M.Sc. in Agricultural Economics
AGRICULTURAL
ECONOMICS
Course
Structure - at a Glance
COURSE TITLE
- MICRO ECONOMIC THEORY AND APPLICATION
- MACRO ECONOMICS AND POLICY
- EVOLUTION OF ECONOMIC THOUGHT
- AGRICULTURAL PRODUCTION ECONOMICS
- AGRICULTURAL MARKETING & PRICE
ANALYSIS
- RESEARCH METHODOLOGY FOR SOCIAL SCIENCES
- ECONOMETRICS
- LINEAR PROGRAMMING
- AGRICULTURAL FINANCE AND PROJECT
- MANAGEMENT
- INTERNATIONAL ECONOMICS
- INSTITUTIONAL ECONOMICS
- AGRICULTURAL DEVELOPMENT POLICY ANALYSIS
- NATURAL RESOURCE AND ENVIRONMENTAL
- ECONOMICS
- INTELLECTUAL PROPERTY MANAGEMENT
- COMPUTER APPLICATION FOR AGRICULTURAL
- ECONOMICS
- RURAL MARKETING
- COMMODITY FUTURES TRADING
- MASTER'S SEMINAR
- MASTER'S RESEARCH
- ADVANCED MICROECONOMIC ANALYSIS
- ADVANCED MACROECONOMICS ANALYSIS
- ADVANCED ECONOMETRICS
- ADVANCED PRODUCTION ECONOMICS
- QUANTITATIVE DEVELOPMENT POLICY ANALYSIS
- ADVANCED AGRICULTURAL MARKETING AND
- PRICE ANALYSIS
- COMMODITY FUTURES TRADING
- NATURAL RESOURCES MANAGEMENT ENVIRONMENTAL
ECONOMICS
- DOCTORAL SEMINAR I DOCTORAL SEMINAR II
- DOCTORAL RESEARCH
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AGRICULTURAL
ECONOMICS
Course
Contents
MICRO ECONOMIC THEORY AND APPLICATIONS
Objective
- This course is
intended to provide an overview of
microeconomic theory and its applications.
The course starts with the
theory of consumer behaviour consisting
of consumer's utility maximization problem
and demand theory. It intends to provide fundamental concepts
and models in the theory of production
and costs and sets out to
provide a basic understanding of price and / or output
determination under different types of market structures including
factor markets. This course will also expose the students to the
theory of general equilibrium and welfare economics.
Theory
- UNIT I
- Theory of Consumer
Behaviour - Cardinal Utility Approach
- Ordinal Utility Approach - Income effect and substitution
effect - Applications of Indifference curve approach - Revealed
Preference Hypothesis - Consumer surplus - Derivation of Demand
curve - Elasticity of demand.
- UNIT II
- Theory of Production -
Production functions - Returns to
scale and economies of scale - Technical progress - Theory of
Costs - Cost curves- Profit maximization and cost minimization -
Derivation of supply curve - Law of Supply - Producers'
surplus.
- UNIT III
- Market Equilibrium - Behavior of Firms in
Competitive Markets - Perfect Competition- Effect
of Taxation and Subsidies on market
equilibrium - Monopoly- Monopolistic - Oligopoly- Theory of
Factor Markets.
- UNIT IV
- General Equilibrium Theory
- Welfare Economics - Pareto
Optimality - Social welfare criteria - Social Welfare
functions.
Suggested Readings
- David M Kreps 1990. A Course in
Microeconomic Theory. Princeton University Press.
- Dewitt KK. 2002. Modern Economic Theory.
Sultan Chand & Co.
- Henderson JM
& Quandt RE. 2000.
Microeconomic Theory: A Mathematical Approach.
McGraw-Hill.
- Koutsoyiannis A. 2003. Modern Microeconomics.
The Macmillan Press.
- Silberberg E & Suen
W. 2001. The Structure of Economics
- A Mathematical Analysis. McGraw-Hill.
- Varian Hal R. 1999.
Intermediate Microeconomics. Affiliated East-West
Press.
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MACRO ECONOMICS AND POLICY
Objective
- Macro economics and Policy
course is intended to expose the students
to macroeconomic concepts and theory,
the application of the macro economic
theory, and implication of the macroeconomic policies.
Theory
- UNIT I
- Nature and Scope of
Macro Economics - Methodology and Keynesian
Concepts National Income - Concepts and
measurement- Classical theory of Employment and
Say's Law-Modern theory of Employment
and Effective Demand.
- UNIT II
- Consumption function- Investment
and savings - Concept of Multiplier
and Accelerator - Output and
Employment - Rate of interest -
Classical, Neo classical and Keynesian version- Classical theory Vs
Keynesian theory - Unemployment and Full employment.
- UNIT III
- Money and classical
theories of Money and Price -
Keynesian theory of money and Friedman
Restatement theory of money - Supply
of Money - Demand for Money -Inflation: Nature, Effects and
control.
- UNIT IV
- IS & LM frame work - General Equilibrium
of product and money markets -Monetary policy -
Fiscal policy- Effectiveness of Monetary
and Fiscal policy - Central banking.
- UNIT V
- Business cycles - Balance
of Payment - Foreign Exchange
Rate determination.
Suggested Readings
- Ahuja HL. 2007. Macroeconomics: Theory and
Policy. S. Chand & Co.
- Eugene A Diulio 2006. Macroeconomics. 4
Ed. Schaums' Outlines.
- Gardner Ackely 1987.
Macro Economic: Theory and Policy.
Collier Macmillan.
- Dornbusch. 2006. Macroeconomics. McGraw Hill
Publication
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EVOLUTION OF ECONOMIC THOUGHT
Objective
- To introduce the
students to the evolution of economic
thought over a period of time, the background of
emanation of thoughts and approaches, as acts of balancing and
counter balancing events and criticisms. The course will also in a
comprehensive way help the students to know and appreciate the
contributions of the Galaxy of Economists.
Theory
- UNIT 1
- Approaches for the study of
history of economic thought - Absolutist vs.
- Relativist approaches -
Evolution of Economic Thought vs.
Economic History. Ancient economic thought
- medieval economic thought -
mercantilism - physiocracy - Forerunners of Classical Political
Economy.
- UNIT II
- Development of Classical
Thoughts (Adam Smith, Robert Malthus
and David Ricardo) - Critics of Classical Thoughts- Socialist
critics - Socialist and Marxian Economic
Ideas - Austrian School of Thought
- Origins of Formal Microeconomic
Analysis - William Stanley Jevons,
Cournot and Dupuit.
- UNIT III
- The birth of
neoclassical economic thought - Marshall
and Walras - General Equilibrium Theory - Welfare Theory
- Keynesian economics.
- UNIT IV
- The Era of globalization - Experiences of
developing world - Rigidity of the past vs.
emerging realism - The changing
path of international Institutions to economic growth
and development approaches.
- UNIT V
- Economic Thought in India - Naoroji and
Gokhale - Gandhian Economics
- Economic thought of independent India -
Nehru's economic philosophy - Experiences of the
Structural adjustment programmes of the
post liberalization era.
Suggested Readings
- Blaug M. 1964. Economic Theory in Retrospect.
Heineman.
- Blaug M. 1986. Economic History and the
History of Economic Thought. Wheatsheaf Books, Brighton.
- Ekelund RB &
Hebert RF. 1975. A History of
Economic Theory and Methods. McGraw-Hill.
- John Mills A. 2002. Critical History of
Economics: Missed Opportunities. Palgrave Macmillan.
- Screpanti E &
Zamagni S. 1995. An Outline of
the History of Economic Thought. Clarendon Press,
Oxford.
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AGRICULTURAL PRODUCTION ECONOMICS
Objective
- To expose the students to the concept,
significance and uses of agricultural production
economics.
Theory
- UNIT I
- Nature, scope and
significance of agricultural production
economics- Agricultural Production processes,
character and dimensions-spatial, temporal
- Centrality of production functions,
assumptions of production functions,
commonly used forms - Properties,
limitations, specification, estimation and interpretation of
commonly used production functions.
