Steve A. Halbrook
Department Head
217 Agriculture Building
479-575-2256
E-mail: halbrook@uark.edu 

Daniel V. Rainey
Adviser of Studies
217 Agriculture Building
479-575-5584 
E-mail: rainey@uark.edu

http://agribus.uark.edu

Degree Conferred:

M.S. in Agricultural Economics (AGEC)

Areas of Concentration:Agricultural Economics, Agribusiness, International Agribusiness.

Primary Areas of Faculty Research:Agribusiness, agricultural cooperatives, agricultural finance, agricultural marketing, agricultural outlook, agricultural policy, agricultural production, applied econometrics, delta crops (rice, soybeans, wheat, cotton), economic development, farm management, food policy, food marketing, global marketing, integrated pest management, international trade, managerial economics, market infrastructure and development, natural resource management, product development, production economics, public finance, risk management.

Admission Requirements:  All applicants to the graduate program must submit official scores from either the Graduate Record Exam (GRE) or Graduate Management Admission Test (GMAT), although GRE scores are preferred.

Requirements for the Master of Science Degree in Agricultural Economics (Thesis): (Minimum 31 hours.)

Prerequisites to the Thesis Concentration:

Prerequisites to the Thesis Concentration
Six semester hours of mathematics (College Algebra and Survey of Calculus or above)6
Three semester hours of statistics3
Six semester hours of upper level (junior or senior) micro- and macro-economic theory6
Three semester hours of upper-level management3
Three semester hours of upper-level marketing3
Three semester hours of introductory accounting.3
Total Hours24
Core Requirements
AGEC 5103Agricultural Microeconomics (Fa)3
AGEC 5403Quantitative Methods for Agribusiness (Fa)3
AGEC 5613/ECON 6613Econometrics (Sp)3
AGEC 5623Quantitative Food and Agricultural Policy Analysis ( Sp)3
AGEC 600VMaster's Thesis (Sp, Su, Fa)6
AGEC 5011Seminar (Sp, Fa)1
Agricultural Economics Electives6
Students must take six hours of other graduate courses in Agricultural Economics.
Controlled Electives6
Other graduate courses in Agricultural Economics
Graduate courses in the Walton College of Business
Other graduate courses
Other Requirements
A minimum of 16 hours of Agricultural Economics.
Maximum of 9 hours at the 4000 level.
Total Hours31

Students should also be aware of Graduate School requirements with regard to master's degrees.

Requirements for the Master of Science Degree in Agricultural Economics (Agribusiness Concentration, Non-thesis): (Minimum 31 hours)

Prerequisites to the Non-thesis Concentration:

Six semester hours of mathematics (College Algebra and Survey of Calculus or Finite Mathematics or above)6
Three semester hours of statistics3
Six semester hours of lower division economic theory (micro & macro)6
Three semester hours of upper-level management3
Three semester hours of upper-level marketing3
Three semester hours of introductory accounting3
Total Hours24
Core Requirements
AGEC 4113Agricultural Prices and Forecasting (Sp)3
or AGEC 4373 Basis Trading: Applied Price Risk Management (Sp, Su)
or AGEC 5303 Agricultural Marketing Theory (Fa)
or AGEC 5413 Agribusiness Strategy (Sp)
AGEC 5011Seminar (Sp, Fa)1
AGEC 5103Agricultural Microeconomics (Fa)3
AGEC 5143Financial Management in Agriculture (Fa)3
or AGEC 4143 Agricultural Finance (Fa)
or AGEC 4313 Agricultural Business Management (Fa)
or AGEC 4323 AgriBusiness Entrepreneurship (Sp)
AGEC 5403Quantitative Methods for Agribusiness (Fa)3
Take two of the following courses:6
Agricultural and Rural Development (Fa)
Political Economy of Agriculture and Food (Fa)
International Agricultural Trade and Commercial Policy (Sp)
The Economics of Public Policy (Sp)
Agricultural and Environmental Resource Economics (Sp)
Quantitative Food and Agricultural Policy Analysis ( Sp)
Controlled Electives 12
Internship in Agricultural Economics (Sp, Su, Fa)
Other Graduate Courses in Agricultural Economics
Graduate Courses in the Walton College of Business
Other Graduate Courses
Other Requirements
Maximum of 9 hours at the 4000 level
Minimum of 16 hours in Agricultural Economics
Total Hours31

Students should also be aware of Graduate School requirements with regard to master's degrees.

