Agricultural Economics and Agricultural Business

Undergraduate Program Information

The Department of Agriculture Economics and Agricultural Business offers two Bachelor of Science in Agriculture degrees.  A Bachelor of Science in Agriculture with a major in Agricultural Economics and Agricultural Business (AEAB) and a Bachelor of Science in Agriculture with a major in Natural Resource Economics and Policy (NREP). 

Agricultural Economics and Agricultural Business - Bachelor of Science in Agriculture

The AEAB degree prepares students for entry level supervisory and management positions with companies that operate in the food and fiber supply chain.  Positions may focus on areas of agribusiness management, agricultural production, financing, marketing, and economics.  Recent AEAB graduates have accepted positions with national and international companies, non-profits, and government agencies.   

In this program, faculty, students and industry work together to provide students with real-world examples and opportunities to apply their skills and knowledge from the required and elective courses.  The curriculum is designed to educate students as business professionals with the necessary skills to succeed in professional positions. Depending on their interest, students can customize their path of study to include additional courses in marketing, finance, or natural resource management.

Natural Resource Economics and Policy - Bachelor of Science in Agriculture

The Department of Agriculture Economics and Agricultural Business offers the Bachelor of Science in Natural Resource Economics and Policy (NREP); an undergraduate degree that trains students on the socio-economic and bio-physical aspects of environmental and natural resource management and policy. With increasing competition for limited land, water and other natural resources in the U.S. and throughout the world, as well as growing concern about environmental degradation, there is a growing need for professionals who can assist in the process of balancing economic and environmental tradeoffs. The NREP major provides students with knowledge and skills to articulate and apply economic principles to a range of public and private sector issues such as land use, energy, wildlife, climate and air resources, and water. This major prepares students for entry level private and public sector positions in resource assessment, management, or administration. 

Graduate Program Information

The Department of Agricultural Economics and Agricultural Business supports five graduate programs.  Several of these programs are offered with cooperation from other departments on campus.  The five degrees supported by AEAB include:

  • Masters of Science in Agricultural Economics;
  • Masters of Agriculture with a concentration in agribusiness;
  • Masters of Business Administration with a concentration in agribusiness;
  • Doctorate of Economic Development; and
  • MS & Ph.D. in Water Science Management. 

Masters of Science in Agricultural Economics

Master of Science (MS) in Agricultural Economics program provides rigorous training in economic theory, applied economic analysis and quantitative methods and is designed to prepare students for professional careers in business, government, research, and for continued education in pursuit of a Ph.D.  The program requires students to complete a Master’s thesis working closely with a faculty committee. 

Masters of Agriculture with a concentration in Agribusiness

Master of Agriculture (MAG-AB) with concentration in Agribusiness provides students with backgrounds or interests in agriculture with graduate-level training in agribusiness and applied economics. It is a degree alternative for individuals holding undergraduate degrees in various agricultural and food science fields.  The program requires students to complete a creative component or thesis working closely with a faculty committee. 

Masters of Business Administration with a concentration in Agribusiness

Master of Business Administration with concentration in Agribusiness (MBA-AB) prepares students for business and public sector careers in agriculture and the food and fiber industry. Graduates from this program are knowledgeable about U.S. and international food and fiber sectors and hold an AACSB International accredited MBA degree.

Doctor of Economic Development

Doctor of Economic Development (DED) is a professional doctorate designed to provide advanced training for economic development professionals. It is not designed to prepare graduates for academic careers.

Interdisciplinary Masters in Water Science and Management and Ph.D. in Water Science and Management

The Water Science program is an interdisciplinary program supported by AEAB faculty that provides graduate education for the next generation of water resources researchers, educators, and managers.  The program provides knowledge and tools that can be used to address state, national, and international water challenges including water quality, quantity, timing/availability, and location of water resources. 

