Iowa State University
Agricultural Economics
Ames, Iowa 50011

An Overview
Iowa State University was established in 1868 as a land-grant college. It enrolls about 25,000 students. The University has a long tradition in pioneering educational programs in agriculture, veterinary medicine, and engineering. Iowa State has offered master's degrees in economics since 1913 and the Ph.D. since 1925.

Recent M.S. graduates have obtained positions at the Chicago Mercantile Exchange; Cargill, Inc.; Pioneer Hi-Bred International; Louis Dreyfus Corporation; Goldman Sachs; the Principal Financial Group; the Federal Reserve Board of Governors; and the U.S. Department of Agriculture. Recent Ph.D. graduates include faculty members at Minnesota, Michigan State, North Carolina State, Kansas State, Oklahoma State, Laval, Texas A&M, Penn State, Texas Tech, and Wake Forest. Others hold prominent positions in government and industry.

The Community
The University is located in the center of Ames, Iowa, which has a population of about 49,000. Ames is 35 miles north of Des Moines. The community has 1,050 acres of parks, lakes, nature trails, and fitness trails. The New Rating Guide to Life in America's Small Cities recently ranked Ames second of 189 other small towns in America. The rating is based on factors such as climate/environment, diversions, economics, education, community assets, health care, public safety, transportation, and urban proximity.

Programs of Study
Iowa State University offers programs leading to the M.S. and Ph.D. degrees in economics and agricultural economics. The combination of economics and agricultural economics is unique. It ensures that all students are given a solid foundation in economic theory and statistical methods while also allowing a broader spectrum of applied areas of study.

The M.S. program provides a firm grounding in macroeconomic theory, microeconomic theory, and statistics in the first year. In the second year, students concentrate on course work in applied areas. Students may choose either a thesis option or a nonthesis option. The thesis option requires 24 credits of course work and completion of a master's thesis. The nonthesis option requires 32 credits of course work and completion of a written research paper. Graduates obtain employment in government or industry in roughly equal proportions, while about one third go on to Ph.D. programs.

The Ph.D. degree requires completion of two semester sequences in macroeconomic theory, microeconomic theory, and econometrics. Also required are courses in statistics and quantitative methods. Students are required to pass qualifying exams in both macroeconomics and microeconomics theory. Students must also meet requirements in two fields chosen from areas such as agricultural economics, econometrics, economic growth and development, financial economics, industrial organization, international economics, labor economics, macroeconomics, natural resource and environmental economics, and public finance. These courses typically account for 43 of the 72 credits required for graduation. Other credits come from workshops, research, and courses outside the major. Graduate courses taken at other institutions may count toward the Ph.D. course requirement.

The Ph.D. candidate must write and defend a thesis.

Facilities and Resources
The department's building houses a state-of-the-art microcomputer lab and terminals to the University's workstation network. The department's library has more than 9,000 volumes and receives more than 80 journals in economics and agricultural economics. The main library has nearly 2 million volumes, including extensive collections in economics, agricultural economics, and related disciplines. The Statistical Laboratory assists students in the design and execution of empirical research. The department houses several research centers that give students access to data and research outlets on national and international agricultural problems, the largest of these being the Center for Agricultural and Rural Development.

Expenses and Aid
Costs: In-state tuition for the academic year is $2345 per semester. Out-of-state tuition is $5990 per semester. Students on assistantships pay a fraction of in-state fees as described above.

Financial Aid: Teaching and research assistantships are available, with half-time stipends for twelve-month appointments that begin at $16,120. Teaching and research assistants pay half of in-state tuition. Tuition scholarships are available for the strongest applicants.

Housing/Living Expenses: Graduate student housing cost $289 per month for double occupancy and $396 per month for single occupancy. Rent for unfurnished family apartments ranged from $396 to $447 per month plus utilities. Off-campus apartments ranged in cost from $300 to $750 per month, depending on size and location.