Requirements for the Master of Science Degree in Agricultural Economics (International Agribusiness Concentration, Non-thesis):(Minimum 31 hours.)

Note: Participation in this program includes University of Ghent (Belgium), and University of Arkansas (UA) students. Students may study either semester at the UA campus and the other semester at the University of Ghent in Belgium, West Europe. Classes for UA students taken at the University of Ghent are in English. The summer may be spent completing an agribusiness internship or special problem, but enrollment remains at the host institution. UA students earn credits in AGEC 502V Special Topics for courses taken at Ghent.

Prerequisites to the Non-thesis Concentration:

Six semester hours of mathematics (College Algebra and Survey of Calculus or Finite Mathematics or above)6
Three semester hours of statistics3
Six semester hours of lower division economic theory (micro & macro)6
Three semester hours of upper-level management3
Three semester hours of upper-level marketing3
Three semester hours of introductory accounting.3
Total Hours24
Core Requirements
AGEC 5403Quantitative Methods for Agribusiness (Fa)3
AGEC 5413Agribusiness Strategy (Sp)3
AGEC 5143Financial Management in Agriculture (Fa)3
or AGEC 4143 Agricultural Finance (Fa)
or AGEC 4313 Agricultural Business Management (Fa)
AGEC 5153The Economics of Public Policy (Sp)3
or AGEC 4613 Political Economy of Agriculture and Food (Fa)
or AGEC 5133 Agricultural and Environmental Resource Economics (Sp)
AGEC 5303Agricultural Marketing Theory (Fa)3
AGEC 5011Seminar (Sp, Fa)1
Agribusiness Management (University of Ghent Electives)
Select the equivalent of 12 semester hours from the following:12
AGEC 502VSpecial Topics (Irregular)1-3
Sociological Perspectives of Rural Development (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Micro-economic Theory and Farm Management (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Rural Project Management (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Agricultural and Rural Policy (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Rural Development and Agriculture (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Development Economics (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Agricultural Economics of Developing Countries (2 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Advanced Marketing and Agribusiness Management (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Applied Rural Economic Research Methods (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Applied Statistics (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Food Marketing and Consumer Behavior (3 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Scientific Communications on Rural Development (2 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Econometrics (2 credits)
AGEC 502VSpecial Topics (Irregular)1-3
Economics and Management of Natural Resources (2 credits)
AGEC 502VSpecial Topics (Irregular)1-3
The European Union's International Development (3 credits)
Controlled Electives3
Internship in Agricultural Economics (Sp, Su, Fa)
Other graduate courses in Agricultural Economics
Graduate courses in the Walton College of Business
Other graduate courses
Other Requirements
Maximum of 9 hours at 4000 level
Minimum of 16 hours of Agricultural Economics
AGEC 502VSpecial Topics (Irregular)1-3

Students should also be aware of Graduate School requirements with regard to master's degrees.

Requirements for the Master of Science Degree in Agricultural Economics (U.S.-E.U. Atlantis Double Degree in Agricultural Economics and Rural Development Concentration): Thesis (Minimum 31 hours)

Participation in this two-year program includes U.S. students from the University of Arkansas and E.U. students from a consortium of five universities in Europe (University of Ghent, Ghent, Belgium; Humboldt University, Berlin, Germany; National Institute of Advanced Training and Research in Food and Agronomy, Rennes, France; University of Pisa, Pisa, Italy; and the Slovak University of Agriculture, Nitra, Slovakia). The program includes five academic terms (four semesters and one summer). U.S. students enroll for at least two terms at the University of Arkansas and for at least two terms at two E.U. universities in the European consortium. E.U. students enroll for at least two terms at two E.U. universities in the European consortium and at least two terms at the University of Arkansas. Study in both the U.S. and E.U. includes three semesters of graduate coursework, completion of a case study or internship during the summer, and one semester of joint thesis research supervised by U.S. and E.U. faculty. All coursework is in English in both the U.S. and E.U. Class enrollment for all students remains at their home university. University of Arkansas students earn credit for AGEC 502V Special Topics for courses taken at E.U. universities. Upon successful completion of the program, students receive an M.S. degree in agricultural economics from the University of Arkansas, and an M.S. degree in rural development from the consortium of E.U. universities.

