The Department of Agricultural Economics and Economics offers a Master of Science degree in Applied Economics. The primary purpose of the graduate program is to help the student develop an understanding of and capability to use the tools of economic analysis in solving a broad spectrum of problems in agricultural economics and economics. Understanding is developed through coursework in economic theory, quantitative methods, and the student's field of interest. Coursework may be supplemented through collaborative work on one of the ongoing research projects in the Department. Because it is a joint department of Agricultural Economics and Economics, a wide variety of research topics is available. The research program of the Department is supported by the Montana Agricultural Experiment Station and several agencies that have awarded research grants to faculty members. Further experience in economic analysis is gained through student participation in departmental seminars.
Graduates have entered governmental, private, and academic positions -- including as Extension agents in New York and
Montana, as an Economist with a securities company in New Zealand and Research Analyst with a marketing firm in North
Carolina, Ph.D. programs at North Carolina and UC-Berkeley Universities, and law school in Oregon. To receive full consideration for assistantship awards, applications should be received by January 15. Late applications will
be considered as space and funding are available. With the application, students must submit Graduate Record Examination
(GRE) scores, official transcripts of all degree coursework, and three letters of recommendation. Foreign students must also
include scores from the Test of English as a Foreign Language (TOEFL) with a score of 550 or higher. To ensure timely
consideration, submit all requested materials directly to the Department, as directed in the application. For questions or to
request an application package, please contact the department at (406)994-3703 or email FIRST EMPLOYMENT OF RECENT GRADUATES
APPLICATION PROCEDURES
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.
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. In some instances, 300-level courses from other departments may be used in the graduate program. The College of Graduate Studies stipulates that at least one-half 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 achieve a "B" grade average, with no more than one "C" grade in the core courses. 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 or AGEC 570 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.
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.
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 examination.
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.
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 who 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 (2) "C" grades 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 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 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.
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.
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.
Students are encouraged to carefully review the sections entitled "Important Notice to All Students" in the Montana State University Undergraduate and Graduate Bulletins.
Core
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 400, Seminar: On Demand 1 cr. SEM Maximum 4 cr. PREREQUISITE: Junior standing. and as determined for each offering. Topics offered at the upper division level which are not covered in regular courses. Students participate in preparing and presenting discussion material.
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, Financial Economics and Analysis: 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 470, Individual Problems: On Demand 1-3 cr. IND PREREQUISITE: Junior standing, consent of instructor and approval of department head. Directed research and study on an individual basis.
ECON 470, Individual Problems: On Demand 1-3 cr. IND PREREQUISITE: Junior standing, consent of instructor and approval of department head. Directed research and study on an individual basis.
AGEC 480, Special Topics: On Demand 1-3 cr. PREREQUISITE: Course prerequisites are dependent on the 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 480, Special Topics: On Demand 1-3 cr. PREREQUISITE: Determined by 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.
ECON 490, Undergraduate Thesis: F,S,Su 1-8 cr. IND PREREQUISITE: Senior standing. Intended for economics and agricultural economics majors working on what might be called a senior thesis. The student will work closely with the supervising faculty.
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.
AGEC 513, Applied Welfare & Policy Analysis: S 3 cr. LEC 3 PREREQUISITE: ECON 401. A rigorous examination of the theoretical basis for analysis of social benefits and costs of policy alternatives, including applications to specific areas of interest such as commercial agriculture, natural resource use, environmental economics, public taxation, and international trade.
AGEC 514, Agricultural Price Analysis: S 3 cr. LEC 3 PREREQUISITE: ECON 561. Theoretical and working knowledge of agricultural market prices, demand, and supply. Analysis of commodity models supported by statistical modeling under conventional econometrics and time series analysis, useful for market response and forecasting evaluation.
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 Graduate Studies. 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 or project dealing with a topic in the field. The topic must have been mutually agreed upon by the student and his or her major advisor and graduate committee.
AGEC 580, Special Topics: On Demand 1-3 cr. PREREQUISITE: Upper division courses, and others 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-division courses and others 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 the Dean of Graduate 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 the Dean of Graduate 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.
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Graduate Committee
Department of Agricultural Economics and Economics
306 Linfield Hall
Montana State University
Bozeman, MT 59717-0292
Telephone: 406/994-3703
FAX: 406/994-4838
EMail: zae7022@montana.edu
TDD: 406/994-4331
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