Twin Cities campus
 
Twin Cities Campus

Applied Economics Minor

Applied Economics
College of Food, Agricultural and Natural Resource Sciences
Link to a list of faculty for this program.
Contact Information
Department of Applied Economics Graduate Program, 231 Ruttan Hall, 1994 Buford Avenue, Saint Paul, MN 55108-6040 (612-625-3777; fax: 612-625-6245)
  • Program Type: Graduate minor related to major
  • Requirements for this program are current for Fall 2022
  • Length of program in credits (master's): 9
  • Length of program in credits (doctoral): 15
  • This program does not require summer semesters for timely completion.
Graduate study in applied economics requires an operational knowledge of economic theory and modern methods of quantitative analysis, as well as practical application in specialized fields of inquiry, which include food and agricultural economics; health economics; labor economics; policy analysis; resource and environmental economics; and trade and development economics.
Program Delivery
  • via classroom (the majority of instruction is face-to-face)
Prerequisites for Admission
The preferred undergraduate GPA for admittance to the program is 3.00.
Special Application Requirements:
Students interested in the minor are strongly encouraged to confer with their major field advisor and director of graduate studies, and the Applied Economics director of graduate studies regarding feasibility and requirements.
For an online application or for more information about graduate education admissions, see the General Information section of this website.
Program Requirements
Use of 4xxx courses towards program requirements is not permitted.
Coursework applied to the minor must be approved by the Applied Economics director of graduate studies; and taken on the A-F grading basis with a minimum grade of B for each course. The minimum cumulative GPA for minor field coursework is 3.00.
Required Coursework (3 to 4 credits)
Select credits from the following in consultation with the Applied Economics director of graduate studies:
APEC 5031 - Methods of Economic Data Analysis (3.0 cr)
APEC 5151 - Applied Microeconomics: Firm and Household (3.0 cr)
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand (2.0 cr)
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty (2.0 cr)
APEC 8211 - Econometric Analysis I (2.0 cr)
APEC 8212 - Econometric Analysis II (2.0 cr)
Electives (6 to 12 credits)
Master’s students select 6 credits, and doctoral students select 12 credits from the following with approval of the Applied Economics director of graduate studies.
APEC 5031 - Methods of Economic Data Analysis (3.0 cr)
APEC 5032 - Economic Data Analysis for Managerial and Policy Decisions (3.0 cr)
APEC 5151 - Applied Microeconomics: Firm and Household (3.0 cr)
APEC 5321 - Regional Economic Analysis (3.0 cr)
APEC 5451 - Food Marketing Economics (3.0 cr)
APEC 5481 - Futures and Options Markets (3.0 cr)
APEC 5511 - Labor Economics (3.0 cr)
APEC 5711 - Agricultural and Environmental Policy (3.0 cr)
APEC 5721 - Economics of Science and Technology Policy (3.0 cr)
APEC 5751 - Global Trade and Policy (3.0 cr)
APEC 5821 - Business Economics and Strategy (3.0 cr)
APEC 5831 - Food and Agribusiness Marketplace (2.0-3.0 cr)
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand (2.0 cr)
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty (2.0 cr)
APEC 8003 - Applied Microeconomic Analysis of Game Theory and Information (2.0 cr)
APEC 8004 - Applied Microeconomic Analysis of Social Choice and Welfare (2.0 cr)
APEC 8202 - Mathematical Optimization in Applied Economics (3.0 cr)
APEC 8203 - Applied Welfare Economics and Public Policy (3.0 cr)
APEC 8206 - Dynamic Optimization: Applications in Economics and Management (3.0 cr)
APEC 8211 - Econometric Analysis I (2.0 cr)
APEC 8212 - Econometric Analysis II (2.0 cr)
APEC 8213 - Econometric Analysis III (2.0 cr)
APEC 8214 - Econometric Analysis IV (2.0 cr)
APEC 8341 - Applied Public Finance (3.0 cr)
APEC 8401 - Agricultural Markets and Policy (2.0 cr)
APEC 8402 - Information and Behavioral Economics (2.0 cr)
APEC 8403 - Applied Consumer Theory (3.0 cr)
APEC 8404 - Applied Production Theory (3.0 cr)
APEC 8501 - Labor Economics I (2.0 cr)
APEC 8502 - Labor Economics II (2.0 cr)
APEC 8601 - Natural Resource Economics (3.0 cr)
APEC 8602 - Economics of the Environment (3.0 cr)
APEC 8701 - Trade and Development I (2.0 cr)
APEC 8702 - Trade and Development II (2.0 cr)
APEC 8703 - Trade and Development III (2.0 cr)
APEC 8704 - Trade and Development IV (2.0 cr)
Program Sub-plans
Students are required to complete one of the following sub-plans.
