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New Mexico State University
Graduate Catalog
2013-2014

AGRICULTURAL ECONOMICS AND AGRICULTURAL BUSINESS

Department Website: http://aces.nmsu.edu/academics/aeab/

(575) 646-3215

crawford@nmsu.edu

Department of Agricultural Economics and Agricultural Business:

Terry L. Crawford, interim department head, Ph.D. (Cornell University)– marketing, policy and pricing, quantitative methods, trade; R.N. Acharya, Ph.D. (Auburn University)– food safety, logistics management, technology adoption, and marketing; S. Archambault, Ph.D. (University of New Mexico)– economic development natural resource, applied econometrics; L.B. Catlett, Ph.D. (Iowa State)– marketing, futures, economics; J. A. Diemer, Ph.D. (Colorado State)– natural resources, regional economics; C. Falk, Ph.D. (Oklahoma State)– agricultural business, marketing; J.M. Fowler, Ph.D. (Iowa State)– forestry and range economics; W. D. Gorman, Ph.D. (Emeritus/Adjunct) (Oregon State)– agricultural business management, international marketing; P. Gutierrez, Ph.D. (Oklahoma State)– extension, ranch economics, economic development; J. Hawkes, Ph.D. (New Mexico State)– range management; B. H. Hurd, Ph.D. (California-Davis)– water and natural resource economics; J. D. Libbin, Ph.D. (Iowa State)– farm management, production economics; J. Lillywhite, Ph.D. (Purdue)– agribusiness marketing; M. Patrick, Ph.D. (Michigan State University)– Economic Development; R. Skaggs, Ph.D. (Utah State)– agriculture and natural resource policy; L. A. Torell, Ph.D. (Utah State)– range, ranch economics, production economics; F. A. Ward, Ph.D. (Colorado State)– resource economics, welfare economics

Department of Economics, APPLIED STATISTICS and International Business:

R. Adkisson, department head, Ph.D., (Nebraska)– international economics, public finance, institutional economics; Larry Blank, Ph.D. (University of Tennessee, Knoxville)– microeconomic theory, managerial economics and regulatory economics; K. Brook, Ph.D. (Texas-Austin)– macroeconomic theory, monetary policy; D. L. Clason, Ph.D. (Kansas State)– linear models, government statistics; D. L. Daniel, Ph.D. (Southern Methodist)– nonparametrics; C. M. Downes, Ph.D. (University of New Mexico)– environmental/resource economics, development, international business; M. Ellis (Emeritus), Ph.D. (California-Riverside)– comparative economic systems, medical economics; C. Enomoto, Ph.D. (Texas A&M)– econometrics, economic theory; C. A. Erickson, Ph.D. (Arizona State)– monetary theory, macroeconomics; D. A. Gegax, Ph.D. (Wyoming)– public utility economics, industrial organization; W. R. Gould, Ph.D. (North Carolina State)– biological sampling, wildlife and fisheries estimation; Y. L. Lee, Ph.D. (Southern Illinois-Carbondale)– international finance, international trade, international system, economic developments; B. N. Matta, Ph.D. (Emeritus) (Texas-Austin)– labor economics, managerial economics; Randy McFerrin, Ph.D. (Texas A & M University)– micro theory, principles and American economic history; J. T. McGuckin, Ph.D. (Wisconsin-Madison)– production economics, resource economics and policy; M. Pan, Ph.D. (Nebraska)– economic development, international economics, applied econometrics, general regional economics; J. T. Peach, Ph.D. (Texas-Austin)– quantitative economics, border studies, economic development; A.V. Popp, Ph.D. (Emeritus) (Northern Illinois)– public finance; N. E. Schmidt, M.S. (New Mexico State)– experimental statistics; R. L. Steiner, Ph.D. (Oklahoma State)– likelihood methods, discrete distributions; D. Van Leeuwen, Ph.D. (Oregon State)– statistics; B. Widner, Ph.D. (Colorado State)– urban/regional, public finance, development; E. S. Willman, Ph.D. (Indiana)– monetary policy, macroeconomic theory

DEGREE: Master of Agriculture
SPECIALIZATION: Agribusiness

DEGREE: Master of Business Administration
SPECIALIZATION: Agribusiness

DEGREE: Master of Science
MAJOR: Agricultural Economics

MINOR: Agricultural Economics

The Department of Agricultural Economics and Agricultural Business cooperates with the Department of Economics, Applied Statistics, and International Business and the College of Business to offer graduate programs in agricultural economics and economics, and a Master of Business Administration with specialization in Agribusiness. The programs are jointly administered by faculty from the two colleges. Graduate degrees include a Master of Science in agricultural economics, a Master of Agriculture with an agribusiness emphasis, and an MBA degree with specialization in agribusiness. The objectives of the 3 programs differ in emphasis. The two departments also offer a doctoral program, Doctor of Economic Development.

