University of Maryland

College of Agriculture & Natural Resources

Agricultural and Resource Economics

Graduate Courses

AREC 610 Microeconomic Applications in Agricultural and Resource Markets (3 credits)

Two hours of lecture and two hours of discussion per week. Prerequisite: ECON 603. Applications of graduate level microeconomic analysis to the problems of agricultural and natural resource production and distribution including demand for agricultural output, the nature of agricultural supply decisions, decision making under uncertainty, valuation of natural resources, and exploitation of natural resources.

 

AREC 620 Optimization in Agricultural and Resource Economics (3 credits)

Two and one-half hours of lecture and one and one-half hours of discussion per week. Prerequisite: multivariate calculus and matrix or linear algebra. Mathematical theory of static and dynamic optimization as applied to the economics of agriculture, natural resources and the environment. Topics include necessary and sufficient conditions for constrained optimization, convexity and concavity, duality and the envelope theorem, comparative statics, fixed point theorems, optimal control theory and dynamic programming.

 

AREC 623 Applied Econometrics I (4 credits)

Two lectures of two and a half hours and one two-hour discussion per week. Prerequisite: Differential and integral calculus and linear algebra or permission of instructor. Fundamentals of mathematical statistics for applications in econometrics. Development of the standard linear model and variations of assumptions with computer applications to applied econometric problems.

 

AREC 624 Applied Econometrics II (4 credits)

Two lectures of two and a half hours and one two-hour discussion per week. Prerequisite: AREC 623. Variations of the standard linear model, simultaneous equations estimation, nonlinear regression, nonlinear simultaneous equations estimation, static and dynamic panel data models, errors in variables, Hausman tests, discrete choice models such as conditional multinomial and mixed logit models, latent class models, semi-parametric estimation, varying parameter models, unobserved variables, time series models, and model selection procedures.

 

AREC 625 Economic Welfare Analysis (3 credits)

Two and one-half hours of lecture per week. Also offered as AREC 825. Credit will be granted for only one of the following: AREC 625 or AREC 825. The measurement of economic well-being for producers, consumers, and resource owners. Topics include competitive equilibrium, Pareto optimality, market failure, public goods and nonmarket welfare measurement, multimarket considerations, existing distortions, and second best. Applications in economic welfare analysis of agricultural and resource policies are discussed.

 

AREC 632 Agricultural Policy Analysis (3 credits)

Two and one-half hours of lecture per week. Also offered as AREC 832. Credit will be granted for only one of the following: AREC 632 or AREC 832. The economics of agricultural policies. Methods for analyzing costs and benefits of price supports, import restraints, and other policies for producers, consumers, and taxpayers. Farm programs of the U.S., other industrial countries and developing countries including interventions in both domestic markets and international trade are covered along with their consequences for factor owners and related commodity markets. Theories of the farm problem and possible remedies are offered.

 

AREC 645 Environment and Development Economics (3 credits)

Two and one-half hours of lecture per week. Also offered as AREC 845. Credit will be granted for only one of the following: AREC 645 or AREC 845. Considers neoclassical and endogenous growth models; international trade theory; the role of property right institutions and factor markets; the environmental impact of trade liberalization in developing countries and the environmental effects of increasing international capital mobility; empirical studies relating the environment to growth and globalization; and policy analyses.

 

AREC 699 Special Problems in Agricultural and Resource Economics (1-2 credits)

Intensive study and analysis of specific problems in the field of agricultural and resource economics, providing in-depth information in areas of special interest to the student.

 

AREC 783 Environmental Taxation and Regulation

Two and one-half hours of lecture per week. Prerequisite: ECON 603, ECON 604, and graduate-level econometrics. Credit will be given for only one of the following courses: AREC 783, AREC 869W. This course examines the economics of policies to address environmental externalities. Specific topics include the theory of public goods and externalities, cost-benefit and cost-effectiveness analysis of environmental regulations, regulatory instrument choice under uncertainty, environmental policy in an economy with pre-existing tax distortions, monitoring and enforcement of environmental regulations, distributional effects of environmental policy, and regulation of intertemporal externalities.