Professor, Jay Lillywhite, Department Head

Professors Gutierrez, Hurd, Lillywhite, Ward
Associate Professors Acharya, Patrick
Assistant Professors Miller, Regmi, Robinson, Torell
College Professors Bullock; Townsend

Department of Agricultural Economics and Agricultural Business:

J. Lillywhite, Department Head, Ph.D. (Purdue)– agribusiness management and marketing; R.N. Acharya, Ph.D. (Auburn)– food safety, logistics management, technology adoption, and marketing; T. L. Crawford, Ph.D. (Emeritus) Cornell)– marketing, policy and pricing, quantitative methods, trade; J.M. Fowler, Ph.D. (Emeritus) (Iowa State)– forestry and range economics; W. D. Gorman, Ph.D. (Emeritus) (Oregon State)– agricultural business management, international marketing; P. Gutierrez, Ph.D. (Oklahoma State)– extension, ranch economics, economic development; B. H. Hurd, Ph.D. (California-Davis)– water and natural resource economics; J. D. Libbin, Ph.D. (Iowa State)– farm management, production economics; F. Miller, Ph.D. (University of Texas-Dallas)- agricultural economics, policy, dairy, range livestock; M. Patrick, Ph.D. (Michigan State University)– Economic Development; M. Regmi, Ph.D. (Kansas State University)- agricultural finance, risk management, production economics; C. Robinson, Ph.D. (New Mexico State)- consumer behavior, agricultural production, marketing sales; R. Skaggs, Ph.D. (Emeritus) (Utah State)– agriculture and natural resource policy; G. Torell, Ph.D. (University of Wyoming)- agricultural economics, natural resources, environmental economics; F. A. Ward, Ph.D. (Colorado State)– resource economics, welfare economics

Department of Economics, Applied Statistics and International Business:

C. A. Erickson, Department Head, Ph.D. (Arizona State)-economic development, monetary theory, macroeconomics; Professors D. L. Daniel, Ph.D. (Southern Methodist)- nonparametrics; C. Enomoto, Ph.D. (Texas A&M)-econometrics, economic theory; D. A. Gegax, Ph.D. (Wyoming)-public utility economics, industrial organization; W. R. Gould, Ph.D. (North Carolina State)-biological sampling, wildlife and fisheries estimation; Y. F. Lee, Ph.D. (Southern Illinois-Carbondale)-international finance, international trade, international system, economic development; R. L. Steiner, Ph.D. (Oklahoma State)-likelihood methods, discrete distributions; D. M. VanLeeuwen, Ph.D. (Oregon State)-statistics; Associate Professors L. Blank, Ph.D. (Tennessee, Knoxville)- microeconomic theory, managerial economics, regulatory economics; C. Gard, Ph.D. (Washington)-biostatistics; R. McFerrin, Ph.D. (Texas A & M )-micro theory, American economic history; B. Widner, Ph.D. (Colorado State)-urban/regional, public finance, development; Assistant Professors B. Bai, MS (New Mexico State)-applied statistics; J. Bucheli, Ph.D. (New Mexico)-migration, economic development; L. LaPlue (Tennessee)-international and environmental economics; M. Li, Ph.D.(Pennsylvania State), ; J. Mamkhezri, Ph.D. (New Mexico)-energy, natural resources, environmental; C. Sroka (Ohio State)-count data models; P. J. Trainor, Ph.D. (Louisville)- biostatistics, bioinformatics, Bayesian statistics Emeritus Faculty R. V. Adkisson, Ph.D. (Nebraska)-international, public finance, economic development; K. Brook, Ph.D. (Texas-Austin)-macroeconomic theory, monetary policy; D.L. Clason, Ph.D. (Kansas State); M. Ellis , Ph.D. (California-Riverside); B. N. Matta, Ph.D. (Texas-Austin); J. T. McGuckin, Ph.D. (Wisconsin-Madison); J. T. Peach, Ph.D. (Texas-Austin)-quantitative economics, border studies, economic development;  A.V. Popp, Ph.D., (Northern Illinois); D.B. Smith, Ph.D., E. S. Willman, Ph.D. (Indiana)

Agricultural Economics Courses

AEEC 1110. Introduction to Agricultural Economics and Business

3 Credits (3)

Orientation to agricultural economics and business through the discovery process for the consumer in the food, fiber and natural resource sectors of the global economy. The course will discuss the application of micro-and macro-economic principles as they relate to agricultural economics and business. May be repeated up to 3 credits.

