Agricultural Economics
Department Head: Dr. Sean Fox
Graduate Coordinator: Dr. Daniel Petrolia
101 Lloyds Ricks Watson
Box 5187
Mississippi State, MS 39762
Telephone: 662-325-2750
Website: www.agecon.msstate.edu
The Department of Agricultural Economics offers a degree program leading to the Master of Science in Agriculture with a concentration in Agricultural Economics. This program stresses thorough mastery of advanced economic theory, methods of quantitative analysis, and the applications of these methods to the problems of agriculture. The broad program of economic research conducted by the department affords a wide selection of areas from which the student may choose a specific problem for research.
The Master of Science in Agriculture with a concentration in Agricultural Economics program is designed for the student to begin graduate coursework in a fall semester; thus, the student must submit application materials prior to July 1. However, graduate research assistantship decisions are usually made in February, and admission to the program must be obtained before an assistantship may be granted. Students are encouraged to apply by February 1. For additional program information, please visit the department’s website at www.agecon.msstate.edu.
Admission Criteria
To obtain regular admission status to the M.S. program, an applicant must meet all University-wide graduate admission requirements and achieve a minimum TOEFL (Test of English as a Foreign Language) report of 575 PBT (84 iBT) or an IELTS (International English Language Testing Systems) score of 7.0 or higher is required for all international students affected by this policy.
Provisional Admission
An applicant who has not fully met the GPA requirement stipulated by the University may be admitted on a provisional basis. The provisionally-admitted student is eligible for a change to regular status after receiving a 3.00 GPA on the first 9 hours of graduate courses at Mississippi State University (with no grade lower than a C). The first 9 hours of graduate courses must be within the student's program of study. Courses with an S grade, transfer credits, or credits earned while in Unclassified status cannot be used to satisfy this requirement. If a 3.00 is not attained, the provisional student shall be dismissed from the graduate program. Academic departments may set higher standards for students to fulfill provisional requirements; a student admitted with provisional status should contact the graduate coordinator for the program’s specific requirements. While in the provisional status, a student is not eligible to hold a graduate assistantship.
An Agricultural Economics student who initially obtains provisional admission status must receive a 3.00 GPA on the following courses that are to be taken in the first fall semester in order to achieve regular admission status:
| AEC 6713 | Quantitative Economics | 3 |
| AEC 6733 | Econometric Analysis in Agriculture Economics | 3 |
| AEC 8163 | Consumers, Producers, and Markets | 3 |
Academic Performance
A student may be dismissed from the M.S. program for making more than two grades below a B on courses on the student’s program of study. A student may appeal a dismissal decision by following normal appeal procedures outlined in this publication.
Prerequisite and Core Courses
A student must have previously completed the following undergraduate courses (or their equivalents) with a grade of C or higher before beginning the required graduate course sequence:
| EC 3123 | Intermediate Microeconomics | 3 |
| MA 1613 | Calculus for Business and Life Sciences I | 3 |
| ST 2113 | Introduction to Statistics | 3 |
The student admitted to the program enrolls in a rigorous core curriculum composed of courses in microeconomic theory, quantitative techniques, and research methods. The student is required to follow a “lock-step” curriculum as specified below:
Master of Science in Agriculture with Agricultural Economics Concentration - Non-Thesis
| First Year, Fall Semester | ||
| AEC 8611 | Research Seminar I | 1 |
| AEC 6713 | Quantitative Economics | 3 |
| AEC 6733 | Econometric Analysis in Agriculture Economics | 3 |
| AEC 8163 | Consumers, Producers, and Markets | 3 |
| First Year, Spring Semester | ||
| AEC 8621 | Research Seminar II | 1 |
| AEC 8143 | Agricultural Production Economics | 3 |
| AEC 8123 | Analysis of Agricultural Markets. | 3 |
| AEC 8403 | Game Theory | 3 |
| Other Requirements | ||
| AEC 8233 | Applied Welfare and Environmental Economics | 3 |
| AEC 8843 | Survey Design and Experimental Economics | 3 |
| AEC 7000 | Directed Individual Study in Agricultural Economics and Agribusiness | 1-6 |
| Electives, if required to complete the 32-hour program of study | 5 | |
| Total Hours | 32-37 | |
The curriculum is designed as a lock-step sequence of 26 hours of core coursework. The non-thesis student must take from 1 to 6 Directed Individual Study hours toward a research paper. Approved electives can be used to meet the 32-hour requirement. A minimum of 15 hours at the 8000-level is required.