 

AREC 785 Advanced Economics of Natural Resources (3 credits)

Two and one-half hours of lecture per week. Prerequisite: ECON 603 and AREC 623 or permission of department. Also offered as ECON 785. Credit will be granted for only one of the following: AREC 785 or ECON 785. The use of exhaustible and renewable natural resources from normative and positive points of view. Analysis of dynamic resource problems emphasizing energy, mineral, groundwater, forestry, and fishery resources; optimal, equilibrium, and intergenerational models of resource allocation.

 

AREC 799 Master's Thesis Research (1-6 credits)

 

AREC 815 Experimental and Behavioral Economics (3 credits)

Three hours of lecture/laboratory per week. Prerequisite: AREC623, AREC624, ECON603, and ECON 604; or equivalent. The course provides an overview of the design, implementation, and analysis of lab experiments motivated by behavioral economics, with a particular focus on lab experiments in field settings. Topics covered include social preferences, risk aversion, prospect theory, present bias, overconfidence, and limited attention.

 

AREC 825 Advanced Economic Welfare Analysis (3 credits)

Two and one-half hours of lecture per week. Also offered as AREC 625. Credit will be granted for only one of the following: AREC 625 or AREC 825. Theory of economic welfare measurement, problems of path dependence in evaluating multiple price changes, welfare measurement under risk, general equilibrium welfare measurement with multiple distortions, and applications in evaluation of agricultural and resource policies.

 

AREC 829 Topics in Applied Econometrics (3 credits)

Two hours of lecture and two hours of discussion per week. Prerequisite: AREC 623 and AREC 624 or permission of instructor. Topics in applied econometrics. Topics vary from year to year.

 

AREC 832 Advanced Agricultural Policy Analysis (3 credits)
Three hours of lecture per week. Also offered as AREC 632. Credit will be granted for only one of the following: AREC 632 or AREC 832. Research problems in agricultural policy that include models and methods for explaining the consequences and causes of intervention in agricultural commodity markets. Quantitative, market level analysis of the implications of uncertainty, strategic behavior in international trade, second-best policies, the general equilibrium analysis of intervention, and the political economy of collective action in farm policy.

 

AREC 845 Environment and Development Economics (3 credits)
Two and one-half hours of lecture per week. Also offered as AREC 645. Credit will be granted for only one of the following: AREC 645 or AREC 845. Considers neoclassical and endogenous growth models; international trade theory; the role of property right institutions and factor markets; the environmental impact of trade liberalization in developing countries and the environmental effects of increasing international capital mobility; empirical studies relating the environment to growth and globalization; and policy analyses.

 

AREC 846 Development Microeconomics (3 credits)
Two and one-half hours of lecture per week. Prerequisite: ECON603, AREC623, and AREC624 or equivalent. Formerly AREC869E. Development economics with focus on issues applicable to rural development and agriculture in developing countries. Content includes both theory and empirical application of theory. Subjects covered include economics of agricultural households, credit and insurance markets, technological progress and learning and institutional economics of developing countries.

 

AREC 869 Advanced Topics in Agricultural and Resource Economics (1-3 credits)
Repeatable to 9 credits if content differs. Frontiers of research in environmental and resource economics; agricultural policy, production, and trade; and development. Topics may include decision making under risk and related market institutions, principal agent analysis, optimal policy design, technology adoption, market structure, land and credit markets, information markets, and income distribution.

 

AREC 891 Introduction to Prospectus Development (1-credit)
One and a half hours of discussion or seminars per week. Prerequisite: Completion of the first year of graduate study in AREC. Credit will be given for only one of the following courses: AREC 869K or AREC 891. Critical evaluation of research, and prospectus topic exploration including literature review, data identification, model development, and related presentations. Required of all second-year Ph.D. students.

 

AREC 892 Dissertation Prospectus Development (3-credits)
Two hours of discussion and presentations per week. Prerequisite: Completion of two years of the AREC Ph.D. program. Credit will be given for only one of the following courses: AREC 869P or AREC 892. Presentations of proposed dissertation research including literature review, model development, data identification, and written prospectus development. Required of all third-year Ph.D. students.

 

AREC 898 Pre-Candidacy Research (1-8 credits)

 

AREC 899 Doctoral Dissertation Research (1-8 credits)

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