AEEC 1120. Careers in Food and Agribusiness

1 Credit (1)

Orientation to agribusiness management. Students will learn about agricultural production and marketing in New Mexico, the United States, and the world. Students will be introduced to faculty and staff within the department, learn about career opportunities available to AEAB graduates, and develop a greater appreciation of agricultural management issues. May be repeated up to 1 credits. Restricted to Las Cruces campus only.

Prerequisite(s): Freshman status only or obtain consent of instructor.

AEEC 2110. Principles of Food and Agribusiness Management

3 Credits (3)

Description and application of management and financial principles, market planning, and organization theory in small business situations. May be repeated up to 3 credits.

AEEC 2120. Introduction to Food and Agribusiness Accounting

3 Credits (3)

Purpose and methods of keeping and analyzing farm and ranch records. Net worth and income statements, efficiency measures, analysis of the business, and tax computations. May be repeated up to 3 credits.

AEEC 2130G. Survey of Food and Agricultural Issues

3 Credits (3)

Survey of food and agricultural issues, including: geography of food production and consumption; human-agricultural-natural resource relations; agriculture in the United States and abroad; modern agribusiness; food safety; food, agriculture, and natural resources policy; ethical questions; role and impact of technology. Crosslisted with: FSTE 2130G.

AEEC 2140. Technology and Communication for Business Management

3 Credits (2+2P)

Understanding and improving skills for data analysis, information management and communication is the focus of this course. Drawing examples from a variety of management, business, technological and research situations, students discover the versatility and variety of uses of computer applications such as spreadsheet, database, presentation and document software. Emphasizing a ‘hands-on’ approach students learn the foundations of these tools and their use.

AEEC 2996. Special Topics

1-4 Credits

Specific subjects and credits to be announced in the Schedule of Classes. Maximum of 4 credits per semester. No more than 9 credits toward a degree. Consent of instructor required.

AEEC 300. Internship

1-4 Credits (1-4)

Professional work experience under the supervision of a faculty member. May be repeated up to 6 credits. Consent of Instructor required. Graded: S/U Grading (S/U, Audit). Restricted to Las Cruces campus only.

Prerequisite(s): Consent of instructor.

AEEC 305. Marketing and Food Agricultural Products

3 Credits (3)

Description of agricultural processes and functions; food production and consumption patterns; agricultural product prices; nature of competition in agricultural product markets; commodity markets. May be repeated up to 3 credits. Crosslisted with: MKTG 305.

Prerequisite(s): ECON 1110G or ECON 2120G.

AEEC 311. Financial Futures Markets

3 Credits (3)

Emphasis on financial instruments, currencies, and stock index futures. Principles of hedging, arbitrage, speculation, technical and fundamental price analysis, and trading strategies. Simulated computer trading game. Same as AEEC/BFIN 511 with additional coursework required at the graduate level. Cannot receive credit for both AEEC/BFIN 311 and AEEC/BFIN 511. Same as BFIN 311.

AEEC 314. Agricultural and Natural Resource Law

3 Credits (3)

Relationship of common-law principles, statutory law and regulatory law to problems involving agriculture with an emphasis on New Mexico issues. Legal problems relevant to agribusiness, torts, fencing laws, liability for agricultural pollution, irrigation water rights, corporations and partnerships, land tenure, farm and ranch tenancy, agricultural labor, farm and ranch management and taxation. May be repeated up to 3 credits.

AEEC 315V. World Agriculture and Food Problems

3 Credits (3)

Survey of food and agricultural issues in the U.S. and other countries. Covers: role of agriculture in economic development; trade in food and agricultural products; global food production, consumption, and marketing patterns; economics of technical change and food assistance; agriculture and the environment. Same as GEOG 315V.

