Our Master of Science degree in Applied Economics encourages students to develop and apply their skills in economic analysis and examine a wide array of economic and political issues. Learning takes place through coursework in economic theory, quantitative methods and econometrics, through collaborative work with departmental faculty, and through an intensive research thesis that addresses an important economic issue selected by the student.

Recent thesis topics include:
 •  The Impact of Wolves on Big Game Hunting Demand in Montana
 •  Prescription Drug Price Dispersion in Heterogeneous Markets
 •  Divorce Risk and the Labor Force Participation of Women With and Without Children
 •  The Economics of Terraces in the Peruvian Andes
 •  Consumer Response to Biotech Food Labeling: The Effects of Voluntary rBGH-Free
     Labels on Fluid Milk Demand

Table of Contents

Employment of Graduates
Application Procedures
Entrance Requirements
The Program
College of Graduate Studies Prospective Graduate Preliminary Application
Degree Requirements
Student's Graduate Committee
Financial Assistance
The Department Committee on Graduate Affairs
The MSU Graduate Program
Grievance Procedure
Student Rights and Institutional Rights and Responsibilities
Courses

EMPLOYMENT OF GRADUATES
Graduates have been employed in various government, private, and academic positions. The following are some examples:

APPLICATION PROCEDURES
To receive full consideration for assistantship awards for Fall Semester, applications should be received by January 15. Late applications will be considered as space and funding are available. With the application, students must submit General Graduate Record Examination (GRE) scores, official transcripts of all degree coursework, and three letters of recommendation. Foreign students must also include scores from (1) the Test of English as a Foreign Language (TOEFL) with a score of 550 or higher and (2) the Test of Spoken English (TSE/SPEAK) with a score of 50 or higher. To ensure timely consideration, submit all requested materials directly to the Department, as directed in the application. To apply online use the following link: http://www.applyweb.com/apply/mtstug/menu.html

ENTRANCE REQUIREMENTS
Core courses are taught at a level that requires entering students to have successfully completed courses in intermediate microeconomic theory, intermediate macroeconomic theory, calculus, matrix theory, and statistics. Students who have not completed the prerequisite material, but with apparent potential for graduate study, may be admitted to the program on a provisional basis. Coursework required to make up deficiencies will be in addition to graduate coursework. A two-week math review course is offered each year for all graduate students prior to Fall Semester.

THE PROGRAM
The Department encourages the development of a program of courses that conforms to both the level of professional competence required by the Department and the individual student's goals. The student and his/her advisor may select courses for the program from 400- and 500-level courses in the University. The College of Graduate Studies stipulates that at least two-thirds of the required credit hours must be at the 500 level. A completed Graduate Program Form must be submitted to the College of Graduate Studies for approval by the middle of the second semester of graduate residence.

A core of economic theory and quantitative methods courses (or equivalent) is required. The core includes ECON 401 (Microeconomic Theory), ECON 501 (Advanced Microeconomic Theory), AGEC 467 (Quantitative Methods in Economics), ECON 561 (Econometrics I), and ECON 502 (Macroeconomic Theory). Students are required to maintain a 3.0 grade point average overall in their core courses and the courses in their graduate program. Failure to meet these requirements, as well as receipt of more than one grade less than a "B-" in the core courses will be grounds for termination. In addition to theory and quantitative methods core courses, students will successfully complete ECON 569 (Research Methodology). With advisor consultation, students will select additional courses and either a thesis topic (Option A) or research paper topic (Option B) to complete a program of study consistent with their interests.

Students may choose to study special problems on an individual basis. Students desiring "Individual Problem" credit as either ECON 570, AGEC 570, ECON 580, or AGEC 580 should consult with a faculty member and agree upon a plan of study before the beginning of the semester in which the credits are to be undertaken. The College of Graduate Studies must approve all such courses, and limits the number of credits applicable toward degree requirements as: maximum of 3 credits for Option A or 6 credits for Option B.

DEGREE REQUIREMENTS
Two degree options are offered: Option A and Option B.

Under Option A, required minimums are: 20 semester credits (including the core courses of graduate coursework), and 10 semester credits of thesis. For those who have satisfied coursework prerequisites, the required degree coursework should be completed in two semesters. The thesis must be acceptable to the student's graduate committee and to the College of Graduate Studies, and it must demonstrate independent and original research.