Master of Science in Agriculture with Agricultural Economics Concentration - Thesis
| First Year, Fall Semester | ||
| AEC 8611 | Research Seminar I | 1 |
| AEC 6713 | Quantitative Economics | 3 |
| AEC 6733 | Econometric Analysis in Agriculture Economics | 3 |
| AEC 8163 | Consumers, Producers, and Markets | 3 |
| First Year, Spring Semester | ||
| AEC 8403 | Game Theory | 3 |
| AEC 8621 | Research Seminar II | 1 |
| AEC 8143 | Agricultural Production Economics | 3 |
| AEC 8123 | Analysis of Agricultural Markets. | 3 |
| Other Requirements | ||
| AEC 8233 | Applied Welfare and Environmental Economics | 3 |
| AEC 8843 | Survey Design and Experimental Economics | 3 |
| AEC 9000 | Research in Agricultural Economics and Agribusiness | 1-13 |
| Total Hours | 27-39 | |
The curriculum is designed as a lock-step sequence of 26 hours of core coursework. The thesis student must take at least 6 hours of AEC 8000 Thesis/Research. At least 12 hours of coursework, exclusive of the thesis credits, must be 8000-level courses.
The thesis is completed under the supervision of the student's graduate committee. Completion of the degree requires students to present and defend their research to the satisfaction of the Agricultural Economics faculty.
AEC 6113 Agribusiness Firm Management: 3 hours.
(Prerequisites: EC 3123 or consent of instructor). Three hours lecture. Examination and study of the organization, management, and operation of agricultural business with special reference to the application of managerial principles for effective decision-making
AEC 6123 Financial and Commodity Futures Marketing: 3 hours.
(Prerequisites: Junior standing). Three hours lecture. Discussion of the purpose, function, mechanics, analysis, and application of commodity and financial futures markets in pricing and hedging opportunities.(Same as FIN 4123/6123)
AEC 6133 Analysis of Food Markets and Prices: 3 hours.
(Prerequisites: AEC 3113 and EC 3123). Three hours lecture. Application of economic theory to agricultural prices and agricultural markets in price estimation, discovery, and determination. Emphasis on marketing management and pricing in agricultural firms
AEC 6213 Ag Finance I: 3 hours.
(Prerequisites: AEC 3113 and ACC 2023 or consent of instructor). Three hours lecture. Farm financial structure analysis; capital budgeting and long-term decision making; financial markets for agriculture; farm entry, growth, and transfer
AEC 6223 Applied Quantitative Analysis in Agricultural Economics: 3 hours.
(Prerequisite: AEC 3113; and BQA 2113 or ST 2113 or ST 3123; or consent of instructor). Three hours lecture. Emphasizes the intuitive understanding and practical application of basic quantitative, statistical, econometric, and optimization techniques as they relate to problem solving in agricultural economics
AEC 6233 Environmental Economics: 3 hours.
(Prerequisites: AEC 3233, EC 3123, and either MA 1613 or MA 1713.) Identifies topics lying on the frontier of environmental economics; demonstrates contribution that economics can make in understanding the problems and in providing guidance on solutions
AEC 6243 Natural Resource Economics: 3 hours.
(Prerequisite: AEC 3233, EC 3123, either MA 1613 or 1713, or consent of instructor.) Three hours lecture. Study of economics of renewable and nonrenewable natural resource use. Emphasis on applying microeconomic concepts to land use, water, fisheries, minerals and forest
AEC 6323 Applied Region Econ Dev: 3 hours.
(Prerequisite: AEC 6313). Economic analysis and effects of regional resources and development potentials, economic factors affecting industrial location decisions, planning and organization of industrial development
AEC 6343 Advanced Farm Management: 3 hours.
(Prerequisites: Senior standing, EC 3123, and AEC 4213 ). Three hours lecture. Techniques and procedures for decision making in farm business as related to determination of optimum enterprise choice and resource combination in both static and dynamic frameworks
AEC 6353 Introduction to Regional Economic Development: 3 hours.
(Prerequisites: EC 2113, EC 2123, and MA 1463 or consent of instructor). Three hours lecture. Regional economic differences; location theory (industrial, agricultural, and residential); Land use patterns; Regional structure, growth and methods of analysis; National assistance for regional economic development.(Same as EC 6313)
AEC 6363 Economics of Precision Agriculture: 3 hours.
(Prerequisite: EC 3123) Three hours lecture. Economic profitability of precision agriculture technologies, precision farming data management, QGIS operation, economic optimal decision making in site-specific management, precision agriculture impacts on environment and agribusiness, and technology adoption
AEC 6413 Public Problems of Agriculture: 3 hours.