AEEC 325. Food and Agribusiness Finance and Planning

3 Credits (3)

Understanding, using, and constructing financial statements for agribusiness analysis. Learn how to produce integrated pro forma financial statements first on paper and then on a spreadsheet. Prepare and link revenue, cost, and financing input assumptions formulas to the financial outcomes on the spreadsheet. May be repeated up to 3 credits. Crosslisted with: ANSC 325.

Prerequisite(s): AEEC 2140 or equivalent experience using spreadsheets.

AEEC 337V. Natural Resource Economics

3 Credits (3)

Gain insight into important natural resource problems of our time. Apply economic principles to problems in the preservation, use, and development of agricultural, range, mineral, water, forestry, fishery, and environmental resources. Understand the use of cost-benefit analysis for government natural-resource projects, policies, and programs. Same as ECON 337V.

Prerequisite: ECON 1110G or ECON 2120G.

AEEC 340. Economics of Food and Agricultural Markets

3 Credits (3)

Focuses on the analysis of supply and demand characteristics of commodities with particular attention to agricultural products. Pays special attention to empirical analysis. Includes institutional aspects of pricing, temporal and spatial price relationships, price forecasting, and the economic consequences of pricing decisions. May be repeated up to 3 credits.

Prerequisite(s): ECON 2120G, MATH 1430G, and A ST 311 or MATH 1350G.

AEEC 342. Economic Analysis of Food and Agribusiness

3 Credits (3)

A discussion and application of economic, managerial, and financial considerations in agricultural business. May be repeated up to 3 credits.

Prerequisite(s): ECON 2110G, ECON 2120G.

AEEC 350. Spreadsheet Applications in Food and Agriculture

3 Credits (2+2P)

An advanced course in electronic spreadsheets and the concepts and tools of database management emphasizing agricultural application. May be repeated up to 3 credits.

Prerequisite(s): AEEC 2140 or consent of instructor.

AEEC 384V. Water Resource Economics

3 Credits (3)

Use of economic principles to evaluate current and emerging issues in water resources. Applications focus on use of economic methods of analysis to current policy decisions surrounding agricultural, municipal, industrial, and environmental uses of water. Same as ECON 384V.

Prerequisite: AEEC 1110 or ECON 2120G.

AEEC 385. Applied Production Economics

3 Credits (3)

Analysis of economic principles of agricultural production and planning, emphasizing marginal principles. Practical application in budgeting and analyzing profit maximizing agricultural-production strategies. May be repeated up to 3 credits.

Prerequisite(s): ECON 2120G, MATH 1430G, and A ST 311 or MATH 1350G.

AEEC 400. Seminar

1 Credit (1)

Current topics and cases in the agribusiness literature stressing rigorous qualitative analysis of current problems and policy issues. Consent of Instructor required. Restricted to: AEAB; NREP majors. Graded: S/U Grading (S/U, Audit).

Prerequisite(s): Senior standing.

AEEC 420. Special Problems

1-3 Credits

Special problems in agricultural economics or agricultural business of particular interest to the individual student. Maximum of 3 credits per semester. No more than 6 credits toward degree. Consent of instructor required.

AEEC 425. Food and Agribusiness Financial Management

3 Credits (3)

Description and application of techniques and principles of financial management to problem situations faced by agricultural businesses, including financial statement development and analysis, capital budgeting, sources and costs of capital. May be repeated up to 3 credits.

Prerequisite(s): ECON 2120G and ACCT 2110.

AEEC 445V. Agricultural Policy

3 Credits (3)

Historical and cultural background of food and agricultural policy in the United States. Analysis of food and agricultural problems, policy-making and implementation. Economic evaluation of specific U.S. food and agricultural policy instruments, their domestic and international impacts.

Prerequisites: ECON 2110G and ECON 2120G.

AEEC 451. Food and Agribusiness Market Assessment and Research

3 Credits (3)

Applications course in which self-managed teams develop and present marketing plans for agribusiness firms. Emphasis on integrating the marketing mix, particularly promotional elements. May be repeated up to 3 credits. Crosslisted with: MKTG 451.