  • Master of Science (MS) in Agricultural Economics program provides rigorous training in economic theory, applied economic analysis and quantitative methods and is designed to prepare students for professional careers in business, government, and research, and for continued education in pursuit of a Ph.D.
  • Master of Business Administration with Specialization in Agribusiness (MBA-AB) prepares students for business and public sector careers in agriculture and the food and fiber industry. Graduates from this program are knowledgeable about U.S. and international food and fiber sectors and hold an AACSB International accredited MBA degree.
  • Master of Agriculture (MAG-AB) with Specialization in Agribusiness provides students with backgrounds or interests in agriculture with graduate-level training in agribusiness and applied economics. It is a degree alternative for individuals holding undergraduate degrees in various agricultural and food science fields.
  • Doctor of Economic Development (DED) is a professional doctorate designed to provide advanced training for economic development professionals. It is not designed to prepare graduates for academic careers.

All students in these programs must meet the requirements specified in the general regulations and requirements for admission to the Graduate School and to candidacy. To transfer between the three program options requires a change of major form be submitted through the Graduate School and approved by the program to which the application is made.

Teaching and research assistantships are available to qualified applicants on a competitive basis. It is not necessary to have a degree in economics or agricultural economics to enter the graduate program or to qualify for a teaching or research assistantships. An application and three letters of reference are required to be considered for any available assistantships. These forms can be obtained from the department.

DEGREE REQUIREMENTS

Master of Science (MS)

Students entering the MS program are required to have completed intermediate microeconomics and intermediate macroeconomics (completed with a B grade or better), a college-level calculus class, and a course in statistics that included linear regression analysis. Students that have not completed these courses may be admitted with the requirement that they take them as deficiencies at the beginning of their graduate program. Prospective graduate students must have at least a 3.0 undergraduate GPA and complete the GRE.

Completion of the Master of Science degree in agricultural economics requires completion of a minimum of 33 graduate credit hours. Twenty-one of the credits must have one of the following three prefixes: AEEC, ECON, or ECDV. Twenty- four of the credits must be associated with course numbers greater than 500. All students in the MS program must successfully complete the following core courses: AEEC 501, AEEC 502, AEEC 540, AEEC 585, and AEEC 599 (4-6 credit hours). Students pursuing the MS degree may not complete the graduate program with more than one C grade in the core courses. If a student receives C grades in two of these core classes one of the classes must be repeated with a grade of at least B. In addition to core courses, nine additional credits must be completed from an agricultural economics and agricultural business (AEAB) course block. AEEC 545 must be taken in the graduate program if an agricultural policy course was not taken as an undergraduate. Individual study (AEEC 596) is limited to 3 credits hours. Electives and up to 3 credits from the AEAB course block can be used to pursue a minor. A thesis is generally required, but a non-thesis option can be followed, AEEC 597. An oral defense of the thesis will be scheduled and completed according to the guidelines of the Graduate School. The oral defense must be preceded by an open seminar to present major research findings to faculty, fellow students, and the interested public.

Master of Business Administration with Specialization in Agribusiness

Candidates for the Master of Business Administration with specialization in Agribusiness (MBA-AB) must successfully complete a minimum of 36 graduate credit hours. Admission to the MBA-AB program is through the College of Business. The program includes numerous prerequisites in economics, accounting, and business as defined in the Business Administration and Economics section of this catalog. AEEC 545 must be taken in the MBA-Agribusiness program if an agricultural policy course was not taken at the undergraduate level. A written paper and presentation following the guidelines described for BA 590 is required. MBA-AB students can take the required minimum 4 thesis credit hours to substitute for BA 590. If a thesis (AEEC 599) is written in-lieu of taking BA 590 an examining committee and thesis defense must be organized similar to that of the MS degree program. For more information about the requirements for the MBA specialization refer to the section of this catalog.