Students may not complete the program with more than one sub-plan.
Masters
Doctoral
 
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APEC 5031 - Methods of Economic Data Analysis
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Statistical and econometrics techniques for applied economists. Theory and application of multivariate regression model using data sets from published economic studies. Emphasis on use of statistical techniques to understand market behavior. prereq: APEC 3001, Math 1142 or Math 1272, Stat 3001 or Sco 2550 or grad student or instructor consent
APEC 5151 - Applied Microeconomics: Firm and Household
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Quantitative techniques for analysis of economic problems of firms and households. Links between quantitative tools and economic analysis Regression analysis, mathematical programming, and present value analysis. prereq: (APEC 3001, Math 1142 or Math 1272, and Stat 3011 or Sco 2550) or equiv or grad student or instr consent
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8001/Econ 8001/Econ 8101
Grading Basis: A-F or Aud
Typically offered: Every Fall
Consumer behavior/demand. Introduction to welfare analysis. General equilibrium analysis in pure exchange economy. Part of four-course sequence (APEC 8001-8004). prereq: [[5151 or ECON 3101 or ECON 5151 or intermediate microeconomic theory], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8002/Econ 8002/Econ 8102
Grading Basis: A-F or Aud
Typically offered: Every Fall
Production, competitive markets, and choice under uncertainty. Technology and production, cost minimization and profit maximization, production duality, efficiency and technical change, general equilibrium of production. Part of four-course sequence (APEC 8001-8004). prereq: [[8001 or ECON 8001 or ECON 8101], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8211 - Econometric Analysis I
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Asymptotic theory, theory and application of linear models. Reproducibility of econometric research will be emphasized. prereq: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8212 - Econometric Analysis II
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Correlated errors, linear probability models, instrumental variables, and panel data. Resampling and randomization inference prereq: 8211 or equiv or instr consent
APEC 5031 - Methods of Economic Data Analysis
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Statistical and econometrics techniques for applied economists. Theory and application of multivariate regression model using data sets from published economic studies. Emphasis on use of statistical techniques to understand market behavior. prereq: APEC 3001, Math 1142 or Math 1272, Stat 3001 or Sco 2550 or grad student or instructor consent
APEC 5032 - Economic Data Analysis for Managerial and Policy Decisions
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Statistical and econometric methods for the analysis of large data sets to support managerial and policy decisions. Methods for organizing, accessing, and ensuring the quality of data. Estimation techniques include panel data methods, limited dependent variable models, and time series analysis. Clarity of reporting and design of procedures for maintaining and updating data estimates. prereq: 5031 or instr consent
APEC 5151 - Applied Microeconomics: Firm and Household
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Quantitative techniques for analysis of economic problems of firms and households. Links between quantitative tools and economic analysis Regression analysis, mathematical programming, and present value analysis. prereq: (APEC 3001, Math 1142 or Math 1272, and Stat 3011 or Sco 2550) or equiv or grad student or instr consent
APEC 5321 - Regional Economic Analysis
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Development patterns. Role of resources, transportation, and institutional constraints. Migration, investments in growth and change. Economic information in investment and location decisions. Economic development policies and tools. Economic impact analysis. prereq: 3006 or ECON 3102 or instr consent
APEC 5451 - Food Marketing Economics
Credits: 3.0 [max 3.0]
Course Equivalencies: ApEc 4451W/ApEc 5451
Grading Basis: A-F or Aud
Typically offered: Every Fall
Economics of food marketing in the United States. Food consumption trends. Consumer food behavior, expenditure, data collection. Consumer utility models, demand forecasting. Food distribution system. Changes in supply chain, industry structure that serves retail food outlets. Individual/group projects.
