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AREC 502

Advanced Price Analysis

3 units

Fall 2026

Topics

  • Introduction & Course Logistics
  • Module 1: Consumer Theory
  • Module 2: Applied Demand Analysis
  • Module 3: Supply Analysis
  • Module 4: Closing the Model
  • Student Presentations
  • Final Proposal Due
  • Develop an in-depth understanding of consumer theory including: regularity conditions for demand functions, separability, duality, and welfare measures
  • Develop producer theory from the dual and apply alternative models of expectations to producer decision making
  • Apply consumer theory using duality and flexible functional forms to estimate demand systems for food groups
  • Estimate supply and input demand functions

Readings

  • Brester, G.W., Marsh, J.M. and Atwood, J.A. (2004) ‘Distributional Impacts of Country-of- Origin Labeling in the U.S. Meat Industry’, Journal of Agricultural and Resource Economics, 29(2), pp. 206–227
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  • Davis, G.C. and Espinoza, M.C. (1998) ‘A Unified Approach to Sensitivity Analysis in Equilibrium Displacement Models’, American Journal of Agricultural Economics, 80(4), pp. 868–879
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  • Lemieux, C.M. and Wohlgenant, M.K. (1989) ‘Ex Ante Evaluation of the Economic Impact of Agricultural Biotechnology: The Case of Porcine Somatotropin’, American Journal of Agricultural Economics, 71(4), pp. 903–914
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  • Lusk, J.L. et al. (2022) ‘Impact of plant-based meat alternatives on cattle inventories and greenhouse gas emissions’, Environmental Research Letters, 17(2), p. 024035
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  • Muth, R.F. (1964) ‘The Derived Demand Curve for a Productive Factor and the Industry Supply Curve’, Oxford Economic Papers, 16(2), pp. 221–234
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  • Wohlgenant, M.K. (1989) ‘Demand for Farm Output in a Complete System of Demand
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  • Functions’, American Journal of Agricultural Economics, 71(2), pp. 241–252
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  • Wohlgenant, M.K. (1993) ‘Distribution of Gains from Research and Promotion in Multi- Stage Production Systems: The Case of the U.S. Beef and Pork Industries’, American Journal of Agricultural Economics, 75(3), pp. 642–651
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  • Wohlgenant, M.K. (2011) ‘Consumer Demand and Welfare in Equilibrium Displacement Models’, in J.L. Lusk, J. Roosen, and J.F. Shogren (eds) The Oxford Handbook of the Economics of Food Consumption and Policy. Oxford University Press, p. 0
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  • Wohlgenant, M.K. (2021) Market Interrelationships and Applied Demand Analysis: Bridging the Gap Between Theory and Empirics in Commodities Markets. Cham: Springer International Publishing (Palgrave Studies in Agricultural Economics and Food
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Sources