Under Option B, a thesis is not required. This option includes at least 30 semester credits of graduate coursework. Students who select Option B are required to include a research paper (ECON 575; maximum of 4 credits in a semester and a maximum of 6 credits for the program) as part of their program. For those who have satisfied coursework prerequisites, the required degree coursework (other than the research paper) should be completed in two semesters. The paper must be original, of professional quality (meet style and format requirements set forth in the College of Graduate Studies' Guide for Preparation of Thesis and Professional Papers), be acceptable to the student's graduate committee, and receive final approval by the Department Head.

Two examinations complete degree requirements. Each student is required to pass a Microeconomics Theory Core Exam – a written exam administered by the Department's Graduate Affairs Committee. The exam is offered early spring semester, and may be offered one additional time each year; it will consist of questions covering the fundamental concepts of microeconomic theory and their application. Results of the Core Exam will be reported to the Dean of the College of Graduate Studies as constituting the comprehensive examination.

In addition to the Core Exam, each student is required to pass an oral examination in defense of their thesis (Option A) or research paper (Option B). The oral examination is administered by the student's graduate committee and is open to all members of the faculty. Students are expected to present a typed draft, in final form, of the thesis or research paper to each member of their graduate committee at least seven days prior to the scheduled date of their examination. The examination for Option A students should not be scheduled until the student's thesis committee agrees that the thesis is essentially in a form acceptable to the University Library (that is, copies of the typed draft should be readable and have a table of contents, list of tables and figures, chapter titles, section headings, bibliography, and consecutively numbered pages). The examination for Option B students should not be scheduled until the paper is in a form which satisfies style and format requirements.

STUDENT'S GRADUATE COMMITTEE
The student's graduate committee is comprised of three to five faculty members, and is to be appointed by the middle of the second semester in residence. It is the duty of the student's graduate committee to help plan and approve a suitable course program. In the case of an Option A student, the first three members listed are designated as members of the "Thesis Committee." It is the responsibility of these committee members to assist the student in his/her thesis option. One member of the committee may be appointed from outside the Department to provide "technical" advice. Thesis committee members are also responsible for evaluating the thesis, and serving as the examining committee for the final oral and defense-of-thesis exam.

A student's graduate advisor is his/her graduate committee chair. It is the advisor's responsibility, with the help of other committee members, to advise the student with respect to courses, thesis or research paper, and any other matters which may concern the student.

FINANCIAL ASSISTANCE
Graduate Assistantships are awarded on a competitive basis with continuance depending upon satisfactory progress toward degree requirements and performance of assigned duties. Priority for funding is: 1) Option A (thesis) students who have completed coursework and are making satisfactory progress toward completing the thesis; 2) Students who are making satisfactory coursework progress and have filed a Graduate Program Form declaring Option A; and 3) New applicants to the program who have no coursework deficiencies. Consideration of applicants with coursework deficiencies will be conditional upon the availability of graduate assistantship funds. Each semester on assistantship, students are assigned to a specific faculty member (usually their advisor) to assist with ongoing research and/or teaching activities. Specific duties will vary among the faculty, and from semester to semester. The chairperson of the Department's Graduate Affairs Committee coordinates assignments.

Continuation of an assistantship beyond the first two semesters requires satisfactory coursework progress, submission of a Graduate Program Form declaring Option A (thesis) by the middle of the second semester, and a report of satisfactory progress toward the thesis objective from the student's graduate committee. With continued satisfactory thesis progress, the assistantship will be continued in the second year. Usually, assistantship support is limited to a maximum of eighteen months. All those on assistantships are expected to attend departmental seminars. Continued awarding of assistantships will be based on performance at a meritorious level (in coursework and thesis projects, rather than only on GPA).

The Department's Graduate Affairs Committee reviews student progress at the end of each semester. Two grades less than a "B-" will lead to non-renewal of an assistantship. Students should be aware, however, that there are qualitative as well as quantitative dimensions to satisfactory progress. The student's graduate committee chair and/or other members of the faculty must attest to satisfactory performance toward meeting the thesis requirements.

