AREC - Agricultural and Resource Economics

A cornerstone course that provides an introduction to social perspectives on everything from what we eat for breakfast to how we protect endangered species and agricultural landscapes. Topics covered include current issues around food production and consumption and issues related to sustainability of our natural and social systems. Debates over new technologies (e.g., GMOs, nanotechnology), food, environment, and health can only be understood in the context of political, economic and personal decisions.

Applications of economic principles to problems and current issues relating to agriculture, food and the environment. Prerequisite: ECON 101 or consent of Department.

An introduction to methods and tools that are used to solve quantitative problems related to agriculture, food, forestry, and the environment. Emphasis is on the use of these techniques for economic analysis. Students are introduced to the use of linear algebra, calculus and constrained optimization techniques. Classroom examples, laboratory assignments and computer tutorials are provided to give practice in applying quantitative tools to empirical problems. Prerequisite: Mathematics 30-1.

This course will provide an introduction to the economics and business concepts in the biotechnology industry with an emphasis on food produced using genetic modification and other food technologies. The basic science behind GM foods will be discussed, but most of the material will focus on the social, economic, environmental, and legal issues surrounding GM foods. Key questions will be addressed using peer-reviewed literature and case studies, and the material will be presented from various disciplinary viewpoints.

Analysis of economic data relating to renewable resource sectors including agriculture, food, forestry, and the environment; collection of data, sampling methods, tests of hypotheses, index numbers, analysis of variance, regression, and correlation; time series analysis. Prerequisite: Introductory statistics course.

Principles and practical aspects of business management, and their relevance to the managing businesses involved in a variety of industries, including agriculture, environment, food, and forestry. Topics include business planning and organizing, and issues related to the management of financial, physical, and human resources. Prerequisite: ECON 101.

Application of economic concepts and introduction of management tools related to production decision-making for resource-based businesses. Integration of biophysical and environmental relationships with economic objectives in allocating resources. Introduction to quantitative tools used in applied production management decision-making. Prerequisite: AREC 200, AREC 365, or ECON 281.

Economics of natural resources; resource scarcity, conservation, sustainability, water resource issues, fisheries, forestry, agriculture, recycling, property and tenure institutions, and public resource policy. Not to be taken if credit received for ECON 365. Prerequisite: ECON 101.

Economic issues in international agriculture including the world food problem, agricultural development; agricultural and food trade and policy and selected agricultural biotechnology issues. Selected international applications and issues are stressed. Not to be taken if credit received for INT D 303. Prerequisite: ECON 101.

Introduction to concepts in logistics, supply chain management and issues in food systems, distribution and farm-to-plate supply chains. Topics include product differentiation and competition in food retailing, local food innovation and food start-ups, food logistics and online marketing systems, Alberta food landscape and policy. Prerequisite: ECON 101.

Applications of price and market theories to marketing problems and issues for food and agricultural products. Topics include: market structures and marketing functions; price analysis; futures markets; economics of food safety and quality; and international food marketing. Prerequisite: AREC 200, AREC 365, or ECON 281.

Individual study of a selected topic or problem supervised by a Faculty member, requiring preparation of written reports. Prerequisite: consent of the Department Chair.

Empirical applications of methods used in resource, environmental, agri-food, and forest economics. Involves one or more case study projects that focus on the empirical examination of economic issues in renewable resource management. Prerequisite: AREC 313. Requires payment of additional student instructional support fees. Refer to the Tuition and Fees page in the University Regulations section of the Calendar.

Empirical applications of management research methods with applications to issues in agriculture, fashion, food, environmental and forestry industries. Emphasis is given to integrating economic and business management concepts in the development of professional business plans in areas such as agricultural, fashion, food, and resource industries. Capstone students assess the economic feasibility and analyze risks of business innovation and development strategies. Prerequisite: AREC 313 or MARK 312. Requires payment of additional student instructional support fees. Refer to the Tuition and Fees page in the University Regulations section of the Calendar.

Examination of the theory and application of economic assessment methods with a focus on the evaluation of environmental, agricultural and natural resource projects, regulatory policy, and planning. Includes case studies of recent project and policy proposals to illustrate the methods used to evaluate economic benefits and costs of such proposals. Applications to estimating private economic benefits. Prerequisite: AREC 200, AREC 365, or ECON 281.

Recent theoretical and empirical developments in finance are applied to natural resource industries including agribusiness, farming, forestry and food. Emphasis on capital budgeting, financial risk, and associated topics for long run investment planning in smaller business enterprises. Prerequisite: AREC 200, AREC 365, ECON 281, or FIN 301.

This course introduces concepts and methods employed in the economics of land use and land use change. Topics include: theoretical and empirical analysis of determinants and drivers of land use and land use change; environmental and socioeconomic consequences of land use change; the role of governments in managing land use decisions; and spatial analysis in land use research. Prerequisite: ECON 101 and (AREC 313, ECON 399, or STAT 378).