- UNIT II
- Factors of
production, classification,
interdependence, and factor
substitution -Determination of optimal
levels of production and factor
application -Optimal factor combination and
least cost combination of production -
Theory of product choice; selection of
optimal product combination.
- UNIT III
- Cost functions and
cost curves, components, and cost
minimization -
- Duality theory - cost
and production functions and its
applications - Derivation of firm's input demand and output
supply functions -Economies and diseconomies of scale.
- UNIT IV
- Technology in agricultural production, nature
and effects and measurement
- Measuring efficiency in agricultural
production; technical, allocative and
- economic efficiencies -
Yield gap analysis-concepts-types and measurement
- Nature and sources of risk, modeling and coping strategies.
Practical
- Different forms of
production functions - specification,
estimation and interpretation of production
functions - returns to scale, factor
shares, elasticity of production - physical
optima-economic optima-least cost combination-
optimal product choice-
cost function estimation,
interpretation-estimation of yield gap -
incorporation of technology in production
functions- measuring returns to scale-risk
analysis through linear programming.
Suggested Readings
- Beattie BR & Taylor CR. 1985. The
Economics of Production. John Wiley & Sons.
- Doll JP & Frank
O. 1978. Production Economics -
Theory and Applications. John Wiley & Sons.
- Gardner BL &
Rausser GC. 2001. Handbook of
Agricultural Economics.
- Vol. I. Agricultural Production.
Elsevier.
- Heady EO. Economics of
Agricultural Production and Resource Use.
Prentice-Hall.
- Sankayan PL. 1983.
Introduction to Farm Management. Tata
Mc Graw Hill.
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AGRICULTURAL MARKETING AND PRICE ANALYSIS
Objective
- To impart adequate
knowledge and analytical skills in the
field of agricultural marketing
issues, and enhance expertise in
improving the performance of the marketing
institutions and the players in marketing of
agricultural commodities.
Theory
- UNIT I
- Review of Concepts in
Agricultural Marketing - Characteristic
of Agricultural product and Production - Problems in Agricultural
Marketing from Demand and Supply and Institutions sides. Market
intermediaries and their role - Need
for regulation in the present context
- Marketable & Marketed surplus estimation.
Marketing Efficiency - Structure Conduct and Performance
analysis - Vertical and Horizontal
integration - Integration over space, time and
form-Vertical co-ordination.
- UNIT II
- Marketing Co-operatives - APMC Regulated Markets
- Direct marketing,
- Contract farming and Retailing - Supply Chain
Management - State trading,
- Warehousing and other Government agencies
-Performance and Strategies - Market
infrastructure needs, performance and
Government role - Value Chain Finance.
- UNIT III
- Role of Information
Technology and telecommunication in
marketing of agricultural commodities -
Market research-Market information service -
electronic auctions (e-bay), e-Chaupals,
Agmarket and Domestic and Export market
Intelligence Cell (DEMIC) - Market extension.
- UNIT IV
- Spatial and temporal
price relationship - price forecasting
- time series analysis - time series models - spectral
analysis. Price policy and economic development - non-price
instruments.
- UNIT V
- Theory of storage - Introduction to
Commodities markets and future trading - Basics of
commodity futures - Operation Mechanism
of Commodity markets - Price discovery
- Hedging and Basis - Fundamental analysis
- Technical Analysis - Role of Government in promoting commodity
trading and regulatory measures.
Practical
- Supply and demand
elasticities in relation to problems
in agricultural marketing. Price spread
and marketing efficiency analysis.
Marketing structure analysis through
concentration ratios. Performance analysis
of Regulated market and marketing
societies. Analysis on contract farming and
supply chain management of different agricultural
commodities, milk and poultry products.
Chain Analysis - quantitative estimation
of supply chain efficiency - Market
Intelligence - Characters, Accessibility,
and Availability Price forecasting. Online
searches for market information sources
and interpretation of market intelligence
reports - commodity outlook -
Technical Analysis for important
agricultural commodities - Fundamental
Analysis for important
agricultural commodities - Presentation
of the survey results and wrap-up discussion.
- Suggested Readings
- Purecell WD &
Koontz SR. 1999. Agricultural Futures
and Options:
- Principles and Strategies. 2
Ed. Prentice-Hall.
- Rhodes VJ. 1978. The Agricultural Marketing
System. Grid Publ., Ohio.
- Shepherd SG & Gene
AF. 1982. Marketing Farm Products.
Iowa State Univ. Press.
- Singhal AK. 1986.
Agricultural Marketing in India. Annual
Publ., New Delhi.
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RESEARCH METHODOLOGY FOR SOCIAL SCIENCES
Objective
- To expose the students
to research methodology used in social
sciences. The focus will be on providing knowledge related to
research process, data collection and data analysis etc.
Theory
- UNIT I
- Importance and scope
of research in agricultural economics.
Types of research - Fundamental vs.
Applied. Concept of researchable problem -
research prioritization - selection of
research problem. Approach to research -
research process.
- UNIT II
- Hypothesis - meaning -
characteristics - types of hypothesis
- review of literature - setting of
Course Objective and hypotheses -
testing of hypothesis.
- UNIT III
- Sampling theory and
sampling design - sampling error -
methods of sampling - probability and
non-probability sampling methods - criteria to choose.
Project proposals - contents and scope - different types of projects
to meet different needs - trade-off
between scope and cost of the
study. Research design and techniques - Types of research
design.
- UNIT IV
- Data collection - assessment of data needs -
sources of data collection - discussion of
different situations. Mailed questionnaire
and interview schedule - structured,
unstructured, open ended and
closed-ended questions. Scaling Techniques.
Preparation of schedule - problems in
measurement of variables in agriculture. Interviewing techniques and
field problems - methods of conducting
survey - Reconnaissance survey and Pre
testing.
- UNIT V
- Coding editing -
tabulation - validation of data. Tools
of analysis - data processing.
Interpretation of results - Preparing
research report / thesis - Universal
procedures for preparation of bibliography - writing of research
articles.
Practical
- Exercises in problem identification. Project
proposals - contents and scope. Formulation of
Objective and hypotheses. Assessment of
data needs - sources of data - methods
of collection of data. Methods of
sampling - criteria to choose -
discussion on sampling under different
situations. Scaling Techniques - measurement
of scales. Preparation of interview schedule
- Field testing. Method of conducting survey. Exercise on coding,
editing, tabulation and validation of
data. Preparing for data entry into
computer. Hypothesis testing - Parametric
and Non-Parametric Tests. Exercises on format for
Thesis / Report writing. Presentation of the results.
Suggested Readings
- Black TR. 1993. Evaluating
Social Science Research - An
Introduction. SAGE Publ.
- Creswell JW. 1999.
Research Design - Qualitative and
Quantitative Approaches. SAGE Publ.
- Dhondyal SP. 1997.
Research Methodology in Social Sciences
and Essentials of Thesis Writing. Amman Publ. House, New
Delhi.
- Kothari CR. 2004.
Research Methodology - Methods and
Techniques. Wishwa Prakashan, Chennai.
- Rao KV. 1993. Research
Methodology in Commerce and Management.
Sterling Publ., New Delhi.
- Singh AK. 1993. Tests,
Measurements and Research Methods in
Behavioural Sciences. Tata McGraw-Hill.
- Venkatasubramanian V. 1999.
Introduction to Research Methodology in
Agricultural and Biological Sciences. SAGE Publ.
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ECONOMETRICS
Objective
- The Course Objective of the course is to
impart knowledge on econometric tools to the
students of agricultural economics. Training
in econometrics will help the student
to analyze the economic problem
by applying quantitative techniques.
Theory
- UNIT I
- Introduction - relationship
between economic theory, mathematical
economics, models and econometrics,
methodology of econometrics- regression analysis.
- UNIT II
- Basic two variable regression - assumptions
estimation and interpretation- approaches to estimation - OLS, MLE and
their properties - extensions to multi variable models-multiple regression
estimation and interpretation.
- UNIT III
- Violation of assumptions
- identification, consequences and remedies
for Multicollinearity, heteroscedasticity,
autocorrelation - data problems and remedial
approaches - model misspecification.
- UNIT IV
- Use of dummy variables-limited
dependent variables - specification,
estimation and interpretation.
