Econ 641. Agricultural Economics I

• Credits: 3.
• Prerequisites: 603.

Advanced treatment of topics in agricultural economics with emphasis on optimization models. Part 1: Applied duality in production and demand models. Flexible representation of production and demand systems. Production efficiency and nonparametric analysis. Production models with risk. Part 2: The role of contracts in the organization and coordination of agricultural production. Distribution of asset ownership, allocation of risk among parties, and the structure of incentive systems. Rationale for cooperative efforts and information sharing. The role of information, insurance, and credit.