3.4.

Economics
Masters

CODE TITLE CREDIT

ECO 601 Evolution of Economic Thought 2+0
ECO 602 Microeconomic Theory and Applications 2+1
ECO 603 General Equilibrium and Welfare Economics 1+1
ECO 604 Macroeconomic Theory 3+0
ECO 605 Basic Econometrics 2+1
ECO 606 Agricultural Production Economics 1+1
ECO 607 Agricultural Marketing and Price Analysis 2+1
ECO 608 Agricultural Development Policy Analysis 2+0
ECO 609 International Economics 1+1
ECO 610 Applied Econometrics 2+1
ECO 611 Agricultural Finance and Insurance 1+1
ECO 612 Research Methodology for Social Sciences 1+1
ECO 613 Agricultural Project Analysis 1+1
ECO 614 Capital and Commodity Markets 2+0
ECO 615 Natural Resource and Environmental Economics 2+1
ECO 616 Linear Programming and Risk Analysis 2+1
Doctorate
Major

CODE TITLE CREDIT

ECO 801 Advanced Microeconomic Analysis 2+1
ECO 802 Advanced General Equilibrium and Welfare Economics 1+1
ECO 803 Advanced Macroeconomic Analysis 2+0
ECO 804 Advanced Econometric Analysis 2+1
ECO 805 Advanced Production Economics 1+1
ECO 806 Quantitative Development Policy Analysis 1+1
ECO 807 Theories of Economic Growth and Development 1+1
ECO 808 Advanced Agricultural Finance and Insurance 1+1
ECO 809 Institutional Economics 2+0
ECO 810 Perspectives of Agricultural Development 2+0
ECO 811 Topics in Econometrics 1+1
ECO 812 Applied Game Theory 1+1

230
Specialization

CODE TITLE CREDIT

1. Trade and Marketing
ECO 821 Advanced Agricultural Marketing and Price Analysis 2+1
ECO 822 Advanced International Trade 2+1
ECO 823 Advanced Time-series Analysis 2+1
2. Natural Resource and Environmental Economics
ECO 831 Advanced Natural Resource Economics 2+1
ECO 832 Advanced Environmental Economics 2+1
ECO 833 Environmental and Ecosystem Valuation 2+1

ECO 601 Evolution of Economic Thought (2+0)

Objectives
To introduce the students to the evolution of economic thought over a period of time,
the background of emanation of thoughts and approaches, as acts of balancing and counter
balancing events and criticisms. The course will also in a comprehensive way help the
students to know and appreciate the contributions of the Galaxy of Economists.
Theory
Unit 1
Approaches for the study of history of economic thought Absolutist vs. Relativist
approaches Evolution of Economic Thought Vs. Economic History. Ancient economic
thought medieval economic thought mercantilism physiocracy Forerunners of
Classical Political Economy.

Unit 2
Development of Classical Thoughts (Adam Smith, Robert Malthus and David
Ricardo) Critics of Classical Thoughts- Socialist critics Socialist and Marxian Economic
Ideas Austrian School of Thought Origins of Formal Microeconomic Analysis
William Stanley Jevons, Cournot and Dupuit.
Unit 3
The birth of neoclassical economic thought Marshall and Walras General
Equilibrium Theory - Welfare Theory Keynesian economics.

231
Unit 4
Economic Thought in India Naoroji and Gokhale Gandhian Economics
Economic thought of independent India Experiences of
the Structural adjustment programmes of the post liberalization era.

Suggested Readings
Blaug, Mark, 1964. "Economic Theory in Retrospect", Heineman, London.
Ekelund, B. Robert and F. Robert Hebert. 1975. A History of Economic Theory and
Methods, Tokyo: McGraw-Hill Kogakusha Ltd.
Screpanti, Ernesto and S.Zamagni, 1995. "An Outline of the History of Economic Thought",
Oxford : Clarendon Press.
Blaug, Mark, "Economic History and the History of Economic Thought" Brighton:
Wheatsheaf Books, 1986.
John Mills. 2002. A Critical History of Economics: Missed Opportunities. Contributors:
Palgrave Macmillan. New York,
e-Resources:
http://socserv2.socsci.mcmaster.ca/econ/ugcm/3ll3/
http://myweb.liu.edu/~uroy/eco54/histlist/hist.html
www.eshet.net/

ECO 602 Microeconomic Theory and Applications (2+1)

Theory
Unit 1
The Themes of Microeconomics-Market and Prices- Micro- Vs. Macroeconomics -
Importance of Microeconomics- Theory of Consumer Behaviour - Cardinal and ordinal
utility approaches Utility maximization under indifference curve approach Graphical and
mathematical approaches Income effect and substitution effect. Applications of
Indifference curve analysis -leisure model and comparison of
income support vs. food subsidy policies. Revealed Preference Hypothesis. Derivation of
demand curve from utility maximization problem Demand functions Elasticity of
demand

232
Unit 2
Neoclassical theory of production Production function Returns to scale and
homogenous production functions - Isoquants Properties -Neoclassical theory of costs
Derivation of various types of cost curves Supply-derivation of supply curve-factors
affecting supply-elasticity of supply.
Unit 3
Perfect market Assumptions

run and long run. Analysis of impact of taxes and subsidies on prices and output under
perfect markets. Price determination under monopoly Price determination under
monopolistic competition. Oligopoly Price and output determination
demand model.
Unit 4
The Microeconomic Theory of Factor Markets Demand for and supply of factors
of production under perfect market and monopoly output market situations- Factor
payments
Practical
Utility maximization through graphical and constrained optimization technique -
Measurement of Consumer's Surplus- Estimation of Elasticity of demand using various
demand functions - Profit maximization and cost minimization-
Price determination under perfect competition Problem solving by mathematical
approach- Measurement of Effect of Taxes and Subsidies on Consumer's and Producer's
Surpluses under perfect competition - Price determination under monopoly and
Measurement of monopoly power using Lerner Index - Price determination under
monopolistic competition - Problem solving- Oligopoly Price determination - Problems
solving - Equilibrium in factor markets Problem solving

Suggested Readings
Robert S.Pindyck, L.R. Daniel and Prem L.Mehta. Micro Economics, Pearson, 2009.
Chiang, Alpha C., 1981. "Fundamental Methods of Mathematical Economics", McGraw-
Hill, New York

233
David M Kreps 1990. A Course in Microeconomic :Theory. Princeton: Princeton
UniversityPress.
(W.W.Norton and Company, New York),
Affiliated East-West Press, New Delhi, 1999.