Prerequisite(s): AEEC 305 or MKTG 305 or consent of instructor.

AEEC 452. Food and Agribusiness Marketing Plan Development

3 Credits (3)

This course focuses on learning marketing research methods applicable to developing new food and agricultural products and repositioning existing products for new markets. Students will be required to prepare precise written and oral marketing plans to industry standards and will have opportunities to present written and oral plans at national competitions. May be repeated up to 3 credits.

AEEC 456. Case Studies in Food and Agribusiness Management

3 Credits (3)

Integration of production, marketing, accounting, finance, agricultural policy, human behavior, and business environment concepts in management of agricultural businesses using a decision case approach. May be repeated up to 3 credits.

Prerequisite(s): Senior standing.

AEEC 458. Economics of Making and Marketing Wine

3 Credits (3)

Economics of making and marketing wine for small commercial wineries and amateurs. The class starts with selecting, crushing, and fermenting grapes and all the steps required through bottling the wine. Students must be 21 to enroll in the class. Consent of instructor required.

AEEC 470. Real Estate Appraisal

3 Credits (2+2P)

This course addresses issues influencing the value of real estate with some emphasis upon rural properties. Topics include courthouse records, property taxes, appraisal methodology, expert courtroom testimony, condemnation, and legal issues. Students will take field trips and write appraisals. Course material is relevant to students in Finance, Accounting, and Pre-Law, as well as Agriculture. Accredited for hours to apply to both pre-licensing and continuing education requirements of the New Mexico Real Estate Commission for both Appraisers and Real Estate Brokers. Crosslisted with: BFIN 470

Prerequisite(s): Junior or above standing.

AEEC 499. Senior Thesis

3 Credits (3)

Develop a thesis project with a faculty advisor. The senior thesis requires students to work creatively to apply business and economic principles to address a problem of concern. Restricted to AEAB majors.

Prerequisites: consent of department head and have senior standing.

AEEC 501. Microeconomic Theory

3 Credits (3)

A rigorous re-examination of the pricing mechanism in the goods and factor markets. Development of theoretical tools of general applicability.

Prerequisite(s): ECON 371 and ECON 457, or consent of instructor.

AEEC 502. Macroeconomic Theory

3 Credits (3)

Contemporary aggregative theory regarding the interrelationships among national income, employment, the price level, money supply and interest rates, and implications of this theory for public policy in a mixed economy.

AEEC 503. Introduction to Quantitative Methods

3 Credits (3)

Introduce students to quantitative tools widely used in applied economic analysis such as regression analysis, statistical tests, and mathematical programming. Restricted to: Agricultural Economics and Business (Masters) majors.

AEEC 511. Advanced Futures and Options Markets

3 Credits (3)

Advanced hedging and speculating strategies using futures and options contracts. Coverage includes interest rates, stock indexes, metals, currencies, livestock, and grains. Concepts of price analysis (technical and fundamental) and basis analysis; technical paper is required. Same as AEEC/BFIN 311 with additional coursework required at the graduate level. Cannot receive credit for both AEEC/BFIN 311 and AEEC/BFIN 311. Crosslisted with: BFIN 511.

AEEC 520. International Agricultural Trade Theory and Policy

3 Credits (3)

Review and analysis of international trade models. Analysis of the effects of trade instruments such as tariffs, quotas, and subsidies on welfare and income distribution. Analysis of bilateral, regional, and multilateral trade agreements and their effect on the agricultural sector from both country-specific and global perspectives.

Prerequisite: ECON 371.

AEEC 522. Public Sector Economics I

3 Credits (3)

Introduction to the economic rationale for government intervention in the economy and the effects of that intervention on economic agents and the economy in general. Emphasis on the expenditure side of government policies. Same as POLS 522.

AEEC 526. Global Food Supply Chain Management

3 Credits (3)

This course aims to provide students a basic understanding of supply chain management issues, and encourages them to analyze problems from a systems perspective, and introduce them to a number of decision tools that are currently being used by the industry such as process analysis, product design, waiting line management, quality control, just-in-time, and inventory management.