APEC 5481 - Futures and Options Markets
Credits: 3.0 [max 3.0]
Course Equivalencies: ApEc 4481/5481
Typically offered: Every Spring
Economic concepts related to futures/options trading. Hedging, speculation.
APEC 5511 - Labor Economics
Credits: 3.0 [max 3.0]
Typically offered: Periodic Fall
Theoretical foundations of labor markets. Intertemporal/household labor supply. Demand for labor, efficiency wages. Human capital theory, unemployment, migration decisions. Analysis of econometric research applied to labor policy issues such as minimum wage, tax policy, social insurance, education. prereq: [[3001 or Econ 3101 or PA 5021], [PA 5032 or equiv]] or instr consent
APEC 5711 - Agricultural and Environmental Policy
Credits: 3.0 [max 3.0]
Typically offered: Periodic Spring
This is a topics course which changes from year to year. This year we will consider the relationship between famines and armed conflict. The general supposition (conventional wisdom) is that famines are the result of the forces of nature – floods, droughts, and earthquakes. In fact, the evidence supports the argument that famines result from the actions of man to do harm to others. We will consider a variety of cases including the Irish Famine of the 19th Century, the hunger after the conclusion of World War II, and the Bengal Famine of 1948. prereq: 3001 or Econ 3101
APEC 5721 - Economics of Science and Technology Policy
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
This course covers the economic effects of science and technology policies, such as intellectual property rights. The course considers the effects of policies on: (1) the economic growth and development levels of countries; (2) the international technology transfers that occur between countries through trade, foreign direct investment, and licensing arrangements; and (3) differences in the economic welfare of developed and developing countries. prereq: APEC 3001 or ECON 3101 or instr consent
APEC 5751 - Global Trade and Policy
Credits: 3.0 [max 3.0]
Typically offered: Fall Even Year
Trade policies of import/export nations, gains from trade, trade negotiations/agreements. Free trade and common market areas. Exchange rate impacts. Primary commodities and market instability. Current trade issues. prereq: 3001 or Econ 3101 or PA 5021
APEC 5821 - Business Economics and Strategy
Credits: 3.0 [max 3.0]
Course Equivalencies: ApEc 4821W/ApEc 5821
Typically offered: Every Spring
Strategic management for production, processing, wholesaling, retailing, and service. Strategy formulation, implementation, and control. Business plans. Case study analysis. prereq: graduate student and 3002, [3501 or FINA 3001], and [ACCT 3001 or MGMT 3001 or MKTG 3001]
APEC 5831 - Food and Agribusiness Marketplace
Credits: 2.0 -3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
This is a graduate student survey course of the industrial organization and current policy issues in the food and agribusiness marketplace. It represents a collaboration between the College of Food, Agricultural, and Natural Resource Sciences and the Carlson School of Management. The course uses short readings and speakers. A comprehensive look at all of the sectors in the food and agribusiness value chain is described. Topics include food policies (Farm Bills, food stamps, food labeling, and similar topics); environmental policies (water, invasive species, agriculture production and similar topics); and industrial organization issues (marketing and production contracts, overview of firm strategic orientation, distribution and similar topics). Readings, guest speakers, and presentations are used. prereq: graduate student
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8001/Econ 8001/Econ 8101
Grading Basis: A-F or Aud
Typically offered: Every Fall
Consumer behavior/demand. Introduction to welfare analysis. General equilibrium analysis in pure exchange economy. Part of four-course sequence (APEC 8001-8004). prereq: [[5151 or ECON 3101 or ECON 5151 or intermediate microeconomic theory], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8002/Econ 8002/Econ 8102
Grading Basis: A-F or Aud
Typically offered: Every Fall
Production, competitive markets, and choice under uncertainty. Technology and production, cost minimization and profit maximization, production duality, efficiency and technical change, general equilibrium of production. Part of four-course sequence (APEC 8001-8004). prereq: [[8001 or ECON 8001 or ECON 8101], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8003 - Applied Microeconomic Analysis of Game Theory and Information
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8003/Econ 8003/Econ 8103
Grading Basis: A-F or Aud
Typically offered: Every Spring
Strategic competition, game theory, and information. Non-cooperative games, static games of complete and imperfect information, dynamic games of complete/incomplete information, application of incomplete information. Part of four-course sequence (APEC 8001-8004). prereq: [[8002 or ECON 8002 or ECON 8102], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8004 - Applied Microeconomic Analysis of Social Choice and Welfare
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8400/Econ 8400/Econ 8104
Grading Basis: A-F or Aud
Typically offered: Every Spring