York, Affiliated East-West Press, New Delhi,

Henderson, J.M. and R.E. Quandt, 2000. "Microeconomic Theory: A Mathematical
Approach", McGraw-Hill, NewYork.
Koutsoyiannis, A., 2003.Modern Microeconomics: The MacMillan Press Ltd., London.

e-Resources
http://ocw.mit.edu/courses/economics/
http://jgc-econ.intrasun.tcnj.edu/Micro%20Links.htm
http://www.oswego.edu/~kane/eco101.htm
http://www.colorado.edu/econ/Syllabi/spring05-syllabi/spring05-3070-
005syllabus.htm
http://catalog.flatworldknowledge.com/bookhub/13

ECO 603 General Equilibrium and Welfare Economics (1+1)

Theory
Unit 1
General Equilibrium Analysis-interdependence in the economy-Walrasian General
Equilibrium -General equilibrium in 2X2X2 model Edge worth box approach-
Equilibrium of production, consumption and simultaneous equilibrium of production and
consumption-

Unit 2
Welfare Economics-meaning-Criteria of social welfare- -
Cardinalist criterion-Pareto optimality criterion-Bergson criterion-social welfare function-
Externalities-meaning-positive and negative externalities-ways of correcting market failure-
Property rights-types-Common Property Resources-characters

234
Unit 3
Public goods-characteristics-Efficiency and public goods-public goods and market
failure - Asymmetric information-meaning-implications of asymmetric information-Moral
Hozard-meaning and effects of moral hazard-The Principal Agent Problem

Practical
Analysis of Two interdependent markets: Moving to general equilibrium -Extension
of 2X2X2 general equilibrium model to n number of households, commodities and factors
of production-Simple problems in general equilibrium analysis-Social welfare functions and
optimal taxation-Problems on externalities: Positive and Negative- Tradeable Emissions
Permits: Analysis with an example- Asymmetric information in labour markets: Analysis of
Efficiency Wage Theory- Problems and analysis in Moral Hazard- Principal-Agent
problem in Private Enterprises: Analysis with an example -Principal Agent problem in
Public Enterprises: Analysis with an example
Suggested Readings
Chiang, Alpha C., "Fundamental Methods of Mathematical Economics", New York:
McGraw-Hill.
David M Kreps 1990. A Course in Microeconomic Theory. Princeton University Press.

York, Affiliated East-West Press, New Delhi,.

Henderson, J.M. and R.E. Quandt, 2000. "Microeconomic Theory: A Mathematical

Approach",: McGraw-Hill, New York.
Koutsoyiannis, A.2003. Modern Microeconomics, The MacMillan Press Ltd, London.
Robert S.Pindyck, Daniel L.Rubinfeld and Prem L.Mehta. Micro Economics, Pearson, 2009.

e-Resources:
http://ocw.mit.edu/courses/economics/
http://catalog.flatworldknowledge.com/bookhub/13
http://ac.aup.fr/~kdunz/Courses/TopicsPPE/Index.htm

235
 ECO 604 Macroeconomic Theory 3+0
Objectives
This course is intended to M.Sc (Ag) students of Agricultural Economics with the
following objectives.

To study the macroeconomic concepts, and theory

To understand the application of the macro economic theory
To analyse the implication of the macroeconomic Policies.
Unit 1
Nature and Scope of Macro Economics - Methodology and Keynesian Concepts
National Income - Concepts and measurement-
Law-Modern theory of Employment and Effective Demand

Unit 2
Consumption function- Investment and savings - Concept of Multiplier and
Accelerator - Keynesian theory of Income, Output and Employment - Rate of interest -
Classical, Neo classical and Keynesian version- Classical theory Vs Keynesian theory -
Unemployment and Full employment
Unit 3
Money and classical theories of Money and Price - Keynesian theory of money and
Friedman Restatement theory of money - Supply of Money - Demand for Money -Inflation:
Nature, Effects and control
Unit 4
IS and LM frame work - General Equilibrium of product and money markets -
Monetary policy - Fiscal policy- Effectiveness of Monetary and Fiscal policy - Central
banking - Business cycles - Balance of Payment - Foreign Exchange Rate determination
Suggested Readings
Ahuja, H.L., 2007. Macroeconomics: Theory and Policy. Chand and Company Ltd., New Delhi.
th
Edition
Gardner Ackely.1987. Macro Economic : Theory and Policy, Collier Macmillion Publishers.
Willam H. Branson.1977. Macro Economic: Theory and Policy Harper and Row Publishers.

236
e-Resources
http://ocw.mit.edu/courses/economics/14-02-principles-of-macroeconomics-fall-2009/
www.uh.edu/~bsorense/Macro_Lecture_Notes.pdf
http://www.cals.ncsu.edu/course/are012/notes.html
http://getyourecon.com
http://welkerswikinomics.com/blog/
http://www.econclassroom.com
http://econphd.econwiki.com/notes.htm
https://www.coursera.org/course/macroeconomics

ECO 605 Basic Econometrics (2+1)

Theory
Unit 1
Econometrics- definition - methodology and types of econometrics - Nature and
sources of data for econometric analysis - Basic ideas of Regression analysis: PRF and SRF
linearity of regression model significance of stochastic error term -Estimation of two
variable regression model: method of Ordinary Least Square.

Unit 2
Classical linear regression model: assumptions underlying the method of least square
Normality assumption of error term (CNLRM) -Properties of least square estimators
Gauss-Markov theorem -Goodness of fit: coefficient of determination: r2 - Method of
Maximum Likelihood -Interval estimation and hypothesis testing - Extensions of 2-variable
regression models: regression through origin Nature of dummy variables- Dummy
variable regression models - test for structural stability of regression model

Unit 3
Estimation in multiple regression analysis: OLS estimators multiple coefficient of
determination R2 R2 and adjusted R2 - Inference in multiple regression analysis:
Hypothesis testing individual regression coefficient overall significance of the model
F-test and t-test