- UNIT V
- Simultaneous equation models
- structural equations - reduced
form equations - identification and approaches to estimation.
Practical
- Single equation two
variable model specification and estimation
- hypothesis testing- transformations
of functional forms and OLS application-estimation
of multiple regression model -
hypothesis testing - testing and correcting
specification errors - testing and
managing Multicollinearity - testing and
managing heteroscedasticity - testing and managing
autocorrelation - estimation of regressions with dummy variables -
estimation of regression with limited dependent variable - identification
of equations in simultaneous equation systems.
Suggested Readings
- Gujarati DN. 2003. Basic Econometrics. McGraw
Hill.
- Johnson AG Jr., Johnson MB & Buse RC.
1990. Econometrics - Basic and Applied. MacMillan.
- Kelejan HH & Oates
WE. 1994.Introduction to Econometrics Principles
and Applications. Harper and Row Publ.
- Koutsoyianis A. 1997. Theory of Econometrics.
Barner & Noble.
- Maddala GS. 1992. Introduction to
Econometrics. MacMillan.
- Maddala GS. 1997. Econometrics. McGraw
Hill.
- Pindyck RS & Rubinfeld DL. 1990.
Econometrics Models and Econometric Forecasts. McGraw Hill.
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LINEAR PROGRAMMING
Objective
- The Course Objective
of the course is to impart
knowledge of Linear programming techniques.
Theory
- UNIT I
- Decision Making-
Concepts of decision making,
introduction to quantitative tools,
introduction to linear programming, uses
of LP in different fields, graphic solution to problems,
formulation of problems.
- UNIT II
- Simplex Method: Concept of simplex Method,
solving profit maximization and cost minimizations
problems. Formulation of farms and non
farm problems as linear programming models and solutions.
- UNIT III
- Extension of Linear
Programming models: Variable resource and
price programming, transportation problems,
recursive programming, dynamic programming.
- UNIT IV
- Game Theory- Concepts
of game theory, two person constant
sum, zero sum game, saddle point, solution to mixed
strategies, the rectangular game as Linear Programme.
Practical
- Graphical and algebraic
formulation of linear programming
models.
- Solving of maximization
and minimization problems by simplex
method. Formulation of the simplex matrices for typical farm
situations.
Suggested Readings
- Dorfman R. 1996.
Linear Programming & Economic Analysis.
McGraw Hill.
- Loomba NP.2006. Linear Programming. Tata
McGraw Hill.
- Shenoy G. 1989. Linear
Programming-Principles & Applications. Wiley
Eastern Publ.
- Vaserstein. 2006. Introduction to Linear
Programming. Pearson Education Publication
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AGRICULTURAL FINANCE AND PROJECT MANAGEMENT
Objective
- The Course Objective
of the course is to impart
knowledge on issues related to lending
to priority sector credit management
and financial risk management. The course would bring in
the various appraisal techniques in project - investment of
agricultural projects.
Theory
- UNIT I
- Role and Importance of
Agricultural Finance. Financial Institutions
and credit flow to rural/priority
sector. Agricultural lending - Direct
and Indirect Financing - Financing
through Co-operatives, NABARD and Commercial
Banks and RRBs. District Credit
Plan and lending to agriculture/priority
sector. Micro-Financing and Role of
MFI's - NGO's, and SHG's.
- UNIT II
- Lending to farmers -
The concept of 3 C's, 7 P's
and 3 R's of credit. Estimation of
Technical feasibility, Economic viability
and repaying capacity of borrowers
and appraisal of credit proposals.
Understanding lenders and developing better
working relationship and supervisory credit
system. Credit inclusions - credit widening and credit deepening.
- UNIT III
- Financial Decisions -
Investment, Financing, Liquidity and
Solvency. Preparation of financial statements - Balance Sheet, Cash
Flow Statement and Profit and Loss
Account. Ratio Analysis and Assessing
the performance of farm/firm.
- UNIT IV
- Project Approach in
financing agriculture. Financial, economic
and environmental appraisal of investment projects. Identification,
preparation, appraisal, financing and
implementation of projects. Project Appraisal
techniques - Undiscounted measures. Time
value of money - Use of discounted
measures - B-C ratio, NPV and IRR. Agreements, supervision,
monitoring and evaluation phases in
appraising agricultural investment projects. Net work
Techniques - PERT and CPM.
- UNIT V
- Risks in financing agriculture.
Risk management strategies and coping
mechanism. Crop Insurance programmes -
review of different crop insurance
schemes - yield loss and weather
based insurance and their
applications.
Practical
- Development of Rural
Institutional Lending - Branch expansion,
demand and supply of institutional
agricultural credit and Over dues and
Loan waiving- : An overview, Rural Lending Programmes of Commercial
Banks, Lead Bank Scheme- Preparation
of District Credit Plan, Rural
Lending Programmes of Co-operative Lending Institutions, Preparation
of financial statements using farm/firm level data, Farm credit
appraisal techniques and farm financial analysis through financial
statements, Performance of Micro Financing Institutions
- NGO's and Self-Help Groups,
Identification and formulation of investment
projects, Project appraisal techniques
- Undiscounted Measures and their limitations. Project
appraisal techniques - Discounted Measures, Network techniques -
PERT and CPM for project management, Case Study
Analysis of an Agricultural project,
Financial Risk and risk management strategies -
crop insurance schemes, Financial instruments and
methods - E banking, Kisan Cards and core banking.
Suggested Readings
- Dhubashi PR. 1986.
Policy and Performance - Agricultural
and Rural Development in Post Independent India. Sage
Publ.
- Gittinger JP 1982. Economic Analysis of
Agricultural Projects. The Johns Hopkins Univ. Press.
- Gupta SC. 1987.
Development Banking for Rural Development.
Deep & Deep Publ.
- Little IMD &
Mirlees JA. 1974. Project Appraisal
and Planning for Developing Countries. Oxford & IBH
Publ.
- Muniraj R. 1987. Farm Finance for Development.
Oxford & IBH Publ.
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INTERNATIONAL ECONOMICS
Objective
- The expected outcome of this course will be
creating awareness among the students about the role of
International Economics on National welfare.
Theory
- UNIT I
- Scope and Significance
of International Economics - The role
of trade- General Equilibrium in a
Closed Economy (Autarky Equilibrium) -
Equilibrium in a Simple Open Economy
- Possibility of World Trade - Trade
gains and Trade Equilibrium.
- UNIT II
- Tariff, Producer Subsidy,
Export Subsidy, Import Quota and
Export Voluntary Restraints- The Case of Small Country and Large
Country Case.
- UNIT III
- Ricardian Model of
Trade- Specific Factors Model- Heckscher
- Ohlin
- Model - Trade Creation
and Trade Diversion - Offer Curve
- Export Supply Elasticity and Import Demand Elasticity -
Comparative Advantage and Absolute Advantage.
- UNIT IV
- Official Exchange Rate
and Shadow Exchange Rate - Walra's
Law and Terms of Trade - Trade Blocks.
- UNIT V
- IMF, World Bank, IDA,
IFC, ADB - International Trade
agreements - Uruguay Round - GATT - WTO.
Practical
- Producer's Surplus,
Consumer's Surplus, National Welfare under
Autarky and Free Trade Equilibrium
with small and large country
assumption- Estimation of Trade Gains-
Estimation of competitive and comparative
measures like NPC, EPC, ERP and
DRC- Estimation of Offer Curve
- Elasticity- Estimation of
Effect of Tariff, Export Subsidy,
Producer
- Subsidy, Import Quota and
Export Voluntary Restraints on
National Welfare- Estimation of Ricardian
Model - Estimation of Effect of
Trade under Specific Factor Model- Estimation
of trade Equilibrium under Heckscher
-Ohlin model - Trade Creation and Diversion.
Suggested Readings
- Apple Yard DR &
Field AJ Jr. 1995. International
Economics - Trade, Theory and Policy. Irwin,
Chicago.
- Cherunilam F. 1998. International Economics.
Tata McGraw Hill.
- Krugman PR & Obstfeld M. 2000.
International Economics - Theory and Policy. Addison-Wesley.
