Agricultural and Applied Economics Major
Agricultural Business Management Major
Courses
429 Henry Taylor Hall, 427 Lorch Street, Madison, WI 53706; 608/262-9489; admissions@aae.wisc.edu; www.aae.wisc.edu
Professors Barham,(chair), Bromley, Campbell, Carter, Chavas, Cox, Coxhead, Deller, Fortenbery, Harris, Jesse, Johnson, Jones, Provencher, Shapiro; Associate Professors Foltz, Gould, Hueth, Stiegert; Assistant Professors Lewis, Mitchell, Schechter, Shi
Agricultural and applied economics uses economic principles to analyze a wide range of issues, including the structure of agriculture, agricultural business, rural and community development, and natural resources. Courses dealing with production economics, marketing, cooperatives, finance, prices, agricultural data, land tenure policies, farm management, farm law, taxation, the role of agriculture within the economy, agricultural policies, rural and community development, international economics, international trade, and natural resources prepare students to analyze and deal with various aspects of economic and business life. The department offers a major in agricultural and applied economics and a major in agricultural business management.
The agricultural and applied economics major can be earned through three bachelor of science degree programs: Agricultural Sciences, Natural Resources, or International Agriculture and Natural Resources. The Agricultural Science degree program offers concentrations in business, production systems, and social science.
Major requirements usually met in the freshman and sophomore years are: Agricultural and Applied Economics 215, Economics 102, an elementary course in statistics, and one semester of calculus (Math 211 or 221).
Other major requirements are: Agricultural and Applied Economics 500 and a minimum of 15 more credits in agricultural and applied economics courses to prepare the student for a specific area of work in the field. These 15 credits are selected by the student with advisor assistance. At least 6 of the credits must be at the 400 level or above (does not include AAE 500). Students must achieve a 2.0 cumulative grade point average in AAE 500 and in the 6 credits of AAE courses at or above the 400 level. Students also must complete Economics 301 and 302.
Course work in agricultural and applied economics constitutes a substantial segment of the curriculum for the Bachelor of Science-Agricultural Business Management degree. In addition to general college requirements, a major in agricultural business management includes courses in animal sciences, food science, nutritional science, plant sciences, or soil science; math, economics, agricultural and applied economics, business, and a major course program. (See Undergraduate Curricula at the beginning of the Agricultural and Life Sciences section for specific requirements.)
Those completing the course work in agricultural business management are awarded the Bachelor of Science-Agricultural Business Management degree.
The Department of Agricultural and Applied Economics may be consulted for specific career information for each of the majors.
215 Introduction to Agricultural and Applied Economics. I, II, SS; 3 cr (S-E). Introduction to economic ways of thinking about a wide range of problems and issues. Topics include consumption, production, prices, markets, finance, trade, pollution, growth, farms, taxes, and development. P: Open to Fr.
289 Honors Independent Study. I, II, SS; 1-2 cr. P: Enrolled in the Cals Honors Prgm & So or Jr st. Inter-Ag 288.
299 Independent Study. I, II, SS; 1-3 cr (I). P: Fr, So or Jr st & written cons inst. Open to Fr.
306 The Real Estate Process. (Crosslisted with Real Est, Econ, Urb R Pl) I, II, SS; 3 cr (S-I). Introductory survey course. Decision-making processes for the manufacture, marketing, management and financing of real estate space. Survey of institutional context, economics of urbanization, historical pattern and structure of city growth, and public policy issues regarding urban environment and business management. P: Econ 101 & Jr st.
320 Farming Systems Management. I or II; 3 cr (I). Methods of economic analysis, planning and management applied to conventional and alternative farming systems. P: AAE 215 or Econ 101.
322 Commodity Markets. II; 3 cr (S-I). Principles and practices in marketing systems for U.S. agricultural commodities. Vertical organization; forward contracts, future markets, agricultural options and price formation. Alternate management at the farm, processor, wholesale and retail levels. P: AAE 215 or Econ 101 or equiv.
