| Department of Agricultural
Economics
Michigan State University |
AEC 845 Market Analysis
Spring Semester 2006 |
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COURSE DESCRIPTION |
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| Instructor: | Kellie Raper
211C Agriculture Hall Ph: 353-7226 Email: raperk@msu.edu |
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| Description and Purpose: | The
purpose of this course is to introduce students to the analytical
procedures and empirical techniques used in the analysis of prices and
market response. Prices often move rapidly in ways that, on the
surface, seem
hard to understand and even harder to predict. Yet understanding and
predicting price movements is just what is required for
outlook specialists, policy analysts, business managers, and brokerage
houses to be successful.
The course is focused heavily on application of quantitative empirical techniques. A basic understanding of introductory statistics and econometrics will be assumed (AEC 835 -- Introductory Econometrics is a prerequisite). Students will be required to gain experience in applying various techniques to actual and simulated data as the course progresses. Practice in using econometric software packages will be required. A necessary prerequisite for effective empirical research is a good understanding of the theory and models used to explain how different factors influence price movements. Hence, attention is also give to price determination theory and modeling. At the end of the course students should be able to: (i) Frame and analyze the implications of alternative sets of assumptions to explain price determination and the performance of markets. (ii) Estimate models and test hypotheses regarding quantitative behavioral relationships, such as supply and demand functions. (iii) Use empirical market models to forecast, manage risks, and investigate the effects of government policies. |
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