Applied economic modeling of resource utilization and environmental issues with a focus in forestry and agriculture. Topics may include current Canadian and international issues in the area of environmental valuation, energy, climate change, biodiversity and conservation as related to Forestry and Agriculture. Prerequisite: AREC 365. AREC 313 and ECON 281 recommended.

Economic, political, historical, and legal perspectives on how and why governments promote well-being in areas such as food safety, nutritional policy, consumer protection, recreation, and the workplace. Topics include the historical development of wellness-related policies, how these decisions are made in society, and economic and moral justifications for such interventions. Prerequisite: AREC 200, AREC 363, ECON 281, or ECON 365.

Economics of public policy for agriculture and food industries. Public choice principles and institutions. Farm and food policy in Canada and selected countries. Case studies on price and output policy; agricultural trade; food safety and quality; resource use and environmental sustainability; and/or rural change/restructuring. Prerequisite: AREC 200, AREC 365, ECON 281, or ECON 365.

The impact of agri-food and resource market structures on market conduct and performance; the impact of market structure on selection of cooperative versus investor owned firms including differences in firm objectives, performance and management incentives; topics may also include effects of firm type on community development and policy formation. Prerequisite: AREC 200, AREC 365, or ECON 281.

Analysis of strategic management concepts and applications to agri-food and resource industries. The development of business and corporate strategies including competitive positioning; sustaining competitive advantage; vertical coordination and strategic alliances in value chains; corporate diversification and global business strategy. Prerequisite: AREC 200, AREC 323, AREC 365, or ECON 281.

Principles and policies affecting international trade in food, forestry and natural resources. Current issues in trade, including fair trade concerns, trade in capital and services, effects of food safety and quality standards, and environmental issues surrounding trade agreements and institutions. Prerequisite: AREC 200, AREC 365, ECON 365, or R SOC 355.

Study of the mechanics and economic functions of commodity futures and options derivative markets. Topics include the theory and practice of hedging, price formation and issues unique to commodities. Emphasis on concepts and analysis to evaluate derivative markets; use of derivatives to manage market risk in agribusiness, forestry and other resource businesses. Prerequisite: AREC 200, AREC 365, ECON 281, or FIN 301.

Game theory analyzes situations in which payoffs to agents depend on the behavior of other agents. Basics of game theoretic analysis are introduced. Applications to the agri-food and resource industries are discussed. Prerequisite: AREC 200, AREC 365, or ECON 281.

Individual study or special topics course in agricultural and resource economics under the supervision of a Faculty member. Prerequisite: consent of Department Chair.

Principles of consumer demand and producer supply analysis including theoretical and empirical approaches to the analysis of consumer and producer choice. Applications include food demand analysis (single equations and systems approaches), price expectations and producer supply decisions, market model simulation and policy evaluation, and economic welfare measurement. Corequisite: ECON 481.

Econometric theory, multiple linear regression analysis and interpretation, simultaneous equation estimation, qualitative choice models, time series analysis, applications of econometric techniques to resource and agricultural economic problems. Prerequisite: Intermediate course in statistics or econometrics.

Selected applications of econometrics, operations research, and mathematical programming to economic problems in resource, agriculture, forestry, and food sectors. Prerequisite: consent of Instructor.

Examination of the theory and application of economic assessment methods with a focus on the evaluation of environmental, agricultural and natural resource projects, regulatory policy, and planning. Includes case studies of recent project and policy proposals to illustrate the methods used to evaluate economic benefits and costs of such proposals. Applications to estimating private economic benefits. Not to be taken if credit received for AREC 430. Prerequisite: AREC 200, AREC 365, or ECON 281, or consent of instructor.

Static and dynamic firm theory, production principles applied to resource use, resource and product combination, cost structure, uncertainty and expectations. Prerequisite: consent of Instructor. AREC 313 and ECON 481 recommended.

This course introduces concepts and methods employed in the economics of land use and land use change. Topics include: theoretical and empirical analysis of determinants and drivers of land use and land use change; environmental and socioeconomic consequences of land use change; the role of governments in managing land use decisions; and spatial analysis in land use research. Not to be taken if credit received for AREC 460. Prerequisites: ECON 101 and (AREC 313, STAT 378, or ECON 399), or consent of instructor.

Economic valuation of ecosystem goods and services. Topics include: Theoretical and empirical analysis of environmental valuation methods, advanced benefit cost analysis, welfare economics, valuation of ecosystem goods and services, valuation of health impacts from environmental quality change, and linkages to experimental and behavioural economics. Prerequisite: *3 Introductory Econometrics course and consent of instructor; AREC 502 recommended. [Resource Economics and Environmental Sociology]

Theoretical analysis and modeling of renewable resource and environmental issues at local and global levels. Includes analysis of international environmental issues, the effect of economic growth on the environment, sustainable development, and local and global commons management. Prerequisite: ECON 481 or consent of Department.