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AGRICULTURAL DEVELOPMENT AND POLICIES
Objectives
- to provide orientation to the students
regarding the concepts and measures of economic development
- to provide orientation
on theories of economic growth and
relevance of theories in developing countries.
- to make them to
understand the agricultural policies and
its effect on sustainable agricultural development
- to make them to understand the globalization
and its impact on agricultural development.
Theory
- UNIT I
- Development Economics - Scope and Importance -
Economic development and economic growth - divergence in concept and
approach - Indicators and Measurement of Economic Development - GNP as a
measure of economic growth - New Measures of
Welfare - NEW and MEW - PQLI -
HDI - Green GNP - Criteria for
under development - Obstacles to economic
development - Economic and Non-Economic factors of economic growth.
- UNIT II
- Economic development -
meaning, stages of economic development,
determinants of economic growth. Theories
of economic growth - Ricardian growth
model - The Harrod - Domar Model - The Neo classical
- Model of Growth -
The Kaldor Model - Optimal Economic
Growth - Recent Experiences of developing country economies in
transition - Role of state in economic development
- Government measures to promote economic
development. Introduction to development planning.
- UNIT III
- Role of agriculture in
economic / rural development -
theories of agricultural development -
Population and food supply - need
for sound agricultural policies - resource policies - credit
policies - input and product marketing policies - price
policies.
- UNIT IV
- Development issues, poverty, inequality,
unemployment and environmental degradation -
Models of Agricultural Development -
Induced Innovation Model - policy options for sustainable
agricultural development.
- UNIT V
- Globalization and the relevance
of development policy analysis - The
dilemma of free trade? - Free
trade versus Protectionism- Arguments for
protection. Arguments against protection. Role of protection in
Developing Countries. WTO - Agreement on Agriculture - Contradictions
of free trade - proponents and opponents policies in vulnerable
sectors like agriculture - Lessons for developing
countries.
Suggested Readings
- Chakaravathi RM. 1986. Under Development and
Choices in Agriculture. Heritage Publ., New Delhi.
- Diwett KK. 2002. Modern Economic Theory. S.
Chand & Co.
- Eicher KC & Staatz
JM. 1998. International Agricultural
Development. Johns Hopkins Univ. Press.
- Frank E. 1992.
Agricultural Polices in Developing
Countries. Cambridge Univ. Press.
- Ghatak S &
Ingersent K. 1984. Agriculture and
Economic Development.
- Select Book Service Syndicate, New
Delhi.
- Jhingan ML. 1998. The Economics of Development
and Planning. Vrinda Publ.
- Jules PN. 1995.
Regenerating Agriculture - Polices and
Practice for Sustainability and Self Reliance. Vikas Publ.
House.
- Naqvi SNH. 2002.
Development Economics - Nature and
Significance. Sage Publ.
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INSTITUTIONAL ECONOMICS
Objective
- The course exposes the students to the
institutional problems and remedies.
Theory
- UNIT I
- Old and New
Institutional Economics - Institutional
Economics Vs Neo- classical Economics.
Definition of institutions - Distinction
between institutions and organizations - Institutional
evolution Institutional change
and economic performance -
national and international
economic institutions.
- UNIT II
- Transaction cost
economics - Transaction costs and the
allocation of resources. Transaction costs
and efficiency. Asymmetric information -
Moral hazard and Principal-Agent
problem.
- UNIT III
- Free rider problem - path dependency -
Interlinked transactions. Collective action and
the elimination of free-rider problem
- The logic of collective action and its
role in reducing free rider problem - theory of Groups. Rent seeking
- interest groups and policy formulation.
- UNIT IV
- Economic analysis of
property rights- property rights regimes
- private property - State Property - Common property
Resources (CPRs) - public goods and club goods.
- UNIT V
- Special features of
institutional arrangements in agriculture -
Transaction costs in agriculture -
Case Studies - Theories of agrarian
institutions - tenancy institutions.
Suggested Readings
- Barzel, Y. 1990. Economic Analysis of Property
Rights. Cambridge Univ. Press.
- Bhardhan P. (Ed.).
1989. The Economic Theory of Agrarian
Institutions. Clarendon Press, Oxford.
- Bromley DW. 1989. Economic Interests and
Institutions: The Conceptual Foundations of Public Policy. Basil
Blackwell, Cambridge.
- Eggertsson T. 1990.
Economic Behaviour and Institutions.
Cambridge Univ. Press.
- Greif A. 2006. Institutions and the Path to
the Modern Economy: Lessons from Medieval Trade (Political Economy of
Institutions &Decisions). Cambridge Univ. Press.
- Neelakandan S. 1992. New Institutional
Economics and Agrarian Change - A Primer. Indian
Economic Association Trust for Research
and Development, New Delhi.
- North DC. 1990.
Institutions, Institutional Change
and Economic Performance. Cambridge Univ.
Press.
- Ostrom E. 1990.
Governing the Commons: The Evolutions
of Institutions for Collective Actions. Cambridge Univ.
Press.
********************************
NATURAL RESOURCE AND ENVIRONMENTAL ECONOMICS
Objectives
- To introduce economics
principles related to natural resource and
environmental economics
- To explore the concept of efficiency and the
efficient allocation of natural resources
- To understand the economics of why
environmental problems occur.
- To explore the concept of efficiency and the
efficient allocation of pollution control and pollution prevention
decisions.
- To understand the environmental policy issues
and alternative instruments of environmental policies
Theory
- UNIT I
- Concepts, Classification and
Problems of Natural Resource Economics
-
- Economy - Environment
interaction - The Material Balance
principle, Entropy law- Resources Scarcity -
Limits to Growth - Measuring and mitigating
natural resource scarcity - Malthusian and Recardian scarcity - scarcity
indices - Resource Scarcity and Technical Change.
- UNIT II
- Theory of optimal extraction renewable
resources -economic models of oil extraction- efficiency - time path of
prices and extraction - Hotelling's rule, Solow-Harwick's Rule. Theory of
optimal extraction exhaustible resources -economic models of forestry and
fishery.
- UNIT III
- Efficiency and markets - market failures -
externalities - types - property rights - transaction costs - Coase's
theorem and its critique - public goods - common property
and open access resource management -
Collective action.
- UNIT IV
- Environmental perspectives - biocentrism,
sustainability, anthropocentrism - Environmental problems and quality of
environment - Sources and types of pollution -air, water, solid waste,
land degradation - environmental and economic impacts - Economics of pollution
control - efficient reduction in environmental pollution.
- UNIT V
- Environmental regulation -
economic instruments - pollution charges -
Pigovian tax - tradable permits -
indirect instruments - environmental legislations in
India.
- UNIT VI
- Concept of sustainable development -
Economic Perspective - Indicators of sustainability
Relation between development and environment
stress- Environmental Kuznet's curve Environmental
Accounting - resource accounting methods -
International Environmental Issues - climate change - likely impacts
-mitigation efforts and international treaties.
Practical
- Exhaustible resource management
-optimum rate of oil extraction.
- Renewable resource
management - optimum harvest of
Forestry/fishery.
- Exercise on pollution
abatement -I. Exercise on pollution
abatement -II.
- Concepts in valuing
the environment. Taxonomy of valuation
techniques. Productivity change method -
substitute cost method - Hedonic price
method - Travel cost method -Contingent valuation methods. Discount rate
in natural resource management. Environment
impact assessment Visit to Pollution Control Board.
Suggested Readings
- Ahmad Y, El Serafy S & Lutz E. (Eds.).
1989.Environmental Accounting for Sustainable Development. World
Bank.
- Freeman AM. 1993. The
Measurement of Environmental and Resource Values.
Resources for the Future Press, Baltimore.
- Hackett SC. 2001.
Environmental and Natural Resource
Economics:
- Theory, Policy, and the Sustainable Society.
M. E. Sharpe, Armonk, NY.
- Hartwick JM &
Olewiler ND. 1998. The Economics of
Natural Resource Use. 2 Ed. Addison-Wesley
Educational Publ.
- Kerr JM, Marothia DK, Katar Singh, Ramasamy C
& Bentley WR. 1997.