How to Apply
Graduate programs begin during the fall semester. Applications for fall enrollment should be completed by February 1. International applicants are encouraged to complete applications sooner to allow the processing of immigration forms. Applications for financial assistance are considered up to February 1, but first preference is given to applications completed by December 31. All applicants must submit GRE scores, transcripts, and three letters of recommendation. International students must submit TOEFL scores. Most students admitted to the department have GRE scores above the 70th percentile. A minimum TOEFL score of 570 is required (230 on the computer-based version). Applicants are expected to have completed course work in macroeconomics, microeconomics, and calculus. Additional course work in statistics and mathematics is preferred but not required.

Students may apply informally to the department at no charge to ascertain whether they are admissible. Upon notification of admission status, the applicant may then apply formally to the Graduate College, paying the $20 fee ($50 for international applicants).

Who to Contact
Director of Graduate Studies
280 Heady Hall
Department of Economics
Iowa State University
Ames, Iowa 50011

Telephone: 515-294-2701

E-mail: grad@econ.iastate.edu

http://www.econ.iastate.edu

THE FACULTY AND THEIR RESEARCH

Distinguished Professors

  • Benjamin J. Allen, Ph.D., Illinois at Urbana-Champaign, 1974. Transportation economics and policy, carrier and shipper management practices, logistics.
  • C. Phillip Baumel, Ph.D., Iowa State, 1961. Transportation and marketing of agricultural outputs and inputs, rural transportation problems.
  • Neil E. Harl, J.D., Iowa, 1961; Ph.D., Iowa State, 1965. Agricultural finance, resource economics, agricultural law.
  • Stanley R. Johnson, Ph.D., Texas A&M, 1966. Econometrics, economic theory, agricultural and environmental policy analysis.
    University Professors
  • Harvey E. Lapan, Ph.D., MIT, 1971. Microeconomics, international trade/finance, financial instruments and hedging behavior of agents.
  • Robert N. Wisner, Ph.D., Tennessee, 1967. Grain and oilseed market analysis and price forecasting, marketing, international trade, trade policy.
    Professors
  • Jean W. Adams, Ph.D., Illinois, 1973. Industrial organization, antitrust policy, comparative economic systems, strategic planning.
  • Roy D. Adams, Ph.D., Illinois at Urbana-Champaign, 1972. Public-sector economics, macroeconomics.
  • Bruce A. Babcock, Ph.D., Berkeley, 1987. Production economics, farm management.
  • John Beghin, Ph.D., Berkeley, 1988. Agricultural trade, trade and environment, political economy of farm policy.
  • E. Kwan Choi, Ph.D., Iowa, 1978. Microeconomic theory, international economics, economics of uncertainty, agricultural economics.
  • Ronald E. Deiter, Ph.D., Illinois at Urbana-Champaign, 1979. Agricultural marketing, agribusiness management, agricultural cooperatives, futures markets.
  • Michael W. Duffy, Ph.D., Penn State, 1981. Farm management, production economics, natural resources economics, integrated pest management.
  • Mark A. Edelman, Ph.D., Purdue, 1981. Public finance, state/local government, agricultural policy and trade.
  • William M. Edwards, Ph.D., Iowa State, 1979. Farm management, agricultural finance, international agricultural development.
  • Lehman B. Fletcher, Ph.D., Berkeley, 1960. Economic and agricultural development, policy analysis and planning.
  • Roger G. Ginder, Chair; Ph.D., Kentucky, 1979. Agribusiness finance and management, cooperatives, agricultural marketing.
  • J. Arne Hallam, Ph.D., Berkeley, 1983. Production economics, econometrics, risk and uncertainty, welfare economics.
  • Marvin L. Hayenga, Ph.D., Berkeley, 1967. Agricultural marketing, price analysis and risk management, biotechnology, agricultural policy.
  • Dermot J. Hayes, Ph.D., Berkeley, 1986. International trade, consumer demand, price analysis, commodity markets, agricultural policy.
  • Joseph A. Herriges, Ph.D., Wisconsin–Madison, 1983. Natural resources, econometrics, public utility pricing, consumer demand modeling.
  • Wallace E. Huffman, Ph.D., Chicago, 1972. Labor economics, econometrics, agricultural and scientific policy.
  • Helen H. Jensen, Ph.D., Wisconsin–Madison, 1980. Food and nutrition policy, demand analysis, health economics, labor economics.
  • Robert W. Jolly, Ph.D., Minnesota, 1976. Production economics, agricultural finance, policy, natural resources.
  • James B. Kliebenstein, Ph.D., Illinois at Urbana-Champaign, 1972. Farm management, production economics, costs and benefits of integrated animal health management, returns and costs of livestock production.
  • Catherine Kling, Ph.D., Maryland, 1986. Natural resource and environmental economics.
  • J. Peter Mattila, Ph.D., Wisconsin–Madison, 1969. Labor economics, labor market analysis, human capital, discrimination, collective bargaining.
  • William H. Meyers, Ph.D., Minnesota, 1977. Agricultural policy and price analysis, commodity modeling, international trade and development, transition economics.
  • John A. Miranowski, Ph.D., Harvard, 1975. Natural resources, agricultural policy.
  • Giancarlo Moschini, Ph.D., Guelph, 1986. Microeconomics, futures markets, agricultural policy.
  • Peter F. Orazem, Ph.D., Yale, 1983. Labor economics, applied econometrics.
  • Daniel M. Otto, Ph.D., Virginia Tech, 1981. Economic development, community and rural development, policy analysis, applied input-output analysis.
  • Kenneth E. Stone, Ph.D., Illinois at Urbana-Champaign, 1976. Retail trade and community development, effects of mass merchandisers on other businesses.
  • Leigh S. Tesfatsion, Ph.D., Minnesota, 1975. Macroeconomics, financial markets, monetary economics, dynamic modeling, applied mathematics.
  • Hylke Van de Wetering, Ph.D., Iowa State, 1964. Agricultural development planning, policy and project analysis.