Prerequisites to the Atlantis Concentration:

Six hours of mathematics (college algebra or above)6
Three hours of statistics3
Three hours of economic principles3
Six hours of courses in agricultural economics, rural development, social sciences, or agriculture and agribusiness-related courses.6
Total Hours18
Core Requirements
Coursework from each of the following areas:
Quantitative Analysis or Research Methods3
Management or Marketing3
Policy or Analysis of Public Sector Issues3
Six hours of master’s thesis6
AGEC 5011Seminar (Sp, Fa)1
Controlled Electives15
Other graduate courses in Agricultural Economics
Other graduate courses approved by the student’s advisory committee
Other Requirements
Minimum of 16 hours in Agricultural Economics
Maximum of 15 hours of transfer courses from an inventory of classes offered in the Atlantis consortium of EU universities to satisfy core requirements and/or controlled electives.

All agricultural economics graduate students are required to attend AGEC 5011 Seminar (Sp, Fa), for each semester they are in residence. Each student will register for AGEC 5011 the last semester in residence.

Students should also be aware of Graduate School requirements with regard to master's degrees.

Courses

AGEC 4113. Agricultural Prices and Forecasting (Sp). 3 Hours.

Price theory and techniques for predicting price behavior of general economy and price behavior of individual agricultural products will be analyzed. Provides practice in the application of economics and statistics to agricultural price analysis. Lecture 2 hours, laboratory 2 hours per week. Prerequisite: AGEC 1103 (or ECON 2023), AGEC 2403, (introductory statistics AGST 4023 or STAT 2303 or WCOB 1033) and MATH 2053.

AGEC 4143. Agricultural Finance (Fa). 3 Hours.

Methods and procedures whereby agricultural firms acquire and utilize funds required for their successful operation. Emphasis is placed upon role of finance and financial planning and consideration is given to an understanding of financial firms serving agriculture. Prerequisite(s): (AGEC 1103 or ECON 2023) and (AGEC 2103 or ECON 2013) and (AGEC 2142 or AGEC 2143 or ACCT 2013 or WCOB 1023).

AGEC 4163. Agricultural and Rural Development (Fa). 3 Hours.

Examination of agricultural and rural development issues in less developed countries. Alternative agricultural production systems are compared, development theories examined, and consideration given to the planning and implementation of development programs. Prerequisite: AGEC 1103 (or ECON 2023).

AGEC 4303. Advanced Agricultural Marketing Management (Sp). 3 Hours.

Marketing concepts will be developed and applied to the global food and fiber system. The course will use both commodity and product marketing principles and economic theory to analyze varied marketing situations. Case studies will be used to demonstrate the role that demand analysis and consumer behavior play in market management. Prerequisite: AGEC 2303 and AGEC 3303.

AGEC 4313. Agricultural Business Management (Fa). 3 Hours.

The planning, organizing, leading and controlling functions of management as they relate to agricultural business firms. Marketing of value-added products, budgeting, organizational structure, cost control, financial statements, capital budgeting and employee supervision and motivation. Case studies are used to teach communication and decision-making skills. Prerequisite: (AGEC 2142/AGEC 2141L or AGEC 2143) or equivalent, AGEC 2303 or equivalent, and senior standing is recommended.

AGEC 4323. AgriBusiness Entrepreneurship (Sp). 3 Hours.

Agribusiness entrepreneurship is the process of bringing food or rural-based products and services from conceptualization to market. The course presents the opportunities, problems and constraints facing individuals and firms operating in rural or isolated markets while emphasizing the steps in conceptualization, development, marketing, and delivery-selling of agribusiness rural products. Prerequisite: AGEC 1103 or equivalent.

AGEC 4373. Basis Trading: Applied Price Risk Management (Sp, Su). 3 Hours.