- Natural Resource Economics:
Theory and Applications in India. Oxford
& IBH.
- Kolstad CD. 2000. Environmental
Economics. Oxford Univ. Press.
- Pearce DW & Turner
K. 1990. Economics of Natural
Resources and the Environment. John Hopkins Univ.
Press.
- Prato T. 1998. Natural Resource and
Environmental Economics. Iowa State Univ. Press.
- Sankar U. 2001. Environmental Economics.
Oxford Univ. Press.
- Sengupta R. 2000.
Ecology and Economy, an Indian Perspective.
Oxford Univ. Press. th
- Tietenberg T. 2003.
Environmental and Natural Resource
Economics. 6 Ed. Addison Wesley.
********************************
INTELLECTUAL PROPERTY MANAGEMENT
Objective
- The Course Objective of the course is to
create awareness about intellectual property rights in agriculture.
The course deals with management of patents, trademark,
geographical indications, copy rights, designs,
plant variety protection and
bio-diversity protection. The students will
be taught on the Marketing and Commercialization
of Intellectual Properties.
Theory
- UNIT I
- World Trade
Organization- Agreement on
Agriculture (AoA) and Intellectual Property
Rights (IPR) - Importance of
Intellectual Property Management - IPR and
Economic growth- IPR and Bio diversity
-Major areas of concern in Intellectual Property Management
-Technology Transfer and Commercialization-Forms of
different Intellectual Properties generated by
agricultural research.
- UNIT II
- Discovery versus Invention
- Patentability of Biological Inventions
- Method of Agriculture and
Horticulture- procedure for patent
protection: Preparatory work. Record
keeping, writing a patent document,
filing the patent document -Types of
patent application-patent application under
the Patent cooperation treaty (PCT).
- UNIT III
- Plant genetic resources
-Importance and conservation - Sui
Generic
- System -Plant Varieties Protection and Farmers
Rights Act- Registration of
- Extant varieties - Registration and protection
of New Varieties / Hybrids / Essentially Derived Varieties - Dispute
prevention and settlement -Farmers' Rights.
- UNIT IV
- Trademark- Geographical
Indications of Goods and Commodities -
Copy rights-Designs - Biodiversity Protection.
- UNIT V
- Procedures for
commercialization of technology - Valuation,
Costs and
- Pricing of Technology-
Licensing and implementation of
Intellectual Properties- Procedures for
commercialization - Exclusive and non
exclusive marketing rights-Research Exemption and benefit sharing .
Suggested Readings
- Ganguli P. 2001. Intellectual Property Rights
-Unleashing the Knowledge Economy. Tata McGraw Hill.
- Gupta AK. 2003.
Rewarding Conservation of Biological and
Genetic
- Resources and
Associated Traditional
Knowledge and Contemporary Grass
Roots Creativity. Indian
Institute of Management, Ahmedabad.
- Khan SA &
Mashelkar R. 2004. Intellectual Property
and Competitive
- Strategies in the
21 Century. Kluwer Law International,
The Hague.
********************************
RURAL MARKETING
Objective
- To provide understanding regarding issues in
rural markets like marketing environment,
consumer behaviour, distribution
channels, marketing strategies, etc.
Theory
- UNIT I
- Concept and scope of
rural marketing, nature and characteristics
of rural markets, potential of rural markets in
India.
- UNIT II
- Environmental factors - socio-cultural,
economic and other environmental factors affecting rural
marketing.
- UNIT III
- Rural consumer's behaviour
- behavior of rural consumers and
farmers; buyer characteristics and buying behaviour; Rural v/s urban
markets.
- UNIT IV
- Rural marketing strategy - Marketing of
consumer durable and non-durable goods and
services in the rural markets with
special reference to product planning; product
mix, pricing Course Objective, pricing policy and pricing
strategy.
- UNIT V
- Product promotion - Media planning, planning
of distribution channels, and organizing personal selling in rural
market in India.
Suggested Readings
- Krishnamacharyulu CSG &
Ramakrishan L. 2002. Rural
Marketing. Pearson Edu.
- Ramaswamy VS & Nanakumari S. 2006.
Marketing Management. 3 Ed. rd MacMillan.
- Singh AK & Pandey S. 2005. Rural
Marketing. New Age.
- Singh Sukhpal. 2004. Rural Marketing. Vikas
Publ. House.
********************************
COMMODITY FUTURES TRADING
Objective
- This course is aimed
at providing the basic understanding
and the mechanics and value of futures markets for
speculators and hedgers who in turn will serve as price risk
management activities of agribusiness firms.
Theory
- UNIT I
- History and Evolution of commodity markets -
Terms and concepts: spot, forward and futures Markets - factors
influencing spot and future markets.
- Speculatory mechanism in commodity
futures.
- UNIT II
- Transaction and settlement - delivery
mechanism - role of different agents - trading strategies -
potential impact of interest rate, Foreign Exchange, FDI in
Commodity Markets.
- UNIT III
- Risk in commodity
trading, importance and need for risk
management measures - managing market
price risk: hedging, speculation, arbitrage,
swaps - pricing and their features.
- UNIT IV
- Important global and
Indian commodity exchanges - contracts
traded - special features -Regulation of Indian commodity
exchanges - FMC and its role.
- UNIT V
- Fundamental Vs Technical
analysis - construction and interpretation
of charts and chart patterns for analyzing the market trend - Market
indicators - back testing. Introduction
to technical analysis software -
analyzing trading pattern of different commodity groups.
Suggested Readings
- Kaufman PJ. 1986. The Concise Handbook of
Futures Markets. John Wiley & Sons.
- Leuthold RM, Junkus JC & Cordier JE. 1989.
The Theory and Practice of Futures Markets. Lexington Books.
- Lofton T. 1993.
Getting Started in Futures. 3 Ed.
John Wiley & Sons, rd 1993.
- Purcell WD. 1991.
Agricultural Futures and Options: Principles
and Strategies. Macmillan Publ.
- Wasendorf RR & McCafferty 1993. All about
Commodities from the Inside Out. McGraw-Hill.
********************************
ADVANCED MICRO ECONOMIC ANALYSIS
Objectives
- The Course Objective of this course is to
introduce the theoretical models and applications of
microeconomic theory. In particular,
the basic comparative statistical techniques and the more
modern duality theory will be developed and
applied to the models of maximization,
unconstrained and constrained utility
maximization, expenditure minimization,
constrained profit maximization, and cost
and expenditure minimization. These
mathematical structures form the basic
building blocks of neoclassical
economics; this course will stress the
development and application of these important models.
We follow a calculus rather than a graphical approach to the theory.
In the subsequent sections of the course, we provide a fairly
rigorous exposure to price determination under different market
situations, general equilibrium theory, causes and consequences of
market failure and welfare economics including the theory of public
choice.
Theory
- UNIT I
- Theory of consumer behaviour - Duality in
consumer theory - expenditure function and indirect utility function
- Measurement of Income Effect and Substitution Effect.
Measurement of Changes in Consumers'
Welfare - Consumer's Surplus, Compensating
Variation and Equivalent Variation - Dynamic
versions of demand functions - Integrability of demand functions.
Demand Models - Linear Expenditure
System, Almost Ideal Demand System.
Applications of consumer theory -
Household model and time allocation - Labour
supply decisions by households.
- UNIT II
- Perfect competition - Monopoly, monopolistic
competition and oligopoly. Oligopoly models -
collusive and non-collusive models of
oligopoly - Cournot model, Chamberlin model, Stackleberg
solution.
- UNIT III
- General equilibrium theory
- Conceptual overview - General equilibrium
conditions with Production and Consumption.
Existence, Uniqueness and Stability of general
competitive equilibrium. Walrasian general equilibrium -
Mathematical derivation of conditions for general equilibrium.
- UNIT IV
- Market failure - Incomplete markets -
Asymmetric information - Principal- Agent problem,
adverse selection and moral hazard.
Externalities - Network externalities - Public goods -
Optimal provision of public goods.
- UNIT V
- Welfare Economics - Concepts,
problems, approaches and limitations of
Welfare Economics, Pareto conditions of maximum welfare - Criteria
for social welfare - Social Welfare
functions, Social versus Private costs
and benefits.