Master of Agriculture with Specialization in Agribusiness

Candidates for the Master of Agriculture (MAG) with specialization in Agribusiness must successfully complete 33 graduate credits. Students entering the Master of Agriculture program are required to have completed intermediate microeconomics and intermediate macroeconomics, a college-level calculus class, and a course in statistics that included linear regression analysis. All prerequisite courses must be completed with a B grade or better. AEEC 545 must be taken in the graduate program if an agricultural policy course was not taken as an undergraduate. Those students not having completed these courses may be admitted with the requirement that the deficiencies be completed at the beginning of the graduate program. Prospective graduate students must have at least a 3.0 undergraduate GPA and complete the GRE or GMAT exam.

All students in the MAG program must successfully complete the following core courses: AEEC 551, AEEC 556, FIN 503, and ACCT 503. Six additional credits must be completed from an agricultural economics and agricultural business block. An internship (AEEC 595, 3 cr.) or individual investigation (AEEC 598, 3 cr.) is also required. A thesis (AEEC 599, 4 -6 cr.) is not required but can substitute for the internship or individual investigation. Individual study (AEEC 596) is limited to 3 credits. An oral defense must be scheduled and completed as prescribed by the Graduate School. The defense must be preceded by a public seminar to present major findings, experiences, and contributions of the individual investigation, internship, and/or thesis research to faculty, fellow students, and the interested public.

Doctor of Economic Development (DED)

The Doctor of Economic Development (DED) is a professional doctorate designed to provide advanced training for economic development professionals. It is not designed to prepare graduates for academic careers.

Candidates for the DED enter the program with the equivalent of a master's degree. DED students must successfully complete approximately 60 graduate credits beyond the hours required for entry. All students must meet the requirements specified in the general regulations and requirements for admission to the Graduate School and to candidacy. DED minimum admission requirements include: (a) related master's degree or equivalent coursework; (b) one course in intermediate microeconomic theory and one course in macroeconomic theory with minimum grades of B; (c) one course in college-level calculus with a minimum grade of B; and (d) one course in statistics, including simple regression with a minimum grade of B. Additionally, students who have not completed graduate level courses in microeconomic theory, macroeconomic theory, and econometrics with grades of B or better will be required to successfully complete these courses early in the DED program.

All students in the DED program must successfully complete the following core courses: AEEC 501, AEEC 502, ECDV 550, ECDV 651, ECDV 661, ECDV 662, ECDV 664, ECDV 668, ECDV 671, and ECDV 692 (twice). In addition, students will complete ECDV 681, ECDV 682, and ECDV 683; plus a specialty area (six semester hours); 12-15 semester hours of internship and final project; and sufficient elective credits to fulfill the 60 hour requirement. Comprehensive and oral exams will be given and will determine eligibility to continue in the program and/or to graduate.

Detailed and updated information is available at the following website http://business.nmsu.edu/~econ/ded/DEDweb.html.

AGRICULTURAL ECONOMICS

AG E 450. Advanced Microcomputer Applications in Agriculture 3 cr. (2+2P)
An advanced course in electronic spreadsheets and the concepts and tools of database management emphasizing agricultural application. Same as AEEC 550 with additional work for graduate credit. Cannot receive credit for both AG E 450 and AEEC 550. Prerequisite: AG E 250 or consent of instructor.
AG E 451. Agribusiness Market Planning 3 cr.
Applications course in which self-managed teams develop and present marketing plans for agribusiness firms. Emphasis on integrating the marketing mix, particularly promotional elements. Prerequisites: AG E 305 or MKTG 305 or consent of instructor. Same as MKTG 451.
AG E 452. Food and Agricultural Products Marketing Research Techniques and Written and Oral Presentation Skill 3 cr.
This course focuses on learning marketing research methods applicable to developing new food and agricultural products and repositioning existing products for new markets. Students will be required to prepare precise written and oral marketing plans to industry standards and will have opportunities to present written and oral plans at national competitions.
AG E 454. Community Economic Development 3 cr.
In this course students acquire knowledge and understanding of the tools and techniques and the process by which people in a community study the economic conditions of that community, determine its economic needs and unfulfilled opportunities, decide what can and should be done to improve the economic conditions in that community, and then move to achieve agreed-on economic goals and objectives. Prerequisite(s): ECON 251G and ECON 252G.
AG E 456. Agribusiness Management 3 cr.
Integration of production, marketing, accounting, finance, agricultural policy, human behavior, and business environment concepts in management of agricultural businesses using a decision case approach. Prerequisites: Senior standing. Main campus only.
AG E 458. Economics of Making and Marketing Wine 3 cr.
Economics of making and marketing wine for small commercial wineries and amateurs. The class starts with selecting, crushing, and fermenting grapes and all the steps required through bottling the wine. Students must be 21 to enroll in the class. Consent of instructor required.
AG E 470. Real Estate Appraisal 3 cr. (2+2P)
This course addresses issues influencing the value of real estate with some emphasis upon rural properties. Topics include courthouse records, property taxes, appraisal methodology, expert courtroom testimony, condemnation, and legal issues. Students will take field trips and write appraisals. Course material is relevant to students in Finance, Accounting, and Pre-Law, as well as Agriculture. Accredited for hours to apply to both pre-licensing and continuing education requirements of the New Mexico Real Estate Commission for both Appraisers and Real Estate Brokers. Prerequisite(s): Junior or above standing. Crosslisted with: FIN 470
AG E 475. Water Resource Management and Policy 3 cr.
Emphasis on integrating natural and social sciences, analytic methods, and critical reasoning skills to evaluate water resource policy and management issues. Extensive use of data and numerical applications applied to a variety of water resource topics. Familiarity with MS Excel or similar software is desirable. Prerequisite: junior or above standing.
AG E 491. Linear Programming Methods 1 cr.
Methods, techniques, and uses of linear and quadratic programming applications in agricultural economics.
AG E 499. Senior Thesis 3 cr.
Develop a thesis project with a faculty advisor. The senior thesis requires students to work creatively to apply business and economic principles to address a problem of concern. Prerequisites: consent of department head and have senior standing. Restricted to AEAB majors.