323 Cooperatives. I; 3 cr (S-I). Cooperatives: Analysis of basic principles, structure and organization, legal bases, finance, history and role in U.S. economy. Different types and uses as tools in the U.S. and developing countries. P: Jr st or cons inst.
343 Environmental Economics. (Crosslisted with Envir St, Econ) I, II; 3-4 cr (S-I). Microeconomic principles underlying the use of natural resources such as air, water, forests, fisheries, minerals and energy. These principles are applied in the examination of pollution control, preservation vs. development, deforestation, and other environmental issues. P: Econ 101 or equiv, or cons inst.
344 The Environment and the Global Economy. (Crosslisted with Envir St) II; 3 cr (S-E). The environmental implications of the global economy concern global climate change, trade in endangered species, preservation of biodiversity, transboundary pollution, and the chemical contamination of traded goods. This course concerns the "economic way of thinking" about global environmental issues. P: Open to Fr.
350 World Hunger and Malnutrition. (Crosslisted with Nutr Sci, Agronomy, Inter-AG) II; 3 cr (B-I). Hunger and poverty in developing countries and the United States. Topics include: nutrition and health, population, food production and availability, and income distribution and employment.
374 The Growth and Development of Nations in the Global Economy. (Crosslisted with Intl St) I; 3 cr (I). This course explores the roles of markets, states, and civil institutions, using economic theory, computer simulations, and historical experience to better understand the forces that shape the wealth and well-being of nations and people around the world. P: Econ 101, or Econ 102, or AAE 215, or equiv.
375 Special Topics. I, II, SS; 1-4 cr. P: Cons inst.
399 Coordinative Internship/Cooperative Education. I, II, SS; 1-8 cr (A). P: Cons suprvsg inst, advisor, & intrshp progm coordinator.
419 Agricultural Finance. I; 3 cr. An examination of financial markets, the theory of capital, financial analysis, and financial management. P: AAE 320.
420 Production Economics. I; 3 cr. Applications of basic theoretical concepts in farm production and aggregate supply analysis using linear programming and simulation techniques. P: Econ 301 or equiv.
421 Economic Analysis of Agricultural Markets. (Crosslisted with Econ) II; 3 cr (S-I). Price discovery in U.S. farm product markets; competitive theory and extension to time, space, and form dimensions; theory of market control and contemporary applications. P: Econ 301 or equiv.
426 Quantitative Methods in Agricultural and Applied Economics. (Crosslisted with Econ) I; 3 cr (S-I). Use of economics and statistics to obtain quantitative answers to problems faced by decision makers. Homework problems requiring use of computers and software packages to gain experience working with numbers in context of specific problems. P: Math 211, Econ 301, Stat 301.
431 Natural Resource Economics. (Crosslisted with Forest, Econ) I; 3 cr (S-I). Economic concepts and tools relating to management and use of natural resources, including pricing principles, cost-benefit analysis, equity, externalities, economic rent, renewable and nonrenewable resources, and resource policy issues. P: Econ 301 and Math 211, or equiv.
462 Latin American Economic Development. (Crosslisted with Econ, Intl Bus) II; 3 cr (S-A). A historico-institutional analysis of development problems in the principal Latin American countries, with attention to differentiation of national growth patterns and alternative development strategies. P: Econ 102 or 111 and Jr st.
473 Economic Growth and Development in Southeast Asia. (Crosslisted with Econ) I or II; 3 cr (I). Evaluates economic development strategies in Southeast Asia and their implications for growth, distribution and environment. Students learn trade and development theory as well as specific knowledge of Southeast Asian economic development. P: Two crses in AAE and/or Econ, or cons inst.
474 Economic Problems of Developing Areas. (Crosslisted with Econ) II; 3 cr (S-I). Analyzes aggregate growth, income distribution and poverty in lower income economies. Uses microeconomics of imperfect labor, capital and insurance markets to explore why some individuals advance economically as their economies grow and others fall behind. Considers implications of aggregate and micro analysis for national and international economic policy. P: Sr st and two crses in econ.