Goals and instruments of agricultural policy, model constructions with decision and control criteria; national, regional, and provincial agricultural application. Prerequisite: consent of Instructor. AREC 313 and 502 recommended.

Role of agriculture in the economic growth of developing countries; use of economic theory, simulations and contemporary econometric methods to understand the forces that shape the welfare of households and individuals in poor agrarian communities. Prerequisite: consent of instructor.

Analysis of firm behavior and market structure in agri-food and resource sectors using industrial organization principles. Introduction to the internal organization of firms with applications to incentives, contracts, and corporate finance. Other topics involve ownership forms such as co-operatives; impacts of market structure on selection of firm structure; and the importance of firm objectives, performance and management incentives. Prerequisite: consent of instructor, ECON 481 recommended.

Microeconomic theory and analysis of markets for agricultural and food products. Topics will vary with the evolution of the literature but may include alternative market structures, market regulation, empirical price analysis, advertising, location theories, the role of information in markets, the role of uncertainty in markets, and organization structures. Prerequisite: consent of Instructor. AREC 313 and 502 recommended.

Concepts and principles underlying international trade and specialization applied to agricultural and food products. Protection and its economic impacts. Agricultural trade policy, institutions and agreements. The role of agricultural trade in developed and less developed countries. Analysis of imperfect markets and alternative approaches to trade liberalization. Prerequisite: consent of Instructor.

Analysis of selected research problems and design of research projects in production economics, natural resource economics, or marketing economics. Prerequisite: consent of Department Chair.

Examination of the theory and application of economic assessment methods with a focus on the evaluation of environmental, agricultural and natural resource projects, regulatory policy, and planning. Includes case studies of recent project and policy proposals to illustrate the methods used to evaluate economic benefits and costs of such proposals. Applications to estimating private economic benefits. Not to be taken if credit received for AREC 430. Prerequisite: consent of instructor.

Recent theoretical and empirical developments in finance are applied to natural resource industries including agribusiness, farming, forestry and food. Emphasis on capital budgeting, financial risk, and associated topics for long run investment planning in smaller business enterprises. Not to be taken if credit received for AREC 433. Prerequisite: consent of instructor.

This course introduces concepts and methods employed in the economics of land use and land use change. Topics include: theoretical and empirical analysis of determinants and drivers of land use and land use change; environmental and socioeconomic consequences of land use change; the role of governments in managing land-use decisions; and spatial analysis in land-use research. Not to be taken if credit received for AREC 460. Prerequisite: consent of instructor.

Applied economic modeling of resource utilization and environmental issues with a focus in forestry and agriculture. Topics may include current Canadian and international issues in the area of environmental valuation, energy, climate change, biodiversity and conservation as related to Forestry and Agriculture. Not to be taken if credit received for AREC 465. Prerequisite: consent of instructor.

Economic, political, historical, and legal perspectives on how and why governments promote well-being in areas such as food safety, nutritional policy, consumer protection, recreation, and the workplace. Topics include the historical development of wellness-related policies, how these decisions are made in society, and economic and moral justifications for such interventions. Not to be taken if credit received for AREC 471. Prerequisite: consent of instructor.

Economics of public policy for agriculture and food industries. Public choice principles and institutions. Farm and food policy in Canada and selected countries. Case studies on price and output policy; agricultural trade; food safety and quality; resource use and environmental sustainability; and/or rural change/restructuring. Not to be taken if credit received for AREC 473. Prerequisite: consent of instructor.

The impact of agri-food and resource market structures on market conduct and performance; the impact of market structure on selection of cooperative versus investor owned firms including differences in firm objectives, performance and management incentives; topics may also include effects of firm type on community development and policy formation. Not to be taken if credit received for AREC 482. Prerequisite: consent of instructor.

Analysis of strategic management concepts and applications to agri-food and resource industries. The development of business and corporate strategies including competitive positioning; sustaining competitive advantage; vertical coordination and strategic alliances in value chains; corporate diversification and global business strategy. Not to be taken if credit received for AREC 484. Prerequisite: consent of instructor.

Principles and policies affecting international trade in food, forestry and natural resources. Current issues in trade, including fair trade concerns, trade in capital and services, effects of food safety and quality standards, and environmental issues surrounding trade agreements and institutions. Not to be taken if credit received for AREC 485. Prerequisite: consent of instructor.

Study of the mechanics and economic functions of commodity futures and options derivative markets. Topics include the theory and practice of hedging, price formation and issues unique to commodities. Emphasis on concepts and analysis to evaluate derivative markets; use of derivatives to manage market risk in agribusiness, forestry and other resource businesses. Not to be taken if credit received for AREC 487. Prerequisite: consent of instructor.

Game theory analyzes situations in which payoffs to agents depend on the behavior of other agents. Basics of game theoretic analysis are introduced. Applications to the agri-food and resource industries are discussed. Not to be taken if credit received for AREC 488. Prerequisite: consent of instructor.