237
Unit 4
Relaxing the assumptions CNLRM: Multicollinearity definition consequences -
Multicollinearity detection remedial measures Heteroscadasticity definition
consequences - Autocorrelation definition consequences detection Durbin-Watson
test remedial measures -Model specification diagnostic test tests of specification errors
Practical
Study of different types of data sets- Specification of econometric models identification
of dependent and explanatory variables based on theory Estimation of the parameters of
regression model - Estimation multiple regression models interpreting coefficients and reporting
of results ML method -Estimation of simple correlation coefficients - Exercise on hypothesis
testing- in simple and in multiple regression models Estimation of dummy variable models -
Exercise on multicollinearity, heteroscadasticity and on autocorrelation.
Suggested Readings
Aaron G.Johnson Jr., Marvin B.Johnson and Rueban C. Buse. 1990. Econometrics-Basic
and Applied, New York: MacMillan Pub Co.
Gujarati, D.N., C.D. Porter and G. Sangeetha. 2012. Basic Econometrics 5th ed., McGraw
Hill Education Private Limited, New Delhi.
Harry. H..Kelejian, and Walace E.Oates.1994.Introduction to Econometrics Principles and
Applications, NewYork: Harper and Row Pub.
Koutsoyianis, A. 1997. Theory of Econometrics, NewYork: Barner and Noble.
Maddala G.S. 1992. Introduction to Econometrics, New York: MacMillan.
Pindyck, R.S. and D.L.Rubinfeld. 1990. Econometrics Models and Econometric Forecasts, NY
e-Resources:
http://www.oswego.edu/~kane/econometrics/chap_resources.htm
http://econ.la.psu.edu/~hbierens/lecnotes.htm
http://www.varsitynotes.com/economics/econometrics.html
http://www.stata.com/features/
http://www.oswego.edu/~economic/econsoftware.htm
http://ocw.mit.edu/courses/political-science/17-874-quantitative-research-methods-
multivariate-spring-2004/

238
 ECO 606 Agricultural Production Economics (1+1)
Theory
Unit 1
Nature, scope and significance of agricultural production economics- Agricultural
Production processes, character and dimensions- Production functions - assumptions of
production functions. Commonly used production functions-Linear, Quadratic, Cobb-Douglas
and Translog production functions- Properties, limitations, specification, estimation and
interpretation of commonly used production functions Determination of optimum level of
output and input
Unit 2
Factors of production, classification -isoquants-types-derivation of isoquants-
Returns to scale Principle of factor substitution and least cost combination of production -
Theory of product choice; selection of optimal product combination. Cost functions and cost
curves, components, and cost minimization -Duality theory cost and production functions
and its applications
Unit 3
Technology in agricultural production, nature and effects and measurement. -
Measuring efficiency in agricultural production; technical, allocative and economic
efficiencies - Yield gap analysis-concepts-types and measurement - Nature and sources of
risk, modeling and coping strategies.
Practical
Collection of realistic data sets from CCPC scheme - Cost of cultivation and
production of principle crops using CCPC data- Estimation of commonly used functional
forms and discussion of results-linear and quadratic Cobb-Douglas and Translog production
functions - Derivation of Isoquants for commonly used production functions-Least cost
combinations-Problems- Determination of optimal product combinations- Constrained and
unconstrained optimization-problems- Derivation of empirical input demand and output
supply functions - Estimating production functions incorporating technology changes-:
Decomposition analysis and incorporation of technology- Estimation of Frontier Production

239
functions and measurement of Technical efficiency Probabilistic, Deterministic and
Stochastic production functions.
Suggested Readings
Beattie, Bruce R. and C. Robert Taylor. 1985. The Economics of Production, New York:
John Wiley and Sons.
David L. Debertin. 2012. Agricultural Production Economics, Create Space Independent
Publishing Platform.
Doll, John P. and Frank Orazem. 1978. Production Economics - Theory and Applications,
New York: John Wiley and Sons.
Gardner Bruce L and G.C. Rausser. 2001. Handbook of Agricultural Economics Vol.1A
Agricultural Production, Amsterdam :Elsevier.
Heady, Earl O., and John L.Dillon. 1952. Agricultural Production Functions" Ames : Iowa State
University Press.
Heady, O. Earl. 1952. Economics of Agricultural Production and Resource Use", New Jersey:
Prentice-Hall.
Henderson, J.M. and R.E. Quandt. 1958. Microeconomic Theory: A Mathematical
Approach, McGraw-Hill, New York.
Palanisami, K., P.Paramasivam and C.R.Ranganathan, Agricultural Production Economics:
Analytical Methods and Applications, Associate Publishing Company, New Delhi.
Sankayan, P.L.1983.Introduction to Farm Management, New Delhi:Tata Mc Graw Hill
Publishing Company Ltd).
Sankhayan, P.L. Introduction to the Economics of Agricultural Production, New Delhi:
Prentice Hall of India Pvt Ltd.
e-Resources
http://ocw.mit.edu/courses/economics
https://www.msu.edu/course/ECO/855
http://www.uky.edu/~deberti/prod/agprod5.pdf
http://www.csuchico.edu/ag/_assets/documents/syllabi/ABUS/ABUS%20301%20A
G%20Production%20Econ%20Analysis.pdf

240
 ECO 607 Agricultural Marketing and Price Analysis (2+1)
Objective
To impart adequate knowledge and analytical skills in addressing the issues of
agricultural marketing, and enhance expertise in improving the performance of the
marketing institutions and the players in marketing of agricultural commodities.
Theory
Unit 1
Review of Concepts in Agricultural Marketing - Characteristic of Agricultural
product and Production Problems in Agricultural Marketing Demand based, Supply
based and Institutions based. Market intermediaries and their role - Need for regulation in
the present context - Marketable and Marketed surplus estimation. Marketing Efficiency -
Structure Conduct and Performance analysis - Vertical and Horizontal integration -
Integration over space, time and form-Vertical co-ordination
Unit 2
Marketing Co-opeatives APMC Regulated Markets - Direct marketing, Contract
farming and Retailing - Supply Chain Management - State trading, Warehousing and other
Government agencies -Performance and Strategies - Market infrastructure needs,
performance and Government role - Value Chain Finance
Unit 3
Role of Information Technology and telecommunication in marketing of agricultural
commodities - Market research-Market information service - electronic auctions (e-bay),
e-Chaupals, Agmarknet and Domestic and Export market Intelligence Cell (DEMIC)
Market extension

Unit 4
Spatial and temporal price relationship price forecasting time series analysis
time series models Price policy and economic development non-price instruments -
Theory of storage - Introduction to Commodities markets and future trading - Basics of
commodity futures - Operation Mechanism of Commodity markets Price discovery -
Hedging and Basis - Fundamental analysis - Technical Analysis - Role of Government in
promoting commodity trading and regulatory measures

241
Practical
Supply and demand elacticities in relation to problems in agricultural marketing.
Price spread and marketing effciency analysis. Marketing structure analysis through
concentration ratios. Market integration analysis over space, time and form. Performance
analysis of Regulated market and marketing societies. Analysis on contract farming and
supply chain management of different agricultural commodities, milk and poultry products.
Chain Analysis - quantitative estimation of supply chain efficiency - Market Intelligence
Characters, Accessibility, and Availability Price forecating and Application TCSI, AR and
MA. Online searches for market information sources and interpretation of market
intelligence reports commodity outlook - Technical Analysis for important agricultural
commodities - Fundamental Analysis for important agricultural commodities - Presentation
of the survey results and wrap-up discussion.