- Practical
- Problems in consumer utility
maximization - Estimation of income
and substitution effects; Estimation and
comparison of Consumer's surplus, equivalent
variation and compensating variation.
Estimation of demand models -
Derivation and estimation of labour
supply equations from household models
comparative static analysis in consumption.
Advanced problem solving in price
determination under perfect competition,
monopoly, oligopoly and monopolistic competition.
Game theory models.
- Problems solving in General Equilibrium Theory
and Welfare Economics. Problems in public goods
provision.
Suggested Readings
- Chiang AC. 1981.
Fundamental Methods of Mathematical
Economics. McGraw-Hill.
- Henderson JM & Quandt
RE. Microeconomic Theory: A Mathematical Approach.
McGraw-Hill.
- Koutsoyiannis A. 2003. Modern Microeconomics.
The Macmillan Press.
- Kreps DM. 1990. A Course in Microeconomic
Theory. Princeton Univ. Press.
- Silberberg E & Suen
W. 2001. The Structure of
Economics - A Mathematical Analysis.
McGraw-Hill.
- Varian HR. 1992. Microeconomic Analysis. WW
Norton & Co.
- Varian HR. 1999.
Intermediate Microeconomics. Affiliated
East-West Press.
********************************
ADVANCED MACROECONOMICS ANALYSIS
Objective
- Advanced macroeconomics
course will be offered to PhD
students of Agricultural Economics with the following Course
Objective.
- to understand the macroeconomic
theory
- to examine the macroeconomic Policy
issues
- to analyze the macroeconomic Policy
implications
Theory
- UNIT I
- Review of Macro
Economics concepts-Comparative statistics-
Keynesian theory- Consumption Function and
Theories of Consumption -Saving Function
and Theories of Saving.
- UNIT II
- Theories of Investment-Savings
and Investment Equality - IS -
LM Framework and its mand for and Supply of Money-Monetary
Policy in the static model - Inflation.
- UNIT III
- Stagflation and Supply
side Economics - Theory of
Unemployment - Phillips Curve controversy - Inflation,
Productivity and distribution - Fiscal policy: Effectiveness and
Problems.
- UNIT IV
- Social Accounting Matrix
Framework - General Equilibrium Analysis
- Neo classical Macro Economics - Stochastic Macro Economics.
UNIT V
- BOP & Adjustment Policies - Foreign
Exchange Policy - Foreign sector :
- Capital and Current
Account - Impact of WTO on
Indian Economy - Impact of IMF & IBRD on Indian
Economy - Review of Macro Economic Policies in India.
Suggested Readings
- Diulio EA. 2006. Macroeconomics. 4
Ed. Schaums' Outlines. Frogen RT. 1999. Macro Economic: Theory and
Policies. 6 Ed. Prentice Hall.
- Samuelson PA & Nordhaus WD. 2004.
Economics. McGraw-Hill. Shapiro E. 1989. Macro Economic
Analysis. Galgotia Publ.
********************************
ADVANCED ECONOMETRICS
Objective
- The Course Objective
of the course is to impart
knowledge on advanced econometric tools
to the Research Scholars of
agricultural economics. Training in advanced
econometrics will help the Research Scholars
to analyze the economic problem by applying quantitative
techniques.
Theory
- UNIT I
- Review of classical
regression model - review of
hypothesis testing - restrictions on parameters - single
equation techniques.
- UNIT II
- Ordinary least squares - weighted least
squares - generalized least squares -method of principal
components - instrumental variables
method - maximum likelihood method -
errors in variables, non-linearity and
specification tests - non spherical error terms.
- UNIT III
- Dummy variables - Qualitative and truncated
dependent variables - limited dependent variables -LPM,
probit and logit models, their multinomial
extensions.
- UNIT IV
- Autoregressive distributed
lag models - panel data fixed
and random effects models and their extensions. UNIT V
- Simultaneous equation
methods -identification - estimation by
indirect least squares 2SLS, PIML, SURE, 3SLS.
Practical
- Estimation of multiple regression model - GLS
estimation methods - testing misspecification errors
- Testing and Managing
multicollinearity, heteroscedasticity and autocorrelation
- estimation of LPM, Logit and Probit
models - comparing two regressions -
Chow test - estimation of distributed
lag models - panel data random
and fixed effects models - Indirect
least squares 2SLS, SURE, 3SLS,
estimation of simultaneous equation models
- Suggested Readings
- Greene WH. 2002. Econometric Analysis. Pearson
Edu.
- Johnston J & Dinardo J. 2000. Econometric
Methods. McGraw-Hill.
- Kelejan HH & Oates
WE. 2001. Introduction to Econometrics
Principles and Applications. Harper & Row.
- Maddala GS. 2002. Econometrics.
McGraw Hill.
********************************
ADVANCED PRODUCTION ECONOMICS
Objective
- To expose the students
to the concept, significance and uses
of advance production economics.
Theory
- UNIT I
- Agricultural Production process - Relationship
between farm planning and production economics-scope
of agricultural production and planning-
methods/procedures in agro-economic research and planning.
- UNIT II
- Production functions, components,
assumptions, properties and their
economic interpretation - Concepts of
homogeneity, homotheticity, APP, MPP, elasticities of
substitution and their economic relevance - Production relations
-optimality-Commonly used functional forms, nature, properties,
limitations, estimation and interpretation -linear, Spillman -Cobb
Douglas, quadratic, multiplicative (power)
functional forms - Translog, and
transcendental functional forms -CES,
production functional forms- Conceptual and empirical
issues in specification, estimation and application of
production functions- Analytical approaches
to economic optimum - Economic optimum
- determination of economic optimum
with constant and varying input and
output prices- Economic optimum with
production function analysis - input use behaviour.
- UNIT III
- Decision making with
multiple inputs and outputs - MRT
and product relationship-cost of production and adjustment in
output prices-single input and multiple product decisions- Multi
input, and multi product production decisions - Decision making with
no risk -Cost of wrong decisions - Cost curves - Principles and
importance of duality theory - Correspondence of
production, cost, and profit functions - Principles and derivation of
demand and supply functions .
- UNIT IV
- Technology, input use and factor shares
-effect of technology on input use- decomposition
analysis-factor shares-estimation methods-
Economic efficiency in agricultural
production - technical, allocative and
economic efficiency - measurement
-Yield gaps analysis -
concepts and measurement - Risk
and uncertainty in agriculture -
incorporation of risk and uncertainty
in decision making - risk and
uncertainty and input use level-risk
programming.
- UNIT V
- Simulation and programming
techniques in agricultural production-
Multiple Course Objective Programming -
Goal programming and Compromise programming -
applications.
Practical
- Estimation of different
forms of production functions- Optimal
input and product choice from estimated functions-Derivation
of demand and supply functions and estimation-Estimation
of cost function and interpretations-
Optimal product and input choice under
multi input and output system- Estimation of
factor shares from empirical functions estimated-Estimating
production functions incorporating technology
changes: Decomposition analysis and incorporation of
technology-Estimation of efficiency measures - Stochastic,
probabilistic and deterministic frontier production functions- Risk
programming - MOTAD-Quadratic programming-Simulation models for
agricultural production decisions-Goal
programming - Weighted, lexicographic and fuzzy goal
programming-Compromise programming.
Suggested Readings
- Chambers RG. 1988. Applied Production
Analysis. Cambridge Univ. Press.
- Gardner BL &
Rausser GC. 2001. Handbook of
Agricultural Economics. Vol. IA Agricultural Production.
Elsevier.
- Palanisami KP, Paramasivam
& Ranganathan CR. 2002.
Agricultural Production Economics: Analytical Methods
and Applications. Associated Publishing
Co.
********************************
QUANTITATIVE DEVELOPMENT POLICY ANALYSIS
Objective
- The course trains the Scholars in the art of
informed decision making and helps them to appreciate the value of the
analytical basis in policy decisions.
- They are given hands on training on the
estimation and use of various criteria such as elasticities in making QDPA
more meaningful
- The scholars make extensive reviews to get
acquainted with the analytical relevance and in drawing inferences.