AEEC 540. Econometrics I

3 Credits (3)

An integration of quantitative and statistical techniques for research and management in economics and business.

Prerequisite(s): ECON 457 and ECON 405 or A ST 505.

AEEC 545. Advanced Agricultural Policy

3 Credits (3)

Historical and cultural background of food and agricultural policy in the United States. Analysis of food and agricultural problems, policy-making and implementation. Economic evaluation of specific U.S. food and agricultural policy instruments, their domestic and international impacts. Same as AEEC 445V with additional work required at the graduate level. Cannot receive credit for both AEEC 445V and AEEC 545.

Prerequisite: consent of instructor.

AEEC 550. Advanced Microcomputer Applications in Agriculture

3 Credits (2+2P)

An advanced course in electronic spreadsheets and the concepts and tools of database management emphasizing agricultural applications. Taught with AEEC 450 with additional coursework required at the graduate level. Cannot receive credit for both AEEC 450 and AEEC 550.

Prerequisite(s): AEEC 2140G or consent of instructor.

AEEC 551. Advanced Agribusiness Marketing

3 Credits (3)

Applications course in which self-managed teams apply marketing theory in the development and presentation of marketing plans for food and agribusiness firms. Course includes analysis of marketing problems with emphasis on strategic marketing issues changing trade policies, and global competiveness.

Prerequisite: consent of instructor.

AEEC 556. Advanced Agribusiness Management

3 Credits (3)

Integration of production, marketing, accounting, finance, agricultural policy, human behavior, and business environment concepts in management of agricultural businesses using a decision case approach.

AEEC 575. Economics of Water Resource Management and Policy

3 Credits (3)

Focuses on issues, approaches and methods used in the assessment of water resource management and policy problems. Extends and further develops student understanding and comprehension of specific economic concepts and methods that are useful in the assessment and management of water resources, including cost-benefit analysis, welfare economics, non-market valuation, watershed management, and consideration of equity and ethical concerns. Students will develop critical reasoning, communication and analytic skills through active class discussions and assignments that emphasize both quantitative and written products.

AEEC 585. Production Economics

3 Credits (3)

Application of microeconomic theory to problems and decisions of food and agricultural firms. The theoretical foundation of production economics and the theory of the firm are developed. May be repeated up to 3 credits.

Prerequisite(s): MATH 1430G, ECON 312, and ECON 457.

AEEC 590. Special Topics

3 Credits (3)

Seminars in selected current topics in the various areas of agricultural economics and economics. Offerings will carry a subtitle.

Prerequisite: consent of instructor.

AEEC 593. Internship

1-6 Credits

Supervised professional on-the-job training experience in policy analysis.

AEEC 594. Internship

1-6 Credits

One semester to six months internship with a regulated firm or public utility commission. A faculty member will direct and evaluate the internship. For AEEC regulatory option students only.

AEEC 595. Internship

3 Credits (3)

Supervised professional on-the-job learning experience.

Prerequisite(s): Consent of instructor.

AEEC 596. Individual Study

1-3 Credits

Individual study programs. Each offering will carry a subtitle. Maximum of 3 credits in a semester and 6 credits in a program.

Prerequisite: consent of instructor.

AEEC 597. Non-Thesis Research Project

1-3 Credits (1-3)

Individual investigations, either analytical or experimental. Maximum of 3 credits per semester. No more than 3 credits toward a degree.

AEEC 598. Creative Component Project

3-6 Credits (3-6)

Individual investigations, either analytical or experimental. A minimum of 3 to 6 credits per semester. No more than 6 credits toward degree. Consent of instructor required. Restricted to AEEC majors.

Prerequisite(s): Consent of Instructor.

AEEC 599. Master's Thesis

1-15 Credits

Thesis.

Name:  Dr. Jay Lillywhite

Office Location:  GT Room 387

Phone: (575) 646-3215

Website: http://www.aeab.nmsu.edu