Suggested Readings
AGSF FAO 2006. An Introduction to Market based instruments for Agricultural Price Risk
James Vercammen. 2
Management., Cornell University.
Purecell Wayne. D and R.K. Stephen. 1999. Agricultural Futures and Options: Principles
and Strategies 2nd ed., Upper saddle River NJ: Prentice-Hall Inc.
RAFI notes Value chain Finance USAID web resource June 2005.
Rhodes, V. James. 1978., The Agricultural Marketing System, Grid Publishing Inc., Ohio.
Routledge Publication , NewYork.
Shepherd, S.1982. Geoffrey and Gene A. Futrell, Marketing Farm Products, Iowa State
University Press, Iowa.
Singhal, A. K.1986. Agricultural Marketing in India, Annual Publication, New Delhi
Tomek, William G. and Peterson, Hikaru Hanawa, 2000. "Risk Management in Agricultural
Markets: A Survey," Staff Papers 121140, Department of Applied Economics.
e-Resources
https://lss.at.ufl.edu/.
http://www.oerafrica.org.

242
 ECO 608 Agricultural Development Policy Analysis ( 2+0)
Objectives

To provide orientation to the students regarding the concepts and measures of economic
growth and development
To provide orientation on theories of economic growth and relevance of theories in
developing countries.
To make them to understand the agricultural policies and its effect on sustainable
agricultural development
To make them to understand the globalization and its impact on agricultural development.
Theory
Unit 1
Introduction to Economic Development
Development Economics Scope and Importance - Economic development and
economic growth - divergence in concept and approach - Indicators and Measurement of
Economic Development GNP as a measure of economic growth New Measures of
Welfare - Criteria for under development Obstacles to economic development Economic
and Non-Economic factors of economic growth.

Unit 2
Theories of Economic Growth and Development
Economic development meaning, stages of economic development, determinants
of economic growth. Theories of economic growth Ricardian growth model The Harrod
Domar Model The Neo classical Model of Growth The Kaldor Model Optimal
Economic Growth Recent Experiences of developing economies in transition Role of
state in economic development Government measures to promote economic development..
Introduction to development planning.

Unit 3
Agricultural Policies and Sustainable Agricultural Development
Role of agriculture in economic / rural development theories of agricultural
development Population and food supply - need for sound agricultural policies resource

243
 policies credit policies input and product marketing policies price policies.
Development issues, poverty, inequality, unemployment and environmental degradation
Models of Agricultural Development Induced Innovation Model - policy options for
sustainable agricultural development.

Unit 4
Globalization and its Impact
Globalization and the relevance of development policy analysis The dilemma of
free trade? Free trade versus Protectionism- Arguments for protection. Arguments against
protection. Role of protection in Developing Countries. WTO Agreement on Agriculture -
Contradictions of free trade - proponents and opponents policies in vulnerable sectors like
agriculture Lessons for developing countries.

Selected Readings
K.K.Dewett 2012. Modern Economic Theory. S.Chand and Company limited New Delhi.
Naqvi Syed Nawab Haider 2009. Development Economics Nature and Significance, Sage
Publications, New Delhi.
Jhingan, M.L. 2012. The Economics of Development and Planning, Vrinda Publication.
Eicher, K.C. and John M. Staatz, 2008. International Agricultural Development. Baltimore:
The Johns Hopkins University Press.
Pretty N. Jule. 2005. Regenerating Agriculture Polices and Practice for Sustainability and
i.

Press, New York.

e-Resources
www.econlib.org
www.worldbank.org
www.world-economics-journal.com

244
 ECO 609 International Economics (1+1)
Objective
This course provides an analysis of the economic relationships between countries,
covering both trade and monetary issues. The course focuses on international trade theory
and policy instruments, the balance of payment accounts and open economy income
identities. The expected outcome of this course will be creating awareness among the
students about the role of International Economics on National Welfare
Theory
Unit 1
International Trade Theory and Models
Introduction- scope and importance - Comparative Advantage: the Ricardian Model
- The Heckscher-Ohlin Factor Proportions Model - The Standard Trade Model: Growth,
Terms of Trade - Economies of Scale, Intra-Industry Trade and Factor Mobility
Unit 2
International Trade Policy Instruments
Instruments of Trade Policy: Tariffs and Non tariffs - Free Trade versus
Protectionism: Customs Unions Arguments for protection regional blocks Regional
Trade Agreements.
Unit 3
Exchange Rates and Open-Economy
The Balance of Payments and Exchange Rates - The Asset Approach: Money,
Interest Rates and Exchange Rates - Real Exchange Rates and Purchasing Power Parity -
Macro-Economic Adjustment under Flexible Exchange Rates: The Marshall-Lerner
Condition and the Current Account
Practical
Estimation of producers surplus, consumers surplus, national welfare under autarky
and free trade equilibrium with small and large country assumption estimation of
competitive measures like NPC, EPC, ERP and DRC-estimation of offer curve elasticity
effect of tariff, export subsidy, producer subsidy on national welfare trade equilibrium

245
under specific factor model, Hecksher-Ohlin Model- trade creation and trade diversion
exchange rate determination. FDI and exchange rate relationships and their effects on
national welfare.
Selected Readings
Dennis R.Appleyard and Alfred J.Field. 2013. International Economics Trade, Theory and
Policy, (8th edition), The Mcgraw-Hill Series Economics.
Dominick Salvatore. 2009. International Economics, (10th edition) Wiley Publications.
Steven Husted, and Michael Melvin. 2012, International Economics (9th edition) Pearson
Series in Economics, Prentice Hall Publication.

e-Resources
http://internationalecon.com/Trade/Tch5/Tch5.php
http://ocw.mit.edu/courses/economics/14-581-international-economics-i-spring-2013/
http://catalog.flatworldknowledge.com/catalog/editions/suranovic-international-
economics-theory-and-policy-1