AGRICULTURAL ECONOMICS AND ECONOMICS

AEEC 501. Microeconomic Theory 3 cr.
A rigorous re-examination of the pricing mechanism in the goods and factor markets. Development of theoretical tools of general applicability. Prerequisite(s): ECON 371 and ECON 457, or consent of instructor.
AEEC 502. Macroeconomic Theory 3 cr.
Contemporary aggregative theory regarding the interrelationships among national income, employment, the price level, money supply and interest rates, and implications of this theory for public policy in a mixed economy.
AEEC 511. Advanced Futures and Options Markets 3 cr.
Advanced hedging and speculating strategies using futures and options contracts. Coverage includes interest rates, stock indexes, metals, currencies, livestock, and grains. Concepts of price analysis (technical and fundamental) and basis analysis; technical paper is required. Prerequisite: AG E 311, FIN 311, or consent of instructor. Crosslisted with: FIN 511.
AEEC 520. International Agricultural Trade Theory and Policy 3 cr.
Review and analysis of international trade models. Analysis of the effects of trade instruments such as tariffs, quotas, and subsidies on welfare and income distribution. Analysis of bilateral, regional, and multilateral trade agreements and their effect on the agricultural sector from both country-specific and global perspectives. Prerequisite: ECON 371.
AEEC 522. Public Sector Economics I 3 cr.
Introduction to the economic rationale for government intervention in the economy and the effects of that intervention on economic agents and the economy in general. Emphasis on the expenditure side of government policies. Prerequisite: ECON 334 or ECON 434. Same as GOVT 522.
AEEC 523. Public Sector Economics II 3 cr.
A continuation of AEEC 522. Concentrates on the economic effects of taxation. Same as GOVT 523.
AEEC 528. Economic Development 3 cr.
A graduate-level exposition of microeconomic and macroeconomic theory of why and how nations allocate resources to grow and develop. Strong emphasis is given to understanding the economic problems facing developing nations.
AEEC 540. Econometrics I 3 cr.
An integration of quantitative and statistical techniques for research and management in economics and business. Prerequisite(s): ECON 457 and ECON 405 or A ST 505.
AEEC 545. Advanced Agricultural Policy 3 cr.
Historical and cultural background of food and agricultural policy in the United States. Analysis of food and agricultural problems, policy-making and implementation. Economic evaluation of specific U.S. food and agricultural policy instruments, their domestic and international impacts. Same as AG E 445V with additional work required at the graduate level. Cannot receive credit for both AG E 445V and AEEC 545. Prerequisite: consent of instructor.
AEEC 550. Advanced Microcomputer Applications in Agriculture 3 cr. (2+2P)
An advanced course in electronic spreadsheets and the concepts and tools of database management emphasizing agricultural applications. Prerequisites: AG E 250, CS 110G or consent of instructor. Taught with A GE 450 with additional work required at the graduate level. Cannot receive credit for both AG E 450 and AEEC 550.
AEEC 551. Advanced Agribusiness Marketing 3 cr.
Applications course in which self-managed teams apply marketing theory in the development and presentation of marketing plans for food and agribusiness firms. Course includes analysis of marketing problems with emphasis on strategic marketing issues changing trade policies, and global competiveness. Prerequisite: consent of instructor.
AEEC 556. Advanced Agribusiness Management 3 cr.
Integration of production, marketing, accounting, finance, agricultural policy, human behavior, and business environment concepts in management of agricultural businesses using a decision case approach.
AEEC 575. Advanced Water Resource Management and Policy 3 cr.