Theory
- UNIT I
- Policy framework - goals, value, beliefs and
welfare maximization. Market
- Policy and State -
State vs. Market - Failure of
Policy - Failure of Markets -
Rationale for Government Intervention. Role
of Quantitative Policy Analysis.
- UNIT II
- Demand analysis for
policymaking - Alternative approaches to
demand analysis - Policy implications. Supply response - Alternative
approaches to measurement of supply response - Nerlovian models of supply
response - Policy implications.
- UNIT III
- Household behaviour and policy analysis -
Household models.
- UNIT IV
- Partial equilibrium analysis
- Concept of reference prices -
Price distortions - indicators and
impact. Transaction costs - Implications for
efficiency and productivity - Institutional
solutions - Multi market approach to policy
analysis.
- UNIT V
- Social Accounting Matrices
and multipliers -- Computable General
Equilibrium models to assess economy wide impact of policy changes.
Practical
- Review of criteria for policy evaluation -
Estimation of price elasticities - Review of estimation
of complete demand systems -
Estimation of
- Nerlovian supply Response
model - Review of Household models -
Specification and estimation of household
models - Partial equilibrium analysis - Input-output
table - Social Accounting Matrix - Construction of a SAM - computation of
Multipliers - Multi Market Analysis - Review of Computable General Equilibrium
Models.
Suggested Readings
- Chenery H &
Srinivasan TN. (Eds.). 1988. Hand
book of Development Economics. North-Holland.
- Eicher KC & Staatz
JM. 1998. International Agricultural Development.
Johns Hopkins Univ. Press.
- Fischer G, Miller J & Sidney MS. (Eds.).
2007. Handbook of Public Policy Analysis: Theory, Politics and Methods.
CRC Press.
- Frank E. 1992.
Agricultural Polices in Developing
Countries. Cambridge Univ. Press.
- Ghatak S &
Ingersent K. 1984. Agriculture and
Economic Development. Select Book Service Syndicate.
- Kindleberger PC. 1977. Economic Development.
McGraw Hill.
- Meier MG & Stigilitz JE. 2001. Frontiers
of Development Economics- the Future Perspective. Oxford Univ.
Press.
- Sadoulet E & de
Janvry A. 1995. Quantitative
Development Policy Analysis. (London: John Hopkins Univ.
Press.
- Shoven Neck R, Christian R & Mooslechner
P. (Eds.). 2008. Quantitative Economic Policy Essays in Honour of Andrew
Hughes Hallett.
********************************
ADVANCED AGRICULTURAL MARKETING AND PRICE ANALYSIS
Objective
- The main Course
Objective of this course is to
critically analyze the important
marketing concepts, models,
properties of agricultural commodity
prices and forecasting, data collection
and analysis using current software etc., in order to
make them policy decisions in the field of agricultural
marketing.
Theory
- UNIT I
- Importance of market
analysis in the agricultural system -
types of marketing- advantages and
disadvantages - quantitative estimation -
the distinguishing characteristics and role
of agricultural prices - data
sources for agricultural products and
prices - softwares used in market
analysis.
- UNIT II
- Role of various formal institutions in
agricultural marketing - and functions - measuring
their efficiency - public - private
partnership - institutional arrangements. Successful case
studies. UNIT III
- Multi market estimation,
supply response models. Market integration
and price transmission - supply /
value chain management. GAP analysis.
Current trends in information in the changing agrifood system.
- UNIT IV
- Agricultural commodity marketing - spot and
futures- marketing of derivatives-speculation, hedging,
swap, arbitrage etc. commodity exchanges
- price discovery and risk management
in commodity markets- Regulatory mechanism of futures
trading.
- UNIT V
- Lag operators and difference
equations; stationary and stochastic
processes; UNIT roots
and cointegration;
conditional heteroscedasticity: ARCH
and GARCH models -
forecast evaluation; methods of forecasting.
price indices and econometric estimation and
simulation.
Practical
- Estimation of demand/
supply forecasting, supply chain /
value chain analysis for different
commodities - Commodity models- multi
market estimation- time series analysis -
market integration studies- price discovery
price volatility estimation - commodity
price forecasting using econometric softwares.
Suggested Readings
- Ferris JN. 1998.
Agricultural Prices and Commodity Market
Analysis. McGraw-Hill.
- Goodwin JW. 1994. Agricultural Price Analysis
and Forecasting. Wiley.
- Hallam D. 1990. Econometric Modeling of
Agricultural Commodity Markets. New Routledge.
- Martimort D. (Ed.). 1996. Agricultural
Markets: Mechanisms, Failures, and Regulations. Elsevier.
- Schrimper RA. 2001. Economics of Agricultural
Markets. Pearson.
- Timmer CP. 1986. Getting Prices Right. Cornell
University Press.
- Tomek WG &
Robinson KL. 2003. Agricultural Product
Prices. 4 th Ed. Cornell University Press.
********************************
COMMODITY FUTURES TRADING
Objective
- This course is aimed
at providing the basic understanding
and the mechanics and value of futures markets for
speculators and hedgers which in turn will serve as price risk
management activities of agribusiness firms.
Theory
- UNIT I
- History and Evolution of commodity markets -
Terms and concepts: spot, forward and futures Markets - factors
influencing spot and future markets. Speculatory mechanism in
commodity futures.
- UNIT II
- Transaction and settlement - delivery
mechanism - role of different agents - trading strategies -
potential impact of interest rate, Foreign Exchange, FDI in
Commodity Markets.
- UNIT III
- Risk in commodity
trading, importance and need for risk
management measures - managing market
price risk: hedging, speculation, arbitrage,
swaps - pricing and their features.
- UNIT IV
- Important global and
Indian commodity exchanges - contracts
traded - special features -Regulation of Indian commodity
exchanges - FMC and its role.
- UNIT V
- Fundamental Vs Technical
analysis - construction and interpretation
of charts and chart patterns for analyzing the market trend - Market
indicators - backtesting. Introduction to
technical analysis software - analyzing
trading patterns of different commodity groups.
Suggested Readings
- Kaufman PJ. 1986. The Concise Handbook of
Futures Markets. John Wiley & Sons.
- Leuthold RM, Junkus JC & Cordier JE. 1989.
The Theory and Practice of Futures Markets. Lexington Books.
- Lofton T. 1993. Getting Started in Futures. 3
Ed. John Wiley & Sons. rd
- Purcell WD. 1991. Agricultural
Futures and Options: Principles and Strategies.
Macmillan Publ.
- Wasendorf RR &
McCafferty. 1993. All about Commodities
from the Inside Out. McGraw-Hill.
********************************
NATURAL RESOURCE MANAGEMENT
Objectives
- This is an applied economics course that
focuses on the economic analysis of natural
resources, and seeks to identify and
solve natural resource management problems
via mathematical approach
using dynamic optimization techniques.
During the course, we will encounter
bio- economic models of natural resources including the
classic and more recent forestry and fisheries models, models of
land and water use and extraction of non-renewable resources (such
as from a mineral deposit). We will focus on intuition
and understanding of the economic
analysis rather than complicated mathematical models
in this class. That said, natural resource problems are
inherently dynamic, so some mathematical
modeling of biophysical and economic processes will be
required. Using computers as an aid to understanding the
models will be an important part of the class. The primary tool will
be Microsoft Excel, which is the easiest introduction to computational
optimization and graphical representation of the results.
Theory
- UNIT I
- Natural resources -
definition - characteristics and
classification. Stock dynamics of renewable
and non-renewable resources. Equation of
motion for renewable and non-renewable
resources. Fundamental equation of renewable
resources.
- UNIT II
- Growth curves of fishery and forest resources.
The role of time preference in natural resource
use. Simple two-period model of optimal
use of renewable and non-renewable
resources. Advanced models of optimal
resource use - Static Vs. dynamic
efficiency in natural resource use
Applications of dynamic programming and optimal control.
- UNIT III
- Economics of groundwater
use - optimal extraction of
groundwater. Analytical and numerical solutions for optimal
inter-temporal allocation of natural resources.
Optimal harvesting of single rotation
and multiple rotation forests. Optimal management of
fishery.