ECO 610 Applied Econometrics (2+1)

Theory
Unit 1
Different forms of growth curves - Linear exponential logistic -Functional forms
of regression models -Estimation of elasticity for different functional forms -Production
functions and cost functions; Qualitative response models LPM , logit ,Probit and -Tobit
models
Unit 2
Model specification problems endogeniety problem sample selection bias;
Introduction to panel data regression models Fixed effect model Random effect model;
Introduction to distributed lag models - Koyck distributed lag model; Method of
instrumental variables
Unit 3
Introduction to time series econometrics - Stochastic processes tests of stationarity
the unit root test; Approaches to economic forecasting: AR, MA and ARIMA model

246
Unit 4
Simultaneous equation models specification, reduced form models identification
problem and rules of identification; Multivariate Analysis: discriminant analysis, principal
component analysis and factor analysis

Practical
Estimation of linear and compound growth rates - Estimation and interpretation of
logit and probit models -Estimation and interpretation of tobit model -Remedial measures to
sample selection bias -Estimation of panel data regression models -Transformation of non-
stationary time series cointegration -Estimation of AR, MA and ARIMA models -
Estimation of simultaneous equation models Indirect Least Square, 2SLS - Problems in
principal component analysis and factor analysis

Selected Readings
Aaron G.Johnson Jr., Marvin B.Johnson and Rueban C. Buse. 1990. Econometrics-Basic
and Applied, MacMillan Pub Co. New York.
Gujarati, D.N., Porter, C.D. and Sangeetha, G. 2012. Basic Econometrics 5th ed., McGraw
Hill Education Private Limited, New Delhi.
Harry. H..Kelejian, and Walace E.Oates. 1994. Introduction to Econometrics Principles and
Applications, (NewYork: Harper and Row Pub.
Koutsoyianis. K. 1997. Theory of Econometrics, (NewYork: Barner and Noble).
Maddala G.S. 1992.Introduction to Econometrics, New York: MacMillan
Pindyck, R.S. and D.L.Rubinfeld. 1990. Econometrics Models and Econometric Forecasts,
New York: McGraw Hill).
e-Resources:
http://www.oswego.edu/~kane/econometrics/chap_resources.htm
http://econ.la.psu.edu/~hbierens/LECNOTES.HTM
http://www.varsitynotes.com/economics/econometrics.html
http://www.stata.com/features/
http://www.oswego.edu/~economic/econsoftware.htm
http://ocw.mit.edu/courses/political-science/17-874-quantitative-research-methods-
multivariate spring-2004/

247
 ECO 611 Agricultural Finance and Insurance (1+1)
Objective
The objective of the course is to impart knowledge relating to disbursement of
institutional finance to priority sector, credit management and financial risk management.
The course would also focus on various appraisal techniques in investment of agricultural
projects.
Theory
Unit 1
Role and Importance of Agricultural Finance
Evolution of Banking System in India. Rural Indebtedness. Financial Institutions
and Credit Flow to Rural/ Priority Sector. Agricultural Lending Direct and Indirect
Financing - Financing through Co-operatives, Commercial Banks and RRBs. Role of
Lead Bank and NABARD. District Credit Plan and Lending to Agriculture / Priority
Sector. Credit Linked Rural Development Programmes. Micro-Financing and Role of
-
Unit 2
Lending to Farmers
Principles of Credit R's of Credit. Estimation of
Technical Feasibility, Economic Viability and Repaying Capacity of Borrowers and
Appraisal of Credit Proposals. Supervisory Credit System. Overdue Problem Causes,
Consequences and Mitigating Measures. Credit Inclusion Credit Widening and Credit
Deepening.
Unit 3
Farm Financial Analysis
Financial Decisions on Farm Investment. Preparation of Financial Statements -
Balance Sheet, Income Statement and Cash Flow Statement. Ratio Analysis - Leverage,
Liquidity and Solvency Ratios. Farm Planning and Budgeting Partial and Complete
Budgeting. Assessing the Performance of Farm / Firm Farm Efficiency and Break - Even
Analysis.

248
Unit 4
Crop Insurance Programme
Risks in Financing Agricultural Projects. Risk Management Strategies and Coping
Mechanism Adopted by Bankers and Firms / Farms. Crop Insurance Programmes Review
of Different Crop Insurance Schemes - Yield and Weather Based Insurance Schemes and
their Applications.

Practical
Development of Rural Institutional Lending - Branch Expansion, Demand and
Supply of Institutional Agricultural Credit. Financial Inclusion, Overdues and Loan
Waiving: An Overview. Rural Lending Programmes of Co-operative Lending
Institutions. Rural Lending Programmes of Commercial Banks and RRBs. Lead Bank
Scheme - Preparation of District Credit Plan. NABARD Functions. Policies for
Revamping the Rural Institutional Credit System. Financial Instruments and Methods E
- banking, Kisan Credit Cards and Core Banking. Performance of Micro Financing
Institutions - Self-Help Groups. Preparation of Financial Statements using
Farm / Firm Level Data. Farm Credit Appraisal Techniques. Monitoring and
Evaluation of Agricultural Projects. Farm Financial Analysis through Financial
Statements. Case Study Analysis of an Agricultural Project. Financial Risk and Risk
Management Strategies Crop Insurance Schemes.
Suggested Readings
Dhubashi, P.R. 1986. Policy and Performance - Agricultural and Rural Development in Post
Independent India. SAGE Publications.
Gittinger, J.P. 1982. Economic Analysis of Agricultural Projects. The Johns Hopkins
Universit Press.
Gupta, S.C. 1987. Development Banking for Rural Development. Deep and Deep Publications.
Little, I.M.D. and J.A. Mirlees. 1974. Project Appraisal and Planning for Developing
Countries. Oxford and IBH Publications, New Delhi.
Muniraj, R. 1987. Farm Finance for Development. Oxford and IBH Publications.
Reddy Subba S., 2008, Agriculture Finance and Management, Oxfordand IBH, New Delhi.

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e-Resources
http://pages.stern.nyu.edu/~adamodar/
http://educ.jmu.edu//~drakepp/
www.microfinancegateway.org
http://www.ruralfinance.org
www.nabard.org
www.rbi.org

ECO 612 Research Methodology for Social Sciences (1+1)

Objective
The main objective of this course is to expose the students to research methodology
used in social sciences. The focus will be on providing knowledge related to research
process identification of research problems, formulation of objectives, construction of
hypotheses, sampling techniques, data collection and data analysis, hypothesis testing,
interpretation of results, report writing, etc.