A limited number of graduate assistantships include a non-resident fee waiver. University policy limits to two the number of semesters that a non-resident U.S. student may receive a non-resident fee waiver. Therefore, U.S. citizens from states other than Montana are expected to either establish residency in Montana, or be willing to assume the non-resident portion of university fees after two semesters.

THE DEPARTMENT COMMITTEE ON GRADUATE AFFAIRS
The function of the Department's Graduate Affairs Committee is to represent the faculty and to facilitate operation of the graduate program. The Committee may suggest specifications of, or changes in, the graduate program. Adoption or rejection of such proposals, however, rests with the faculty as a whole. Students are encouraged to discuss problems of graduate work with members of the Committee.

THE MONTANA STATE UNIVERSITY GRADUATE PROGRAM
It is the student's responsibility to be familiar with the material in the College of Graduate Studies Bulletin and the Montana State University Bulletin. Students having questions on the Department's graduate program that are not sufficiently answered in these publications should consult with the Chair of the Department's Graduate Affairs Committee.

GRIEVANCE PROCEDURE
Students with grievances are invited to communicate them to the Department Head, their committees, and the Department's Graduate Affairs Committee. If, after exhausting these avenues, the student feels that his/her case has not been properly addressed, he/she has the right to appeal the case at a regular departmental faculty meeting. Appeals beyond the Department should follow the procedures indicated in the Graduate Bulletin.

STUDENT AND INSTITUTIONAL RIGHTS AND RESPONSIBILITIES
Students are encouraged to carefully review the sections entitled "Important Notice to All Students" in the Montana State University Undergraduate and Graduate Bulletins.

COURSES

ECON 401, Microeconomic Theory
F 3 cr. LEC 3 PREREQUISITE: ECON 301
Advanced economic theory of price determination with analysis of consumer demand and production economics.

AGEC 467, Quantitative Methods in Economics
F 3 cr. LEC 3 PREREQUISITE: ECON 301, MATH 221
Static and dynamic optimization models in economics. Linear programming and its extensions analyzed as economic models. Nonlinear and dynamic programming models are introduced. Emphasis on formulating economic and management problems in terms of quantitative models.

ECON 501, Microeconomic Theory
S 3 cr. LEC 3 PREREQUISITE: ECON 401
Economic models of optimization as they apply to consumer and firm decision making. Topics covered include comparative statics, theory of the firm and consumer, and consumer and producer surplus.

ECON 502, Macroeconomic Theory
S 3 cr. LEC 3 PREREQUISITE: ECON 302
Systematic review of accepted macroeconomic theory and critical study of the functional relationships contained therein.

ECON 561, Econometrics I
F 3 cr. LEC 3 PREREQUISITE: ECON 301, STAT 216, MATH 221
The use of regression analysis in the estimation of economic relationships, with emphasis on development of the least squares technique, the properties of estimators, and hypothesis testing in the context of the regression model.

Other

ECON 406, Industrial Organization
F 3 cr. LEC 3 PREREQUISITE: ECON 301
Offers students the opportunity to use training in price theory by focusing on issues concerned with public policy toward business. The subject matter should appeal to students in pre-law and business as well as economic majors.

AGEC 421, Advanced Agricultural Marketing
S 3 cr. LEC 3 PREREQUISITE: AGEC 321
Economic analysis of current issues in agricultural marketing including market structure, risk, and efficiency; commodity promotion; futures and options markets; price forecasting; and retained ownership options.

ECON 432, Benefit-Cost Analysis
S 3 cr. LEC 3 PREREQUISITE: ECON 301
Applied welfare economics and methods and criteria for evaluating benefits and costs of public policies and investment. Applications include environmental and natural resource issues.

AGEC 441, Farm Planning and Management
F 3 cr. LEC 3 PREREQUISITE: AGEC 341, MATH 170 or MATH 181
Intermediate topics in planning and managing farms, ranches, and related businesses are examined. Linear programming models to determine optimal combinations of crop and livestock enterprises are developed for representative farms and ranches in Montana. Optimal asset replacement models are examined.

AGEC 445, Agribusiness Management
S 3 cr. LEC 3 PREREQUISITE: ECON 301, STAT 216, and either AGEC 345 or FIN 352
Various topics in financial and capital theory applicable to public and private decision making will be covered. Students will analyze case studies which are based upon actual situations. Analysis may also draw on tools and concepts developed in other coursework.

