Agricultural Markets and Price Analysis

Overview

A traditional strength of the Department, this field emphasizes analysis of marketing systems, underlying institutions and market processes for achieving vertical coordination and supply chain management in the food system. Focus is also given to the empirical application of concepts and analytical approaches in understanding and measuring market dynamic relationships, and in searching for ways to improve the organization and performance of agricultural markets. Much of the profession's original foundation for this approach was built in the department. The field integrates work dealing with marketing system performance and agribusiness approaches. Students in this field are also encouraged to build strong links to other graduate fields of specialization.

Faculty

Over 10 of the department's 38 faculty members are engaged in teaching and research in food and agricultural marketing, and in price analysis. There are strong linkages with other areas of interest in the department, such as firm management, agricultural and trade policy, agribusiness, and international economic development. The resulting mix of faculty with domestic and international interests provides an ideal learning environment, as well as extensive research opportunities and opportunities for involvement with various extension clientele.

Course Program

The core courses provide basic concepts and analytical tools in identifying and understanding the structure and behavior of institutions, evaluating market performance and development of commodity models. The field encompasses four main areas of study. One of these is an institutional approach to the organization and performance of agricultural markets using industrial organization concepts. Another area is supply and demand analysis of commodity markets with an emphasis on forecasting and measurement using quantitative techniques. A third area involves study of agricultural financial markets, focusing particularly on land and credit markets as well as agricultural futures and options. A fourth area of study is firm marketing management which is especially relevant to students wishing to pursue a career in agribusiness firms. Many of these areas are interrelated and courses in the field are designed to expose students to a range of alternative analytical frameworks.

Ph.D. students seeking in-depth skills in price analysis can take supplementary courses in applied econometrics, statistical inference and other quantitative subjects dealing with robust estimation and evaluation of econometric models. Depending on student interest, an AEC 991 seminar may be offered on current and more advanced tools such as time series analysis, risk analysis and imperfect markets and linear expenditure systems. Students desiring more in-depth competence in marketing will find supplementary courses in the College of Business, especially in the Department of Marketing and Transportation Administration and in Economics.

Research

There is also a strong tradition in the department of applying marketing, market systems, strategic planning, agribusiness and price analysis techniques to help solve specific commodity marketing problems, and to help identify industry development opportunities. Research is also focused on public policy issues related to improving overall market organization and performance. Research clients are especially in Michigan and the U.S., as well as in many developing countries. The Department also supports traditional supply and demand analysis of commodity markets with an emphasis on forecasting and measurement using quantitative techniques. More recently, some research has focused on price analysis of agricultural financial markets such as credit markets, land markets, and commodity futures and options markets, as well as on probabilistic price forecasting. (See department research page.)

Course List

The main courses for the field are the first three listed below. A Ph.D. major field in Agricultural Markets and Price Analysis must include the two courses indicated with an asterisk, along with one of three 900-level courses in the Advanced Agricultural Economics minor field: AEC 925–Advanced Natural Resource Economics, AEC 930–Dynamic Analysis in Agriculture and Natural Resources, and AEC 932–Information Economics and Institutions in Agriculture and Natural Resources. A Ph.D. minor field in Agricultural Markets and Price Analysis may consist of any two of the first three courses below. Optional but relevant AEC courses are shown in square brackets.

Courses of Interest in Other Departments

EC 440 International Trade
EC 840 International Trade: Theory and Commercial Policy
EC 860 Market Structure and Behavior
AEC/MSC 831 Food Marketing Management
MSC 800 Supply Chain Management
MSC 805 Marketing Management
MSC 824 Channel and Logistics Management
MSC 833 Decision Support Models
MSC 860 International Business

Faculty List

• Duncan H. Boughton, Associate Professor, Int'l Dev.; Ph.D., Michigan State, 1994; agricultural development, technology assessment, agricultural marketing and policy.
• Cynthia Donovan, Assistant Professor, International Development; Ph.D., Michigan State, 1996; agricultural marketing, policy, and development.
• Hamish R. Gow, Associate Professor; Ph.D., Cornell University, 2000; global supplier relationships; food safety; value creation.
• Larry G. Hamm, Professor; Ph.D., Michigan State, 1981; food system marketing, dairy industry, agribusiness, institutional economics.
• James H. Hilker, Professor; Ph.D., Purdue, 1982; agricultural outlook, commodity marketing.
• Thomas S. Jayne, Professor, International Development; Ph.D., Michigan State, 1989; agricultural development, food policy, marketing.
• Songqing Jin, Assistant Professor, Ph.D., University of California, Davis, 2004; land tenure, agricultural technology and agricultural research, rural non-farm, and rural labor migration.
• Robert J. Myers, University Distinguished Professor; Ph.D., Minnesota, 1986; commodity price analysis, agricultural finance, econometrics.
• Geoffrey Pofahl, Assistant Professor; Ph.D., Texas A & M, 2006; applied econometrics, industrial organization, retailing, marketing, scanner data, demand for differentiated products.
• Robert S. Shupp, Assistant Professor; Ph.D. in Economics, Indiana University, 2000; Experimental Economics; Industrial Organization; Risk and Uncertainity.
• John M. Staatz, Professor; Ph.D., Michigan State, 1984; agricultural development, food systems economics, marketing.
• Suzanne D. Thornsbury, Assistant Professor; Ph.D., Virginia Tech, 1998. Food systems economics and policy, international trade, produce market organization and firm competitiveness.
• Glynn T. Tonsor, Assistant Professor; Ph.D., Kansas State, 2006; agricultural marketing, food safety, supply chain design and value.
• David L. Tschirley, Professor, International Development; Ph.D., Michigan State, 1988; agricultural development, food systems economics, marketing.
• Dave D. Weatherspoon, Associate Professor; Ph.D., Florida, 1993; agribusiness, and international trade and marketing.
• Michael T. Weber, Professor; Ph.D., Michigan State, 1976; agricultural development, marketing, food systems economics.

(Web pages for faculty, organized by field)