Theory
Unit 1
Importance and Scope of Research in Agricultural Economics
Importance and Scope of Research in Agricultural Economics. Types of Research -
Fundamental vs. Applied Research. Qualitative vs Quantitative Research. Concept of
Researchable Problem Research Prioritization Selection of Research Problem.
Unit 2
Research Process
Approaches to Research Research Process. Project Proposals Contents and Scope
Different Types of Projects to Meet Different Needs Trade-Off Between Scope and
Cost of the Study. Review of Literature. Purpose Statement. Research Design and
Techniques Types of Research Design. Hypothesis Meaning - Characteristics - Types of
Hypothesis - Setting of Objectives and Hypothesis.

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Unit 3
Sampling
Sampling Theory and Sampling Design Sampling Error - Methods of Sampling
Probability and Non-Probability Sampling Techniques - Criteria to Choose. Sampling
2
Distribution z, t, and F. Interviewing Techniques and Field Problems - Methods of
Conducting Survey Reconnaissance Survey and Pre -Testing.

Unit 4
Data Collection and tabulation
Data Collection Assessment of Data Needs Sources of Data Collection
Discussion on Sampling under Different Situations. Participatory Rural Appraisal (PRA)
Technique. Mailed Questionnaire and Interview Schedule Structured, Unstructured,
Open Ended and Closed-Ended Questions. Scaling Techniques. Preparation of Schedule
Problems in Measurement of Variables in Agriculture. Coding, Editing Tabulation
Validation of Data. Tools of Analysis Data Processing. Hypotheses - Testing of
Hypothesis - Parametric and Non Parametric Testing. Interpretation of Results Preparing
Research Report / Thesis Universal Procedures for Preparation of Bibliography Writing
of Research Articles.
Practical
Exercises in Problem Identification. Project Proposals Contents and Scope.
Formulation of Objective and Hypotheses. Assessment of Data Needs Sources of Data
Methods of Collection of Data. Methods of Sampling Criteria to Choose Discussion on
Sampling under Different Situations. Scaling Techniques Measurement of Scales.
Preparation of Interview Schedule - Field Testing. Method of Conducting Survey. Exercise
on Coding, Editing, Tabulation and Validation of Data. Preparing for Data Entry into
Computer. Hypothesis Testing Parametric and Non-Parametric Tests. Exercises on
Format for Thesis / Report Writing. Presentation of the Results.

Suggested Readings
Black, T.R. 1993. Evaluating Social Science Research - An Introduction. SAGE Publications.
Creswell, J.W. 1999. Research Design - Qualitative and Quantitative Approaches. Sage Pub.

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Dhondyal, S.P. 1997. Research Methodology in Social Sciences and Essentials of Thesis
Writing. Amman Publishing House, New Delhi.
Kothari, C.R. 2004. Research Methodology - Methods and Techniques. Wishwa Prakashan,
Chennai.
Rao, K.V. 1993. Research Methodology in Commerce and Management. Sterling Publications.
Singh, A.K. 1993. Tests, Measurements and Research Methods in Behavioural Sciences.
Venkatasubramanian, V. 1999. Introduction to Research Methodology in Agricultural and
Biological Sciences. SAGE Publications.
e-Resources
http://ase.tufts.edu/gdae/?gclid=CPGY7pfyjL4CFU0pjgodul8AWA
https://www.iser.essex.ac.uk/study
http://www.sagepub.com/isw4/weblinks.htm
http://econpapers.repec.org/article/agsaerrae/

ECO 613 Agricultural Project Analysis (1+1)

Objective
The overall objective of the course is to teach economics and impacts of agricultural
projects and various methods to capture cost and value of project. It also deals with various
methods used to assess the feasibility of the projects. The specific objectives are: (i) to
characterize the scope and complexity of modern projects; (ii) to impart knowledge on
various appraisal techniques of agricultural investment projects; and (iii) to evaluate the
various components of project management.
Theory
Unit 1
Project Planning and Formulation
Definition of a project and project cycle- identification and formulation of project,
need for project and project analysis, ex-post evaluation and ex- ante appraisal, basic data
requirement, discounted and undiscounted cash flow analysis, choice of discount rate,
consideration of alternatives, divergence of private benefits and social objectives,
Government action Taxes, Incentives, Subsidies and Public Policies to bring out equity -
Accounting prices- market price and shadow prices.

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Unit 2
Feasibility Analysis and Implementation
Market and demand analysis- market survey and demand forecasting. Technical
analysis Location, site and environmental aspects. Financial Analysis time value of
money, NPW, Benefit -Cost Ratio, IRR and Pay-back period. Social cost and Social Benefit
Analysis Total economic valuation income distribution impacts. Ecological analysis
Environmental concerns- Externality/damage estimation and cost of restoration measures.
Unit 3
Risk analysis in Agricultural Projects
Risk and Uncertainty in Agricultural Projects - Incorporation of Risk and
Uncertainty in project analysis. Project yield/output risk- Input and output price risk-
inflation and cost escalation- changes in government polices- switching values sensitivity
analysis.
Unit 4
Project Monitoring and Evaluation
Appraisal and evaluation of Projects at macro level - Monitoring and Evaluation
(MandE). Concepts. Designing of MandE Systems and Indicators Used in M and E. Impacts
of Agricultural Projects Concurrent and Summative Evaluation. Impact Evaluation
Methods With and Without- Before and After Project.
Practical
Analyzing the Features of Agricultural Projects.-SWOC analysis. Market and
demand analysis Time value of money - discounted and undiscounted cash flow analysis
NPV, BCR, IRR, Payback period- Economic analysis - Accounting prices for traded and
non-traded goods- Social cost and Social Benefit Analysis - Total economic valuation-
damage estimation and cost of restoration measures. Sensitivity analysis for incorporating
risk- Monitoring and Evaluation of Projects.
References
Benjamin, P. McDonald. 2005. Investment Projects in Agriculture-Principles and Case
Studies, Longman Group Limited , Essex, U.K.

