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AREC Agricultural and Resource Economics( Agriculture and Natural Resources) AREC240 Introduction to Economics and the Environment; (4 credits) Grade Method: REG/P-F/AUD. CORE Behavioral and Social Science (SB) Course.Costs and social impacts of pollution and human crowding in the modern environment. The economic, legal and institutional causes of these problems. Public policy approaches to solutions and the costs and benefits of alternative solutions. AREC250 Elements of Agricultural and Resource Economics; (3 credits) Grade Method: REG/P-F/AUD. CORE Behavioral and Social Science (SB) Course. An introduction to economic principles of production, marketing, agricultural prices and incomes, farm labor, credit, agricultural policies, and government programs. AREC306 Farm Management; (3 credits) Grade Method: REG/P-F/AUD. The organization and operation of the farm business to obtain an income consistent with family resources and objectives. Principles of production economics and other related fields as applied to the individual farm business. AREC365 World Hunger, Population, and Food Supplies; (3 credits) Grade Method: REG/P-F/AUD. CORE Diversity (D) Course. An introduction to the problem of world hunger and possible solutions to it. World demand, supply, and distribution of food. Alternatives for leveling off world food demand, increasing the supply of food, and improving its distribution. Environmental limitations to increasing world food production. AREC386 (PermReq) Experiential Learning; (3-6 credits) Grade Method: REG/P-F. Individual Instruction course: contact department or instructor to obtain section number. Prerequisite: permission of department. Junior standing. AREC388 (PermReq) Honors Thesis Research; (3-6 credits) Grade Method: REG. AREC399 Special Problems; (1-3 credits) Grade Method: REG/P-F/AUD. Individual Instruction course: contact department or instructor to obtain section number. AREC405 Economics of Production; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306. The use and application of production economics in analysis of firm and policy decisions. Production functions, cost functions, multiple product and joint production, and production processes through time. AREC433 Food and Agricultural Policy; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306. Economic and political context of governmental involvement in the farm and food sector. Historical programs and current policy issues. Analysis of economic effects of agricultural programs, their benefits and costs, and comparison of policy alternatives. Analyzes the interrelationship among international development, agricultural trade and general economic and domestic agricultural policies. AREC435 Commodity Futures and Options; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306; BMGT230 or ECON321. The economics and institutional features of commodity futures and options markets. Students will develop a basic understanding of the underlying price relationships between cash and futures markets and will apply this information to business risk management decision making. AREC453 Natural Resources and Public Policy; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306. Rational use and reuse of natural resources. Theory, methodology, and policies concerned with the allocation of natural resources among alternative uses. Optimum state of conservation, market failure, safe minimum standard, and cost-benefit analysis. AREC455 Economics of Land Use; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306. Fundamentals of location theory. Microeconomics of land use decisions, including determination of rent and hedonic pricing models. Impacts of government decisions on land use, including regulation (e.g., zoning), incentives (transferable development rights), provision of public services, and infrastructure investments. Impacts of land use on environmental quality, including issues relating to sprawl, agricultural land preservation, and other topics of special interest. AREC620 Optimization in Agricultural and Resource Economics; (3 credits) Grade Method: REG/AUD. Three hours of lecture and one and one-half hours of discussion per week. Prerequisite: differential calculus and one course in matrix or linear algebra. Mathematical theory of optimization as it is used in agricultural and resource economics. Topics include necessary and sufficient conditions for nonlinear programming and related Kuhn-Tucker and saddle point theory, convexity and concavity, existence and uniqueness, duality and the envelope theorem, the discrete maximum principle, and control theory and dynamic optimization. AREC623 Applied Econometrics I; (4 credits) Grade Method: REG/AUD. Three hours of lecture and one and one-half hours of discussion per week. Fundamentals of mathematical statistics for applications in econometrics. Development of the standard linear model and computer applications in applied econometric problems. AREC625 Economic Welfare Analysis; (3 credits) Grade Method: REG/AUD. 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. Also offered as AREC825. AREC689P Special Topics in Agricultural and Resource Economics: Applications of Microeconomics to Environmental and Resource Issues; (3 credits) Grade Method: REG/AUD. AREC699 (PermReq) Special Problems in Agricultural and Resource Economics; (1-2 credits) Grade Method: REG/AUD. Individual Instruction course: contact department or instructor to obtain section number. AREC785 Advanced Economics of Natural Resources; (3 credits) Grade Method: REG/AUD. 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. AREC799 Master's Thesis Research; (1-6 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number. AREC825 Advanced Economic Welfare Analysis; (3 credits) Grade Method: REG/AUD. 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. Also offered as AREC625. AREC846 Development Microeconomics; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON603; and AREC623/AREC624; or equivalent. Formerly AREC 869E. Development economics with focus on issues applicable to rural development and agriculture in developing countries. Focuses on both theory and empirical application of theory. AREC869C Advanced Topics in Agricultural Economics; (1-3 credits) Grade Method: REG/AUD. AREC869J Advanced Topics in Agricultural Economics: Introduction to Prospectus Writing I; (1 credit) Grade Method: REG/AUD. AREC869P (PermReq) Advanced Topics in Agricultural Economics: Prospectus Development; (3 credits) Grade Method: REG/AUD. AREC898 Pre-Candidacy Research; (1-8 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number. AREC899 (PermReq) Doctoral Dissertation Research; (6 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number.
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