(Prerequisite: Senior standing, EC 3123 and AEC 3113). Three hours lecture. Major public and private problems of agriculture policies and action programs of government and individuals to deal with them; limitations encountered; appraisal of results
AEC 6511 Agricultural and Resource Legislative Policy: 1 hour.
(Prerequisites: AEC 2713 or consent of instructor). One hour lecture. Discusses agricultural policy history and development, roles of consumer, producer, and environmental groups in policy development, and congressional organization and procedures in the policy process
AEC 6530 Agribusiness Management Internship: 1-6 hours.
(Prerequisite: Consent of instructor). Individual work experience with approved agribusiness companies for environmental economics and management students or agribusiness students. (May be repeated for up to a total of 6 hours of credit)
AEC 6623 Global Marketing of Agricultural Products: 3 hours.
(Prerequisites: A marketing course is preferred or consent of instructor). This course examines marketing concepts, decisions and strategies that are involved in international marketing and trade of agricultural products. Export market analysis and planning, as well as issues that impact international agricultural trade
AEC 6713 Quantitative Economics: 3 hours.
(Prerequisites: AEC 3113, EC 3113, and EC 3123). Three hours lecture. Investigation of the basic mathematical methods and techniques currently used to analyze economic problems
AEC 6733 Econometric Analysis in Agriculture Economics: 3 hours.
(Prerequisite: MA 1613 or MA 1713, EC 3123 and ST 2113 or BQA 2113). Three hours lecture. Applications of single-equation estimation techniques to problems in agriculture
AEC 6803 Applied Quantitative Research: 3 hours.
(Prerequisites: EC 3123, AEC 4223, and AELC 3203, or consent of instructor). Three hours lecture. Produce an original research paper. Quantitative research methods and their applications. Writing for academic and professional audiences
AEC 6990 Special Topics in Agricultural Economics and Agribusiness: 1-9 hours.
Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)
AEC 7000 Directed Individual Study in Agricultural Economics and Agribusiness: 1-6 hours.
Hours and credits to be arranged
AEC 8123 Analysis of Agricultural Markets.: 3 hours.
Three hours lecture. Integration of economic theory and econometric methods. Models of consumer demand and agricultural supply under perfect and imperfect competition. Modern estimation techniques, identification strategies, and causal inference
AEC 8143 Agricultural Production Economics: 3 hours.
(Prerequisites: EC 3123 or EC 3333 and AEC 4343/6343). Three hours lecture. Theory of production as related to agricultural production and resource use. Emphasis upon optimal organization of agricultural firms
AEC 8163 Consumers, Producers, and Markets: 3 hours.
(Prerequisites: EC 3123; MA 1613 or MA 1713). Three hours lecture. Focuses on economic theory related to production, consumption, and markets for products. Extensions into market structure, welfare economics, and non-market goods will also be discussed
AEC 8233 Applied Welfare and Environmental Economics: 3 hours.
(Prerequisite:AEC 8163 or consent of instructor). Three hours lecture. This course is an applied approach to welfare economics,wherein the normative significance of economic events is evaluated, and its application to environmental economics
AEC 8403 Game Theory: 3 hours.
(Prerequisite:AEC 8163 or EC 8163 or concent of instructor).Three hours lecture. An exploration of how agencies interact stategically. (Same as EC 8403)
AEC 8532 International Agricultural Trade and Policy: 2 hours.
(Prerequisite: EC 8163). Two hours lecture. Examination of international trade theories, policies affecting agriculture, international trade, world trade negotiations, barriers to trade, and the role of agricultural trade in the economic development
AEC 8611 Research Seminar I: 1 hour.
(Prerequisite: EC 3123). Selection of research topic, development of the research proposal
AEC 8621 Research Seminar II: 1 hour.
Final preparation of the research proposal and presentation of the proposal. Each semester
AEC 8713 Rural Community and Economic Development: 3 hours.
Three hours lecture. The central focus in this course is on the set of social and economic components that constitute the fabric of rural communities in the U.S
AEC 8843 Survey Design and Experimental Economics: 3 hours.
(Prerequisite: EC 3123 and ST 2113 or BQA 2113). Three hours lecture. An exploration of economists' use of data collection techniques, such as surveys and experiments, with emphasis on analysis of non-market valuation problems
AEC 8990 Special Topics in Agricultural Economics and Agribusiness: 1-9 hours.
Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)
AEC 9000 Research in Agricultural Economics and Agribusiness: 1-13 hours.
Hours and credits to be arranged