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Dhubashi, P.R. 2006. Policy and Performance - Agricultural and Rural Development in
Post Independent India. Sage Publ.
Little, I.M.D. J.A. Mirlees, 2004. Project Appraisal and Planning for Developing Countries,
(New Delhi: Oxford and IBH Publications).
Muniraj, R. 2007. Farm Finance for Development. Oxford and IBH
Price Gittinger, J. 2002. Economic Analysis of Agricultural Projects, (Baltimore: The Johns
Hopkins University Press).
e-Resources
www.econlib.org
www.worldbank.org
www.world-economics-journal.com

ECO 614 Capital and Commodity Markets (2+0)

Objective
This course is aimed at providing the basic understanding, role, mechanism and
value of commodity futures markets for price risk management and price discovery in the
Indian commodity markets.
Theory
Unit 1
History and Evolution of commodity markets concepts: spot, derivatives, forward
and futures markets Speculatory mechanism in commodity futures- Transaction and
settlement delivery mechanism - role of different agents.

Unit 2
Risk in commodity trading - importance and need for risk management measures -
managing market price risk: hedging, speculation, arbitrage, swaps - pricing and their
features Negotiable warehouse receipt.

Unit 3
Fundamental and Technical analysis Introduction to technical analysis software
analyzing the market trend Construction and interpretation of charts - analyzing trading
pattern of different commodity groups.

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Unit 4
Contracts traded in commodity exchanges and their special futures - pricing
commodity futures, model and futures basis - Market indicators - Factors influencing spot
and future markets - Important global and Indian commodity exchanges - Regulation of
Indian commodity exchanges FMC and its role.
Suggested Readings
Kaufman, P.J. 1986. The Concise Handbook of Futures Markets. John Wiley and Sons.
Leuthold, R.M, J.C. Junkus and J.E. Cordier. 1989. The Theory and Practice of Futures
Markets. Lexington Books.
Lofton T. 1993. Getting Started in Futures. 3rd Ed. John Wiley and Sons.
Purcell, W. D. 1991. Agricultural Futures and Options: Principles and Strategies. Macmillan
Wasendorf, R.R. and McCafferty 1993. All about Commodities from the Inside Out.
McGraw-Hill.
e-Resources:
http://www.insidefutures.com/education/?src=header
http://tfc-charts.w2d.com/tafm/
http://www.mcxindia.com/
http://www.tradingpicks.com/beginners_guide.htm
http://www.ncdex.com/index.aspx
http://www.fmc.gov.in/index.aspx

ECO 615 Natural Resource and Environmental Economics (2+1)

Objective
To introduce economics principles related to natural resource and environmental economics
To explore the concept of efficiency and the efficient allocation of natural resources
To understand the economics of why environmental problems occur.
To explore the concept of efficiency and the efficient allocation of pollution control and
pollution prevention decisions.
To understand the environmental policy issues and alternative instruments of environmental
policies
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Theory
Unit 1
Concepts, Classification and Problems of Natural Resource Economics Economy -
Environment interaction The Material Balance principle, Entropy law- Resources Scarcity
- Limits to Growth - Measuring and mitigating natural resource scarcity Malthusian and
Ricardian scarcity scarcity indices - Resource Scarcity and Technical Change.

Unit 2
Theory of optimal extraction renewable resources economic models of oil
extraction- efficiency - time path of prices and extraction - -
Harwick's Rule. Theory of optimal extraction exhaustible resources economic models of
forestry and fishery Property rights issues in natural resource management private
property, common property and open access resources Collective action in common
property resource management.
Unit 3
Environmental perspectives - biocentrism, sustainability, anthropocentrism -
Environmental problems and quality of environment Economics of the environment
Theory of externality - Sources and types of pollution -air, water, solid waste, land
degradation environmental and economic impacts - Economics of pollution control -
efficient reduction in environmental pollution .
Unit 4
Environmental regulation economic instruments - pollution charges - Pigovian tax
- tradable permits indirect instruments - environmental legislations in India -Concept of
sustainable development - Indicators of sustainability - Economic Perspectives Poverty
and environment. Relationship between development and environment stress-
Environmental Kuznet's curve Environmental Accounting resource accounting methods -
International Environmental Issues climate change and its impacts -mitigation efforts and
international treaties.
Practical
Exhaustible resource management optimum rate of oil extraction Exhaustible
resource management optimum rate of oil extraction - Renewable resource management

256
optimum harvest of Forestry/fishery - Renewable resource management optimum harvest of
Forestry/fishery - Exercise on pollution abatement I - Exercise on pollution abatement II -
Concepts in valuing the environment - Taxonomy of valuation techniques - Productivity change
method substitute cost method - Hedonic price method - Travel cost method - Contingent
valuation methods - Discount rate in natural resource management - Environment impact
assessment - Environment impact assessment - Visit to Pollution Control Board.

Suggested Readings
Ahmad, Y., S. El Serafy and E. Lutz. 1989. Environmental Accounting for Sustainable
Development, Washington, D.C.: World Bank.
Baumol,W.J. and Wallace E Oates.1988. The Theory of Environmental Policy, 2nd ed
Cambridge: Cambridge University Press.
Conrad, Jon M. 1999. Resource Economics, New York: Cambridge University Press
Freeman, A.M.1993. The Measurement of Environmental and Resource Values. Resources
for the Future Press, Baltimore.
Hackett, S. C. 2001. Environmental and Natural Resource Economics: Theory, Policy, and
the Sustainable Society. M. E. Sharpe, Armonk, NY.
Hartwick, J.M. and N.D. Olewiler.1998. The Economics of Natural Resource Use, 2nd ed.
Reading, MA: Addison-Wesley Educational Publishers, Inc.
Kahn, J.R. 1995. The Economic Approach to Environmental and Natural Resource
Economics. Orlando: Dryden, Harcourt Brace. 501p.
Kerr,J.M., D. K. Marothia, Katar singh, C. Ramasamy and W. R. Bentley .1997. Natural
Resource Economics: Theory and Applications in India, New Delhi: Oxford and
IBH Publishing Co,.
Kolstad, Charles D. 2000. Environmental Economics, Oxford: Oxford University Press
Krutilla, J. V and A. C. Fisher .1975. The Economics of Natural Environments: Studies in
the Valuation of Commodity and Amenity Resources, Baltimore: The Johns Hopkins
University Press.
Mitchell, R. C. and R. T. Carson. 1989. Using Surveys to Value Public Goods: The
Contingent Valuation Method, Washington, D.C.: Resources for the Future
Pearce, David W and Kerry Turner.1990. Economics of Natural Resources and the
Environment, Baltimore: John Hopkins University Press.