Welfare economics/measurement, externalities and social choice. Welfare theorems in general equilibrium, externalities and public goods, social choice, social welfare, and welfare change measurement. Part of four-course sequence (APEC 8001-8004). prereq: [[8003 or ECON 8003 or ECON 8103], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8202 - Mathematical Optimization in Applied Economics
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Economic foundations and applications of mathematical and dynamic programming and optimal control. Mathematical optimization concepts; structures and economic interpretations of various models of the firm, consumer, household, sector, and economy. Model building and solution techniques. prereq: [5151, Econ 5151] or equiv or instr consent
APEC 8203 - Applied Welfare Economics and Public Policy
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Basic concepts underlying measurement of welfare change, problems of market failure and externalities, social welfare functions, and distribution within and across generations. Application of concepts, based on case studies of the environment, returns to research, technical change, and agricultural policy. prereq: calculus, intermediate econ theory
APEC 8206 - Dynamic Optimization: Applications in Economics and Management
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Formulation and solution of dynamic optimization problems using optimal control theory and dynamic programming. Analytical and numerical solution methods to solve deterministic and stochastic problems for various economic applications. prereq: 5151 or equiv or instr consent
APEC 8211 - Econometric Analysis I
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Asymptotic theory, theory and application of linear models. Reproducibility of econometric research will be emphasized. prereq: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8212 - Econometric Analysis II
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Correlated errors, linear probability models, instrumental variables, and panel data. Resampling and randomization inference prereq: 8211 or equiv or instr consent
APEC 8213 - Econometric Analysis III
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Theory of M-estimation, generalized method of moments, and maximum likelihood. Quantile regression, discrete choice models, and quasi-maximum likelihood in the linear exponential family. Censoring and selection bias. prereqs: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8214 - Econometric Analysis IV
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
Principles and methods of causal inference. Rubin potential outcomes framework, treatment effect concepts, matching, instrumental variables, and regression discontinuity designs. prereqs: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8341 - Applied Public Finance
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Spring
Current economic research on government tax and expenditure policy. Apply tools of applied economics to public finance issues. Tax policy, taxation and household decisions (including labor supply and saving), taxation and the firm (including the cost of capital), and fundamental tax reform. Alternative demand models for public goods, public choice theory, and fiscal federalism. prereq: 8001-8004 or ECON 8001-8004 or ECON 8101-8104
APEC 8401 - Agricultural Markets and Policy
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Spring
Seven-week course. Designed for students pursuing the field of food and agricultural economics to acquire a foundational understanding of markets for food and farm commodities and skills to conduct analyses of market supply and demand and efforts of policy changes. prereq: APEC 8001 & 8002 or ECON 8101 & 8102, or concurrent registration
APEC 8402 - Information and Behavioral Economics
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Spring Even Year
This course examines new theories of consumer behavior that combines economists' and psychologists' modeling of human behavior. Questions about whether human behavior is consistent with standard economic models will be posed and alternative explanatory models will be offered by incorporating psychological phenomena. The influence of information on consumer choice over time and under uncertainty will also be studied from a theoretical and empirical perspective. Topics include expected and unexpected utility theory, bounded rationality, prospect theory, choice over time, and rational addiction with applications to empirical work. prereq: APEC 8001 - 8004 or ECON 8101 - 8104, APEC 8401, APEC 8211-8212
APEC 8403 - Applied Consumer Theory
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Spring Odd Year
The objective of this course is to provide students with the theoretical and methodological foundations to perform analyses of demand and competition in food and agricultural markets. Some of the specific topics include specification and estimation of demand systems such as welfare analysis, analysis of competition, market power and public policy (e.g., a tax policy) in both homogeneous and differentiated product markets, analysis of cost pass-through, and merger analysis. prereqs: APEC 8001 - 8004 or ECON 8001 - 8004 or ECON 8101 - 8104, APEC 8211, APEC 8212, or instructor consent.
