A Decade of Decline and Evolution in Agricultural Economics Programs: 1985-96

Teaching/Communication/Extension/Profession,

THE ROBUSTNESS OF SINGLE INDEX MODELS IN CROP MARKETS: A MULTIPLE INDEX MODEL TEST

The single index model (SIM), developed for analysis of financial assets, is assessed as a tool for evaluating the risk-return tradeoff faced in agricultural enterprise selection. This study tests whether some of the hypotheses underlying the SIM are valid when the SIM is used in agricultural cropping decisions. Empirical evidence from county level data does not support SIM hypotheses, indicating that more robust results might come from multiple index models.Agricultural Finance, Risk and Uncertainty,

FUTURE PROSPECTS FOR FARM FINANCIAL CONDITIONS

Agricultural Finance,

The Business of an Agricultural “Way of Life”

Agribusiness,

THE CHALLENGE TO THINK BIG AS AMERICAN AGRICULTURE SHRINKS

A multi-part test is proposed for the hypothesis that American production agriculture is shrinking. The results of the three tests presented here are consistent with a shrinking American agricultural sector that is on the verge of, but not yet in, the final decline stage of its "life cycle." The sector is clearly shrinking in relative size and importance, and in absolute size, and its economic performance has been weak for decades. These changes in agriculture and their implications for the agricultural economics profession are discussed. Finally, (at least) two challenges to American agriculture and the agricultural economics profession are raised.Agribusiness,

THE ROBUSTNESS OF SINGLE INDEX MODELS IN CROP MARKETS: A MULTIPLE INDEX MODEL TEST: REPLY

Crop Production/Industries, Marketing,

GLOBALIZATION, CROPPING CHOICES, AND PROFITABILITY IN AMERICAN AGRICULTURE

The paper discusses the linkages between the "globalization" of agricultural markets over recent decades and the decisions being made by individual farmers and ranchers in the United States. It is noted that technological advances lead to globalization of agricultural commodity markets and profit pressures. The continuing profit squeeze in agricultural production is having a significant effect on the cropping choices of America's farmers. When possible, acreage is being shifted out of low-revenue-generating crops and into higher-revenue-generating crops. This shift makes crop portfolios more risky over time, thus encouraging farmers to consider diversifying out of agriculture.cropping choices, globalization, profit, risk, safety-first, Agricultural Finance, International Relations/Trade,

UNDERGRADUATE RESEARCH PROJECTS AS A TEACHING AND LEARNING DEVICE

An existing program which has incorporated undergraduate research projects into its curriculum is evaluated. The goals of the program are to provide students with opportunities to apply their newly acquired skills to real problems and, in so doing, to gain specialized familiarity with a topic and/or occupation. The results of the program have been good, in general, despite some limitations. The conclusion reached is that the program offers many short and long run benefits to students in that it improves their performance both in the classroom and in their career positions.Teaching/Communication/Extension/Profession,

RESEARCH ON FUTURES MARKETS: ISSUES, APPROACHES, AND EMPIRICAL FINDINGS

This paper presents a brief assessment of the recent futures and options literature with reference only to agricultural markets. The discussion centers on the marketsÂ’ social value and economic value to firms. Issues currently unresolved are highlighted, in some cases by presenting hypotheses contrary to standard positions. Overall, the current literature describes these markets as having positive social value and serving useful functions at the firm level, but existing theory and empirical methods are criticized for many weaknesses.Marketing,

EFFECTIVENESS OF ROLE PLAYING, CASE STUDIES, AND SIMULATION GAMES IN TEACHING AGRICULTURAL ECONOMICS

This paper assesses the impact of introducing role playing, case studies, and simulation games into undergraduate courses in agricultural economics. An educational impact model is used in a qualitative evaluation of the teaching aids and to generate hypotheses. Quantitative experimental results are used to test the hypotheses. Results indicate that each aid can improve students' performance when used in appropriate situations. However, there is a definite trade-off between student contact time requirements and the effect of these aids.Teaching/Communication/Extension/Profession,