Associate Professors

  • Alicia Carriquiry, Ph.D., Iowa State, 1989. Statistics, econometrics, animal breeding, genetics.
  • Barry L. Falk, Ph.D., Minnesota, 1982. Macroeconomics, econometrics.
  • Paul W. Gallagher, Ph.D., Minnesota, 1983. Agricultural marketing, price and policy analysis.
  • David A. Hennessy, Ph.D., Iowa State, 1993. Industrial organization, policy, production, finance.
  • Brent Kreider, Ph.D., Wisconsin–Madison, 1994. Public, health, and labor economics; applied econometrics; poverty and welfare.
  • John D. Lawrence, Ph.D., Missouri, 1989. Livestock economics.
    Sergio Lence, Ph.D., Iowa State, 1991. Agricultural finance, uncertainty, risk management, agricultural marketing.
  • Herman C. Quirmbach, Ph.D., Princeton, 1983. Industrial organization, microeconomic theory, game theory, experimental economics.
  • John R. Schroeter, Ph.D., Minnesota, 1981. Industrial organization, econometrics, microeconomic theory.
  • Oscar Volij, Ph.D., Hebrew University, 1994. Public economics.
  • Cheng Wang, Ph.D., Western Ontario, 1994. Contract theory, dynamic macroeconomics, industrial organization, financial intermediation, unemployment insurance and CEO compensation.

Assistant Professors

  • Joydeep Bhattacharya, Ph.D., Cornell, 1996. Macroeconomics and monetary economics.
  • Subir Bose, Ph.D., Yale, 1996. Microeconomics theory, game theory, economics of information, mathematical economics, industrial organization.
  • Helle Bunzel, Ph.D., Cornell, 1999. Econometrics, industrial organization, economic theory.
  • Matthew Doyle, Ph.D., British Columbia, 2001. Macroeconomics, monetary theory and policy.
  • Maureen Kilkenny, Ph.D., Minnesota, 1987. Interregional trade and development, policy analysis.
  • Philippe Marcoul, Ph.D., Université des Sciences Sociales, Toulouse (France), 2000. Organization theory, industrial organization, information economics.
  • Rajesh Singh, Ph.D., UCLA, 2001. International finance, financial markets and the macroeconomy, open economy macroeconomics.
  • Lise Vesterlund, Ph.D., Wisconsin, 1997. Public finance, labor and behavioral economics.
  • Quinn Weninger, Ph.D., Maryland, 1995. Natural resource management policy, industrial organization, production economics.
  • Jinhua Zhao, Ph.D., Berkeley, 1997. Natural resource and environmental economics, technology adoption, stochastic dynamic optimization and estimation.

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