Teacher: Professor Antonios Rezitis

Objectives: The aim of this course is to provide students with the appropriate theoretical basis and empirical tools to be able to analyze firm's performance as well as agricultural and food price formation and behaviour. Students are required to complete a number of empirical research projects and participate in a final examination.

Contents: Theory and empirical investigation of firm's performance; Theory and empirical estimation of supply and demand functions of agricultural products; Price decomposition using structural time series decomposition models; Time series properties of agricultural and food prices; Examining agricultural and food prices using multivariate time series analysis; Examining price series volatility using various univariate volatility models such as (generalized) autoregressive conditional heteroskedasticity models.

Literature and teaching material: Includes but is not limited to

  1. F. Bailey Norwood and Vayson L. Lusk (2008).  'Agricultural Marketing and Price Analysis', Pearson Education
  2. Peter Bogetoft and Lars Otto (2011). 'Benchmarking with DEA, SFA, and R', Springer
  3. Marno Verbeek (2012). 'A Guide to Modern Econometrics', 4th Edition, Wiley
  4. Vance Martin, Stan Hurn and David Harris (2013). 'Econometric Modeling with Time Series: Specification, Estimation and Testing', Cambridge University Press
  5. Ruey S. Tsay (2013). 'An Introduction to Analysis of Financial Data with R', Wiley.

Teacher: Professor Antonios Rezitis

Objectives: The aim of this course is to provide students with more advanced theoretical and empirical tools in order to be able to analyze firms' performance, the degree of competition in agricultural and food markets and agricultural and food price behavior. By the methods learned in the course, students will be able to use modern econometric techniques to analyze agricultural markets in terms of policies affecting price formation, market structure and performance and thus to write a high quality MS thesis and possibly to publish articles in well established international journals in the area of agricultural, resource and applied economics. Students are required to complete a number of empirical research projects and participate in a final examination.

Contents: Statistical Analysis in DEA; Topics in SFA; Estimating Market Power; Threshold Cointegration; Multivariate volatility models (multivariate-GARCH models).

Literature and teaching material: Includes but is not limited to

  1. Peter Bogetoft and Lars Otto (2011). 'Benchmarking with DEA, SFA, and R', Springer
  2. Jeffrey M. Perloff, Larry S. Karp and Amos Golan (2007). 'Estimating Market Power and Strategy', Cambridge University Press
  3. Walter Enders (2015). 'Applied Econometric Time Series', 4th Edition, Wiley
  4. Ruey S. Tsay (2014). 'Multivariate Time Series Analysis: With R and Financial Applications', Wiley.

Teacher: Professor Antonios Rezitis

Objectives: The aim of this course is to teach students the theory of international trade and to show how this theory is applied to agricultural and food markets. This course is designed to increase students' understanding of the role of trade policy in agriculture and the effects of various trade policies and agreements on domestic and international competition, prices, consumption, production, trade, and the welfare of producers and consumers. Give students the opportunity to enhance their analytical skills. Students are required to complete two empirical research projects and participate in a final examination.

Contents: The gravity model; Pure theory of international trade; Protection of domestic industry; Foreign exchange markets; Agricultural trade and economic development; Agricultural trade and the environment.

Literature and teaching material: Includes but is not limited to

  1. Won W. Koon and P. Lynn Kennedy (2005). 'International Trade and Agriculture', Blackwell Publishing
  2. Michael R. Reed (2001). 'International Trade in Agricultural Products', Prentice-Hall
  3. Houck, J. (1992). 'Elements of Agricultural Trade Policies', Waveland Press
  4. Krugman, P.R. and Obstfeld, M. (2014). 'International Economics: Theory and Policy', Pearson Series in Economics.

Teacher: Professor John Sumelius, Professor Timo Sipiläinen and quest lecturers Sami Myyrä and Petri Liesivaara

Objectives: Students will be able to apply risk analysis into the management of the agricultural firm and into agricultural policy.

Contents: Risk in agriculture; Probabilities for decision analysis; Attitudes to risk, beliefs and preferences; Risk and mathematical programming; Risk consideration in agricultural policy making; Insurances; Index approaches.

Literature and teaching material: J Brian Hardaker, ‎Gudbrand Lien, ‎Jock R Anderson and R.B.M Huirne (2015). 'Coping with Risk in Agriculture', 3rd Edition: Applied Decision Analysis

Teacher: Dr. Nina Hyytiä

Objectives: Students learn the general equilibrium theory and its practical applications in economic and political research. They also learn about the content and applications of the social accounting matrix.

Contents: Students learn the basics of numerical modeling and construct a general equilibrium simulation model with GAMS software. They examine the content of the social accounting matrix and learn to perform a multiplier analysis.

Literature and teaching material: Material provided by the teacher.