Integrating natural and social sciences, analytical methods, and critical reasoning skills to evaluate water resource issues. Extensive use of data and numerical techniques applied to a variety of water resource topics. Familiarity with MS Excel or similar software desirable. Same as AG E 475, with additional work required at graduate level.
AEEC 580. Natural Resources and Environmental Policy 3 cr.
Surveys and analyzes natural resource and environmental policy, both domestic and global, in terms of content and context, policy, processes, policy models, levels of government, and values and ethical positions. Includes public lands policies, private property issues, air and water quality, waste disposal, energy and sustainable development with emphasis on natural resources and agriculture.
AEEC 585. Production Economics 3 cr.
Application of microeconomic theory to problems and decisions of food and agricultural firms. The theoretical foundation of production economics and the theory of the firm are developed. Prerequisites: MATH 142G, ECON 371, and ECON 457.
AEEC 589. Global Agribusiness Environment 3 cr.
Covers the integration of free trade, social equity, environmental and transnational corporation's aspects of agribusiness from a food and global market perspective and within the framework of open systems theory, the socio-ecological perspective (OSTE). Prerequisite: Graduate students only.
AEEC 590. Special Topics 3 cr.
Seminars in selected current topics in the various areas of agricultural economics and economics. Offerings will carry a subtitle. Prerequisite: consent of instructor.
AEEC 591. Agribusiness Management Seminar 1 cr.
One agribusiness topic or firm will be investigated in depth each semester. Production, marketing, accounting, finance, policy, and/or business environment issues will be emphasized. Prerequisite: Consent of instructor. May be repeated for a maximum of 4 credits.
AEEC 593. Internship 1-6 cr.
Supervised professional on-the-job training experience in policy analysis.
AEEC 594. Internship 1-6 cr.
One semester to six months internship with a regulated firm or public utility commission. A faculty member will direct and evaluate the internship. For AEEC regulatory option students only.
AEEC 595. Internship 1-6 cr.
Supervised professional on-the-job learning experience. Limited to Master of Agriculture candidates. No more than 6 credits toward a degree.
AEEC 596. Individual Study 1-3 cr.
Individual study programs. Each offering will carry a subtitle. Maximum of 3 credits in a semester and 6 credits in a program. Prerequisite: consent of instructor.
AEEC 597. Non-Thesis Research Project 1-3 cr.
Individual investigations, either analytical or experimental. Maximum of 3 credits per semester. No more than 3 credits toward a degree.
AEEC 598. Creative Component Project 3-6 cr.
Individual investigations, either analytical or experimental. A minimum of 3 to 6 credits per semester. No more than 6 credits toward degree. Consent of instructor required. Prerequisite(s): Consent of Instructor. Restricted to AEEC majors.
AEEC 599. Master's Thesis 0-88 cr.
Thesis.

ECONOMICS

Descriptions for the following courses may be found under the section "Economics and International Business" later in this chapter.

ECON 450V. International Economics3 cr.
ECON 453. Introduction to Health Services Policy3 cr.
ECON 455. Public Utilities Regulation3 cr.
ECON 457. Mathematical Economics3 cr.
ECON 458. Development of Economic Thought3 cr.
ECON 460. Intelligence Research and Analysis3 cr.
ECON 465. Economics of Human Resources3 cr.
ECON 489. Senior Economics Seminar3 cr.
ECON 490. Selected Topics 1-3 cr.
ECON 498. Independent Study1-3 cr.
ECON 503. Managerial Economics3 cr.
ECON 545. Econometrics II3 cr.
ECON 550. Special Topics1-3 cr.
ECON 571. Regulatory Policy and Industry Analysis: Electricity I3 cr.
ECON 572. Regulatory Policy and Industrial Analysis: Water and Natural Gas3 cr.
ECON 573. Regulatory Policy and Industry Analysis: Electricity II3 cr.
ECON 574. Advanced Seminar Regulatory Policy and Industry Analysis3 cr.
ECON 581. International Economics 3 cr.
ECON 582. Economics of Health Care3 cr.