AGEC 451, Economics of Agricultural Policy
F 3 cr. LEC 3 PREREQUISITE: ECON 301
Consideration of the economic problems of American Agriculture and of alternative solutions. Rigorous analysis of the causes and consequences of government programs (both past and present) on consumers, producers, and taxpayers.

AGEC 500, Seminar
On Demand 1 cr. SEM maximum 4 cr. PREREQUISITE: Graduate standing or seniors by petition. Course prerequisites are dependent on the offering. Topics offered at the graduate level not covered in regular courses. Students participate in preparing and presenting discussion material.

ECON 500, Seminar
On Demand 1 cr. SEM maximum 4 cr. PREREQUISITE: Graduate standing or seniors by petition. Course prerequisites are dependent on the offering. Topics offered at the graduate level not covered in regular courses. Students participate in preparing and presenting discussion material.

ECON 562, Econometrics II
S 3 cr. LEC 3 PREREQUISITE: ECON 561
Course consists of theoretical and applied econometrics of static and dynamic structural models, primarily using time-series data. Single equations and system of equations are evaluated. Estimation properties specific to statistical problems, dynamic adjustments to economic behavior, and model forecasting are emphasized.

ECON 569, Research Methodology
S 1 cr. LEC 1 PREREQUISITE: Graduate standing, ECON 301, ECON 302
The research process as a means of acquiring knowledge which is reliable and relevant to problems.

AGEC 570, Individual Problems
On Demand 1-3 cr. IND PREREQUISITE: Graduate standing, consent of instructor, approval of department head and Dean of GraduateStudies. Directed research and study on an individual basis.

ECON 570, Individual Problems
On Demand 1-3 cr. IND PREREQUISITE: Graduate standing, consent of instructor, and approval of department head and Dean of Graduate Studies. Directed research and study on an individual basis.

ECON 575, Research or Professional Paper/Project
F,S,Su 1-4 cr. IND Maximum 6 cr. PREREQUISITE: Graduate standing. A research or professional paper/project dealing with a topic in the field that has been mutually agreed upon by the student, major advisor, and grad. committee.

AGEC 580, Special Topics
On Demand 1-3 cr. PREREQUISITE: Upper div. courses as determined for each offering. Courses not required in any curriculum for which there is a particular one time need, or given on a trial basis to determine acceptability and demand before requesting a regular course number.

ECON 580, Special Topics
On Demand, 1-3 cr. PREREQUISITE: Upper-div. courses as determined for each offering. Courses not required by any curriculum for which there is a particular one time need, or given on a trial basis to determine acceptability and demand before requesting a regular course number.

AGEC 589, Graduate Consultation
F,S,Su 3 cr. TUT PREREQUISITE: Master's standing and approval of Dean of Grad. Studies. This course may be used only by students who have completed all of their coursework (and thesis, if on a thesis plan) but who need additional faculty or staff time or help.

ECON 589, Graduate Consultation
F,S,Su 3 cr. TUT PREREQUISITE: Master's standing and approval of Dean of Grad. Studies. This course may be used only by students who have completed all of their coursework (and thesis, if on a thesis plan) but who need additional faculty or staff time or help.

AGEC 590, Master's Thesis
F,S,Su 3-10 cr. IND May be repeated. PREREQUISITE: Master's standing.

ECON 590, Master's Thesis
F,S,Su 3-10 cr. IND May be repeated. PREREQUISITE: Master's standing.

Pursuant to Title VI and VII of the Civil Rights Act of 1964, Title IX of the Education Amendments of 1972, Section 504 of the Rehabilitation Act of the 1973, Executive Order 11246 as amended, the Vietnam Veterans Readjustment Act of 1966, and the Montana State Human Rights Act, Montana institutions of higher education using this application do not discriminate in admission, or the provision of student services, nor in employment policies on the basis of race, sex, national origin, marital status, creed, religion, color, age, or physical or mental handicap.

The information in this publication will be made available in alternative formats for people with disabilities, upon request.

Graduate Committee
Department of Agricultural Economics and Economics
306 Linfield Hall
Montana State University
Bozeman, MT 59717-0292

Telephone: 406-994-3701
FAX: 406-994-4838
E-Mail: pswenson@montana.edu