial markets; modeling financial intermediation; the operation and regulation of banking institutions; financial innovation; reform of domestic and global financial institutions.
Econ 654. Financial Markets and Monetary Economics II. (3-0) Cr. 3. S. Prereq: 604, 607. Selected topics in domestic and international aspects of monetary economics. Emphasis on the microeconomic aspects of monetary theory and policy and on the current empirical literature.
Econ 655. International Trade. (3-0) Cr. 3. F. Prereq: 607. Modern theory of international trade; welfare and distributional aspects of trade and tariffs. The interdependence of international trade and economic growth. Optimal trade policies in the presence of such distortions as unemployment, monopolies and cartels, balance of payments problems, infant industries, and common market areas.
Econ 657. International Finance. (3-0) Cr. 3. S. Prereq: 604. The theory of exchange rate and balance of payments determination; open-economy macroeconomic issues; and current account adjustment. Emphasis on the current empirical literature concerning the efficient market theory of the foreign exchange market.
Econ 660. Welfare Theory. (3-0) Cr. 3. Alt. S., offered 1997. Prereq: Credit or enrollment in 607. Notions of economic efficiency, equivalence, and compensated variation measures, consumer and producer surplus, market failures, social choice, path independence, compensated demand curves, cost-benefit evaluation, and public choice.
Econ 666. Advanced Agricultural Finance. (3-0) Cr. 3. Alt. F., offered 1996. Prereq: 602, 607; Fin 550 recommended. Concepts and techniques of modern finance theory as applied to agriculture; capital budgeting under uncertainty; optimal capital structure of farm firms; capital markets for agriculture; equilibrium pricing of capital assets and options in agriculture; investment and finance in agricultural production; financial approaches to risk management in agriculture; public policy issues related to agricultural credit markets; exchange rates and other international finance issues in agriculture; rural financial markets for agriculture in developing countries.
Econ 675. Advanced Topics in Econometrics. (3-0) Cr. 3. Alt. F., offered 1996. Prereq: 538 or 574, Stat 543 recommended. Advanced treatment of issues important in theoretical econometrics. Topics may include asymptotic theory, nonlinear estimation, nonparametric and semiparametric methods, Monte Carlo experimentation, estimation by simulation.
Econ 680. Advanced Environmental and Resource Economics I. (3-0) Cr. 3. Alt. F., offered 1995. Prereq: 607. Dynamic allocation of scarce exhaustible and renewable natural resources, including minerals and energy, soil, water, forests, and fish. Social versus private decisions. Market and nonmarket considerations. Technological change. Regulation. Dynamics and uncertainty.
Econ 681. Advanced Environmental and Resource Economics II. (3-0) Cr. 3. Alt. S., offered 1996. rereq: 601, 607. Interrelationships of natural resource use and the environment. Applied welfare and benefit cost analyses. Externalities and pollution abatement. Nonmarket valuation of resources. Property rights. Legal and social constraints. Policy approaches.
Econ 690. Advanced Topics. Cr. 1 to 5 each time taken.
Econ 693. Workshops. Cr. 1 to 3 each time taken. Prereq: 6 graduate credits in chosen field.
Econ 694. Advanced Theoretical Models I. (3-0) Cr. 3. Alt. S., offered 1996. Prereq: 604, 607. Selected topics in economic theory of current significance to the profession.
Econ 695. Advanced Theoretical Models II. (3-0) Cr. 3. Alt. F., offered 1995. Prereq: 604, 607, permission of instructor. Selected current topics in economic theory for advanced students.
Econ 699. Research for Thesis or Dissertation.