- UNIT IV
- Property rights in natural
resources and their implication for conservation
and management of natural resources.
Management of common property natural resources
- Institutional arrangements for conservation
and management of common pool fishery, groundwater and
forestry resource.
- UNIT V
- Resource scarcity -
Natural resource degradation - Poverty
and resource degradation - Natural
resource accounting - Pricing and
valuation of natural resources - Natural resources
policy.
Practical
- Derivation of the fundamental equation of
renewable resources-Estimation of growth curves
and stock dynamics for fishery and
forestry resources. Simple two period problem of optimal
resource use - Numerical solution for simple
two-period model of dynamic efficiency
in natural resource extraction. Multi-period
dynamic efficiency - Using Excel
Solver in solving dynamic natural
resource harvesting problems. Using
analytical solution procedures for solving
natural resource management problems -
Optimal control.
Suggested Readings
- Baland J-M & Platteau
JP. 1996. Halting Degradation of
Natural
- Resources: Is There a
Role for Rural Communities? Clarendon Press
and FAO.
- Carlson GA, Miranowski J
& Zilberman D. 1998. Agricultural
and Environmental Resource Economics. Oxford Univ.
Press.
- Chiang AC. 1992. Elements of Dynamic
Optimization. Waveland Press.
- Clark CW. 1976.
Mathematical Bioeconomics: The Optimal Management
of Renewable Resources. John Wiley and Sons.
- Conrad JM & Clark
CW. 1997. Natural Resource Economics:
Notes and Problems. Cambridge Univ. Press.
- Conrad JM. 1999. Resource Economics. Cambridge
University Press.
- Fisher AC. 1981.
Resource and Environmental Economics.
Cambridge Univ. Press.
- Prato T. 1998. Natural Resource and
Environmental Economics. Iowa State Univ. Press.
- Sterner T. 2003. Policy Instruments for
Environmental and Natural
- Resource Management. Resources for the Future,
Washington DC.
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ENVIRONMENTAL ECONOMICS
Objective
- The main objective of this course is to
provide an advanced treatment of the economic theory
of environmental management and policy,
externalities and market and non-market approaches
to environmental improvement. Topics in
economic growth and environmental problems,
poverty and environmental degradation, conservation and
sustainable economic growth, intergenerational and global
environmental problems, policy issues
in environmental regulation and management
will be covered at a sufficient depth
so as to equip the students with the recent developments in the
field.
Theory
- UNIT I
- Environmental pollution as a
consequence of market failure - Causes and
consequences of market failure -
Externalities - Public goods and
externalities - Economics of pollution
- Private vs. Social cost of
environmental pollution - Property rights, environment and development
- Theory of environmental policy.
- UNIT II
- Environmental cost benefit
analysis - Environmental impact assessment
techniques - Non-market valuation of
environmental resources (WTP / WTA) - Environment,
market and social welfare.
- UNIT III
- Economic growth and
environmental cost - Growth oriented
economic policies and their environmental
impacts - Population and environmental
quality - poverty and
environmental degradation - Sustainable
development - Indicators of sustainable
development - Issues in sustainable
development.
- UNIT IV
- Environment, ecology and
environmental accounting - Environmental
pollution with respect to water and air - Land and forest resources
related environmental pollution - Coastal
externalities - Urbanization and
environment - Basic approaches to environmental
policy (Tax, subsidy, pollution permits
etc.) Green taxes - Political economy
of environmental regulation and management.
- UNIT V
- Transboundary environmental
problems - Economics of global
warming, climate change and emission trading - Environment,
international trade and development.
Practical
- Contemporary global
environmental global environmental
issues, movement, policies, programmes, laws and other
regulatory mechanisms - Criteria for evaluating
the environment related projects and
review of Environmental Impact Assessment (EIA)
techniques - Recreation demand models of
environmental valuation - Contingent
valuation techniques - Environmental Resource
Accounting Techniques - Discussion on
the techniques dealing with air
pollution and review of case studies
on air pollution and its impacts - forest environment and wild
life conservation - Green GDP and Green
house insurance - Practical considerations
and comparison of instruments of
environmental policy - Non-point source
pollution control methodologies
- Environment in
macroeconomic modeling -
Meta-analysis, economic valuation
and environmental economics -
Multi-criteria methods for quantitative,
qualitative and fuzzy evaluation problems
related to environment - Input output
analysis, technology and the environment - Computable general
equilibrium models for environmental economics and policy
analysis.
Suggested Readings
- Carlson GA, Miranowski J
& Zilberman D. 1998. Agricultural
and Environmental Resource Economics. Oxford Univ.
Press.
- Hanley N, Shogren J
& White B. 2007. Environmental
Economics in Theory and Practice. Palgrave, London.
- Kolstad C. 1999. Environmental Economics.
Oxford Univ. Press.
- Prato T. 1998. Natural Resource and
Environmental Economics. Iowa State Univ. Press.
- Sterner T. 2003. Policy
Instruments for Environmental and
Natural
- Resource Management. Resources for the Future.
The World Bank and SIDA.
********************************
AGRICULTURAL
ECONOMICS
List
of Journals
- Agricultural Economics Research Review
- Agricultural Finance Review
- Agricultural Marketing
- Agriculture and Agro-industries Journal
- Agriculture Statistics at a Glance
- APEDA Trade yearbook
- Asian Economic and Social Review (Old
Series)
- Bulletin of Agricultural Prices
- Economic and Political Weekly
- Economic Survey of Asia and Far East
- FAO Commodity Review and Outlook
- FAO Production Year book
- FAO Trade year book
- Indian Cooperative Review
- Indian Economic Journal
- Indian Journal of Agricultural Economics
- Indian Journal of Agricultural Marketing
- Indian Journal of Economics
- International Food Policy Research Institute
Research Report
- Journal of Agricultural Development and
Policy
- Journal of Agricultural Economics
- Journal of Agricultural Economics and
Development
- Journal of Farm Economics
- Land Economics
- Productivity
- Reserve Bank of India Bulletin
- Rural Economics and Management
- World Agricultural Economics and Rural
Sociology Abstracts
- World Agricultural Production and Trade:
Statistical Report
- Yojana
- Agricultural Situation in India
********************************
e- Resources
- www.pearsoned.com (Pearson Education
Publication)
- www.mcgraw-hill.com (McGraw-Hill Publishing
Company)
- www.oup.com (Oxford University Press)
- www.emeraldinsight.com (Emerald Group
Publishing)
- www.sagepub.com (Sage publications)
- www.isaeindia.org (Indian Society of
Agricultural Economics)
- www.macmillanindia.com (Macmillan
Publishing)
- www.icar.org.in (Indian Council of
Agricultural Research)
- www.khoj.com (Directory for Agricultural
Economics)
- www.ncap.res.in (National Centre for
Agricultural Economics and Policy Research)
- www.ncdex.com (National Commodity &
Derivatives Exchange Limited)
- www.phdcci.in (PHD Chamber of Commerce and
Industry)
- www.ficci.com (Federation of Indian Chambers
of Commerce and Industry)
- www.assocham.org (Associated Chambers of
Commerce and Industry of India)
- www.apeda.com (Agricultural and Processed Food
Products Export Development Authority)
- www.mpeda.com (Marine Products Export
Development Authority)
********************************
Suggested Broad Topics for Master’s and Doctoral Research
- Economics of Irrigation water in different
agro-climatic conditions
- Potential of exports of agri-products
- Potential domestic as well as international
markets for value added agriproducts
- Demand & supply gap of different
agri-products and agri-inputs
- Economic analysis of new
agri-technologies
- Input use efficiency in different
agro-climatic conditions
- Income and expenditure pattern in rural
areas
- Saving and investment pattern in rural
areas
- Return from investment in agriculture
research
- Marketing of agri-products in WTO regime
- Impact of WTO on agricultural economy
- Impact of Agricultural credit on
socio-economic condition of the farmers
- Optimization of production process to reduce
the cost of production
- Economic analysis of diversification, processing
and value addition in agriculture sector
- Emerging international marketing scenario of
agri-products
- Extent of farmers’ indebtedness in different
agro-climatic conditions
********************************
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