APEC 8404 - Applied Production Theory
Credits: 3.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Spring Odd Year
Aspects of production theory. Axiomatic representations of multi-output technologies. Input, output, and directional distance functions. Cost, revenue, and profit functions and duality. Input/output separability. Jointness/non-jointness in production. Index numbers, measures of efficiency/productivity. prereq: APEC 8001 and 8002 or equiv or instr consent
APEC 8501 - Labor Economics I
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall
Theoretical and empirical studies of compensating differentials, discrimination, personnel economics, and gross flows. prereq: 8003 or equiv or concurrent registration is required (or allowed) in 8003, 8211, 5032 or equiv
APEC 8502 - Labor Economics II
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Periodic Fall
Topics in applied microeconomics related to labor supply and human capital. Household decisions and resulting outcomes in labor market. Household labor supply. Estimation of labor supply and earnings functions. Theory of human capital, wage structure and determination, and impacts of tax and transfer policies.
APEC 8601 - Natural Resource Economics
Credits: 3.0 [max 3.0]
Typically offered: Periodic Fall & Spring
Economic analysis of resource use and management. Capital theory, dynamic resource allocation. Applications to renewable and nonrenewable resources. Empirical studies, policy issues. prereq: [5151, 8202, 8206 [ECON 5151 or equiv]] or instr consent
APEC 8602 - Economics of the Environment
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Economic analysis of environmental management, emphasizing environmental policy. Application of microeconomic theory to problems of market failure, market-based pollution control policies, contingent valuation, hedonic models, option value, and other topics. prereq: 8004 or ECON 8004 or ECON 8104 or equiv or instr consent
APEC 8701 - Trade and Development I
Credits: 2.0 [max 2.0]
Typically offered: Fall Odd Year
This course will analyze international trade and economic policies that affect trade. The course will consider the determinants of trade, the welfare effects of trade, and the implications of trade liberalization or protectionism. The course will use contemporary economic theory and econometric methods of analysis; and will provide an economic foundation for analyzing issues on the frontier of the academic literature and policy debate.
APEC 8702 - Trade and Development II
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
This course will focus on the applied microeonomics of international development. The course will focus on empirically testing the various theories developed to account for persistent economic underdevelopment and poverty. We will start from key ideas and methods in empirical development economics, then cover household models (both unitary and otherwise), intrahousehold models, market formation and market participation, land markets, technology adoption, risk and insurance, and other topics related to development microeconomics, all from an empirical perspective. prereq: First-year PhD level microeconomics and econometrics
APEC 8703 - Trade and Development III
Credits: 2.0 [max 3.0]
Typically offered: Periodic Spring
Topics in the microeconomic analysis of development covered include: education (both the determinants of educational outcomes and the impact of those outcomes on several economic outcomes), poverty, inequality, demography (population, fertility and gender issues), and the impact of international aid.
APEC 8704 - Trade and Development IV
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
This course will focus on the applied microeconomics of international development. It will empirically analyze various market failures in developing countries, their role in driving persistent poverty, and interventions to address them. The course will focus specifically on the functioning of financial, labor, and healthcare markets, as well as the influence of social networks and economic decisions and outcomes.