Use of futures markets as risk shifting institutions. Students design and implement hedging and cross hedging strategies for grain farmers, country elevators, soybean crushers, poultry firms, etc. Spreadsheets and statistical techniques are used to develop optimal hedging ratios. Prerequisite: AGEC 3373 or consent of instructor.

AGEC 4383. Basis Trading: Case Study (Fa). 3 Hours.

This course provides an opportunity to apply principles learned in AGEC 4373 to grain merchandising using the case study approach. The course will involve in-class meetings supplemented with faculty-directed group-based learning experiences involving professional grain merchandisers. Group activities will follow the traditional case study method. Prerequisite: AGEC 4373.

AGEC 4403. Advanced Farm Business Management (Fa). 3 Hours.

Principles and procedures of decision making as applied to the allocation of resources in the farm business for profit maximization. Emphasis is placed on use of principles of economics and their application to the decision making process. Includes exercises on the application of principles to specific farm management problems. Prerequisite: AGEC 3403 and AGME 2903 or equivalent.

AGEC 4613. Political Economy of Agriculture and Food (Fa). 3 Hours.

Agricultural and food policies are studied from domestic and international perspectives. Laws, regulations, decisions and actions by governments and other institutions are examined in terms of rationale, content, and consequences. Economic and political frameworks are used to assess policies in terms competitive structure, operation, and performance of farming and food systems. Prerequisite: (AGEC 1103 or ECON 2023) and (AGEC 2103 or ECON 2013) and (PSYC 2003 or SOCI 2013 or RSOC 2603).

AGEC 4623. International Agricultural Trade and Commercial Policy (Sp). 3 Hours.

Analysis of agricultural market competition and performance in a global economy. The impact of domestic and international agricultural policies on domestic and international markets and welfare. Economic principles applied to the interaction of economic events in the world food economy. Prerequisite: (AGEC 1103 or ECON 2023) and (AGEC 2103 or ECON 2013).

AGEC 500V. Special Problems (Sp, Su, Fa). 1-3 Hour.

Individual reading and investigation of a special problem in agricultural economics not available under regular courses, under the supervision of the graduate faculty. Prerequisite: Graduate standing.

AGEC 5011. Seminar (Sp, Fa). 1 Hour.

Presentation and discussion of graduate student research. Formal presentations are made by all graduate students. Consideration given to research design, procedures, and presentation of results. Prerequisite: Graduate standing.

AGEC 502V. Special Topics (Irregular). 1-3 Hour.

Advanced studies of selected topics in agricultural economics not available in other courses. Prerequisite: Graduate standing. May be repeated for degree credit.

AGEC 503V. Internship in Agricultural Economics (Sp, Su, Fa). 1-3 Hour.

On-the-job application of skills developed in the M.S. program.

AGEC 5103. Agricultural Microeconomics (Fa). 3 Hours.

Masters-level training in agricultural microeconomic theory and its application to food, agriculture and the environment. The course covers behavior of firms, households and markets, in more depth and rigor than encountered in undergraduate courses. Theories are explained and then applied to relevant food, agricultural, environment and resource issues.

AGEC 5133. Agricultural and Environmental Resource Economics (Sp). 3 Hours.

An economic approach to problems of evaluating private and social benefits and costs of altering the environment. Emphasis given to the interaction of individuals, institutions, and technology in problems of establishing and maintaining an acceptable level of environmental quality. Prerequisite: Minimum of 3 hours Agricultural Economics or Economics at 3000 level or higher or PhD standing.

AGEC 5143. Financial Management in Agriculture (Fa). 3 Hours.

Covers advanced topics in agricultural finance. The general focus of the course is the financial management of non-corporate firms. Covers the basic tools of financial analysis including financial arithmetic, asset evaluation under risk, and financial analysis and planning using econometric models. Such topics covered include management of current assets, capital budgeting, capital structure, and institutions involved in agricultural finance. Prerequisite: Graduate standing.

AGEC 5153. The Economics of Public Policy (Sp). 3 Hours.

This class will examine the impact of public policy on agricultural and other business sectors as well as households and individuals, particular in rural areas. Emphasis will also be placed on analyzing the potential impact of future policy changes. The course will focus on the application of welfare criteria and economic analyses to the problems and policies affecting resource adjustments in agriculture and rural communities. Prerequisite: Graduate standing.