477 Agricultural and Economic Development in Africa. (Crosslisted with Econ) Irr.; 3 cr (S-I). Composition, organization, and techniques of agricultural production; economic change and development of agriculture, economic policies, special problems of developing African agriculture. P: Two crses in AAE and/or Econ, or cons inst.
500 Senior Capstone Experience. I, II; 3 cr. Teaches students how to apply economic theory to economic problems, utilize quantitative techniques in economic analyses, and communicate findings and results of economic analyses. P: Sr st; Math 211, AAE 420 & Stat 201, or equivs.
520 Community Economic Analysis. (Crosslisted with Urb R Pl) II; 3 cr (S-I). Economic theory (location and growth) applicable to community economic development; the role of private and public sector in local economic development, and techniques for economic analysis of community. P: Econ 301 or equiv.
567 Public Finance in Less Developed Countries. (Crosslisted with Econ) II; 3 cr (A). Potential and limitations of fiscal policy as a development instrument in low-income countries; tax harmonization in economic integration; case studies in tax reform; budgeting and planning. P: Intro crse in econ thry, public finance or econ dev.
575 Special Topics. I, II, SS; 1-4 cr. Special topics in Agricultural Economics at the intermediate level. Topics will vary from semester to semester. P: Jr st or cons inst.
600 Forest Taxation. (Crosslisted with Forest) Irr.; 1-2 cr. Analysis of major types of taxes affecting forest land ownership and management. Past and current policy directions. Presentation of analytical models for determining impact of taxes upon resource allocation decisions and criteria for judging social desirability of taxes. P: Intmed crse in econ or cons inst.
635 Applied Microeconomic Theory. I; 3 cr. Microeconomic theory applied to consumers, producers, markets, and welfare analysis. Emphasis is on the mathematics of duality and optimization methods. Computer applications of the theory. P: Two semesters of calc & Econ 301, or cons inst.
636 Applied Econometric Analysis I. I; 3 cr. Introduction to the standard linear regression model with an emphasis on application issues. Includes statistical foundation, hypothesis testing, functional form, model selection and procedures for handling violations of model assumption. P: Intermed stats or cons inst.
637 Applied Econometric Analysis II. II; 3 cr. Extension of the standard regression model is the primary focus. Topics: nonlinear regression models, maximum likelihood estimation, panel data, simultaneous equations, linear and nonlinear systems, analysis of discrete choice, limited dependent variables. Empirical economic applications and policy analysis. P: AAE 636 or cons inst.
652 Decision Methods for Natural Resource Managers. (Crosslisted with Forest, Envir St) II; 3-4 cr (r-B-I). Applications of quantitative methods, including optimization and simulation, to the management of natural resources, especially forests. P: Math 211 or equiv & Comp Sci 132 or equiv.
671 Energy Economics. (Crosslisted with Envir St, Econ, Urb R Pl, Tran P U) II; 3 cr (S-D). The method, application, and limitations of traditional economic approaches to the study of energy problems. Topics include microeconomic foundations of energy demand and supply; optimal pricing and allocation of energy resources; energy market structure, conduct, and performance; macro linkages of energy and the economy; and the economics of regulatory and other public policy approaches to the social control of energy. P: Sr or Grad st and intermed econ or appropriate substitute per cons inst.
681 Senior Honors Thesis. I, II, SS; 2-4 cr. P: Honors candidacy.
682 Senior Honors Thesis. I, II, SS; 2-4 cr. Continuation of 681. P: Honors program candidacy & AAE 681.
691 Senior Thesis. I, II, SS; 2 cr. P: Sr st and cons inst.
692 Senior Thesis. I, II, SS; 2 cr. .
699 Special Problems. I, II, SS; 1-4 cr (A). P: Sr st and cons inst.