AGEC 5303. Agricultural Marketing Theory (Fa). 3 Hours.

Survey of the structure of agricultural product and factor markets including a critique of theoretical analyses of industry structure, conduct and performance; and a review of market structure research in agricultural industries. Prerequisite: Graduate standing.

AGEC 5403. Quantitative Methods for Agribusiness (Fa). 3 Hours.

Application of quantitative techniques used to support managerial decision-making and resource allocation in agricultural firms. Provides exposure to mathematical and statistical tools (regression analysis, mathematical programming, simulation) used in economic analysis in agriculture. Emphasis is placed on computer applications with conceptual linkage to economic theory. Prerequisite: Graduate standing.

AGEC 5413. Agribusiness Strategy (Sp). 3 Hours.

Addresses problems of strategy formulation in agribusiness emphasizing current problems and cases in agriculture. Surveys modern and classic perspectives on strategy with applications to agribusiness. Examines the development of firm level strategies within the structure and competitive environment of agricultural firms and industries. Prerequisite: Graduate standing.

AGEC 5613. Econometrics (Sp). 3 Hours.

Use of economic theory and statistical methods to estimate economic models. The single equation model is examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags and model specification. Prerequisite: MATH 2043 and knowledge of matrix methods, (which may be acquired as a corequisite), and (AGEC 1103 or ECON 2023) and (AGEC 2403 or AGST 4023 or STAT 2303 or WCOB 1033).

AGEC 5623. Quantitative Food and Agricultural Policy Analysis ( Sp). 3 Hours.

Introduction to applied analysis of domestic and international food and agricultural policies using quantitative tools. This course will provide hands-on experience with simulation modeling in microeconomics. An emphasis is placed on policy analysis through computer applications with theoretical underpinnings. Prerequisite: (AGEC 5103 and AGEC 5403) or Instructor Consent.

AGEC 5713. Food Safety Law (Irregular). 3 Hours.

This course provides students with an introduction to food law and policy, history of food regulation, the organization of federal food law and regulatory agencies, government inspection and enforcement powers, food safety standards, food labeling, food advertising and product liability. Web-based course.

AGEC 5723. Bioenergy and Resource Economics (Even years, Fa). 3 Hours.

This course surveys the allocation and conservation of natural resources from a perspective of optimal use and the sustainability of resources. The development and distribution issues relating to energy, land, water, and other resource areas are addressed in the course, with emphasis placed on the bioproducts and bioenergy concerns.

AGEC 5733. Bioenergy Economics and Sustainability (Fa). 3 Hours.

This course will provide an understanding of the economic issues relating to overall supply chains producing bioenergy and bio-based products. The course will address the economic, sustainability and social dimensions of these industries.

AGEC 600V. Master's Thesis (Sp, Su, Fa). 1-6 Hour.

Prerequisite: Graduate standing.

AGEC 700V. Doctoral Dissertation (Sp, Su, Fa). 1-18 Hour.

Prerequisite: Candidacy.

Bruce L. Ahrendsen, Professor
Kelly J. Bryant, Extension Associate Professor
Mark J. Cochran, Professor
Bruce Lawrence Dixon, Professor
Harold L. Goodwin Jr., Professor
Steve A. Halbrook, Professor
Quiqiong Huang, Associate Professor
Kent F. Kovacs, Assistant Professor
Jeff A. Luckstead, Assistant Professor
Andrew Malcolm McKenzie, Professor
Wayne P. Miller, Extension Professor
Lawton Lanier Nalley, Associate Professor
Rudy Nayga, Professor, Tyson Endowed Chair in Food Policy Economics
Jennie Sheerin Popp, Professor
Michael P. Popp, Professor
Daniel V. Rainey, Associate Professor
Ronald L. Rainey, Professor
Elizabeth Rebecca Rumley, Research Assistant Professor
Rusty W. Rumley, Research Assistant Professor
Michael R. Thomsen, Professor
Eric J. Wailes, Distinguished Professor, L.C. Carter Endowed Chair in Rice and Soybeans