257
Prato, Tony 1998. Natural Resource and Environmental Economics, Ames: Iowa State
University Press.
e-Resources
http://www.iisd.org/publications
http://www.valuing-nature.net/
www.teebweb.org
http://ocw.mit.edu/courses/environment-courses/
http://www.colorado.edu/Economics/morey/4545/4545lnts.html
http://pubs.iied.org/
http://www.unep.org/publications/
http://www.env-econ.net/
http://environment.yale.edu/TEEB

ECO 616 Linear Programming and Risk Analysis (2+1)

Objective
The objective of the course is to impart knowledge of Linear programming
techniques and its applications in agricultural production decisions. This course also aims to
develop a working knowledge of risk terminology, analytic tools used for quantification and
analysis of risk.
Theory
Unit 1
Introduction to linear programming (LP)- Assumptions of LP significance of
assumptions-Advantages and limitations of LP-Applications of LP-General Formulation of LP
problem- Standard form of LP problem-Matrix form of LP problem-Graphical solution of LP
problem - Simplex Method: Concept of simplex Method, solving LP problem by Simplex
method- Formulation of farm problem as linear programming models and solutions.
Unit 2
Duality theory definition of dual problems-Duality theorems-Dual simplex method-
Primal dual method. Sensitivity analysis-introduction-forms of sensitivity analysis-
Extension of Linear Programming models: Parametric linear programming introduction,
formulation of problem-Integer linear programming-introduction-formulation of problem
LP applications - Compromise programming Data Envelopment Analysis (DEA).

258
Unit 3
Introduction to decision making - Decision making under certainty. -Decision-
making under risk and uncertainty - Definition of risk and uncertainty - Probabilistic
modeling of risk- Quantification of risk - The concepts of expected value, certainty
equivalent and risk premium. Coefficient of variation as a measure of risk - Decision
criteria - Maximax, Maximin and Minimax Regret Criteria - Value of Perfect Information -
Methods of Risk Analysis - Best-case/Worst-case Analysis and What-If Analysis - Expected
Monetary Value, Expected Regret and Sensitivity Analysis, Strategy Tables, Expected value
of sample information. Risk in agriculture - Risk programming MOTAD.
Unit 4
Decision Tree Analysis and Multistage Decision Problems. Applications of Utility
Theory in Decision-making - Multicriteria Decision Modeling. Spreadsheet Simulation with
examples - Introduction and prototype simulation exercises. Risk analysis using simulation -
Demonstration of Spreadsheet simulation using Excel. Comparison of Scenario analysis and
sensitivity analysis with simulation modeling using Excel. Risk analysis in projects - Capital
Budgeting and risk analysis - Use of Risk Adjusted Discount Rates and Certainty Equivalent
for Expected Cash Flows - Estimation of Risk Adjusted Discount Rate using Capital Asset
Pricing Model (CAPM).
Practical
Survey of Concepts and definitions in Linear programming- Formulation of general
Linear Programming Problem-Graphical solution of LP problem-formulation and finding
solution-Formulation of the simplex matrices for typical farm situations- Solving of
maximization problems by simplex method-Solving of minimization problems by simplex
method-Sensitivity analysis in LP- Problems in Duality- Dual simplex method-formulation of
problem and finding solution-Problems on Parametric linear programming-Problem on Integer
Programming-Formulation of MOTAD problem and finding solution under risk environment-
Data Envelopment Analysis and estimating efficiency in agricultural production. Risk Analysis
techniques Excel simulation and other spreadsheet techniques.

259
Suggested Readings
Anderson, J.R., J.L. Dillion and B. Hardaker. 1977. Agricultural Decision Analysis. Iowa
State Press.
Donald J. Meyer (Ed.) The Economics of Risk, Published by the W.E. Upjohn Institute for
Employment Research, November 2003. 192 pp. This release is available at
http://www.upjohninst.org/publications/ntr.html.
Dorfman R. 1996. Linear Programming and Economic Analysis. McGraw Hill.
Hardaker, J. B., Huirne, R. B. M., Anderson, J.R., and Lien, G. (2004): Coping with Risk in
Agriculture. 2nd Edition. CAB International. Wallingford.
Hazell, P.B.R.1986. Mathematical Programming for Economic Analysis in Agriculture,
Macmillan Publishing Company.
Kaiser, Harry M., and Kent D. Messer. 2011. Mathematical Programming for Agricultural,
Environmental, and Resource Economics, Wiley.
Loomba N.P.2006. Linear Programming. Tata McGraw Hill.
Myerson, R.2005. Probability Models for Economic Decisions, Cengage Brook / Cole Duxbury.
Peter J. Barry, Risk Management in Agriculture, Ames: Iowa State Press; (1st edition 1984).
Ragsdale, Cliff T. 2011. Managerial Decision Modeling, South-Western, 6th revised ed edition.
Rulon D. Pope, Risk and Agriculture, Brigham Young University
Shenoy G. 1989. Linear Programming-Principles and Applications. Wiley Eastern Publ.
Terje Aven, Foundations of Risk Analysis: A Knowledge and Decision-Oriented
Perspective, John Wiley and Sons. 2003. ISBN 0471495484, 9780471495482
e-Resources
http://agecon2.tamu.edu/people/faculty/mccarl-bruce/classes.htm
http://home.ubalt.edu/ntsbarsh/Index.html
home.uchicago.edu/rmyerson
http://ricardo.ifas.ufl.edu/aeb6182.risk/
http://agecoext.tamu.edu/resources/library/risk-management-curriculum-guide/
http://www.afpc.tamu.edu/courses/643/ Website of Prof.
Applied Simulation for Economic Analysis, with introduction to his simulation
software Simetar.

260
 ECO 801 Advanced Microeconomic Analysis (2+1)
Theory
Unit 1
Theory of consumer behaviour - Utility maximization derivation of demand curves
expenditure function and indirect utility function - Duality in consumer theory
of Income Effect and Substitution Effect.

Unit 2
Dynamic versions of demand functions Integrability of demand functions. Demand
systems Linear Expenditure System, Almost Ideal Demand System. Applications of
consumer theory Household model and time allocation Labour supply decisions by
households.
Unit 3
Analysis of price determination under perfect competition, monopoly, and
monopolistic competition - Analysis of effect of taxes, subsidies and price controls on
equilibrium outcomes and social welfare. Oligopoly models - Cournot solution, Chamberlin
model, Stackelberg solution Kinked demand models.
Unit 4
Market failure Property rights issues - Incomplete markets - Asymmetric
information Adverse selection and moral hazard Principal-agent problems. Externalities
Network externalities.
Suggested Readings
Chiang, Alpha C. 1981.Fundamental Methods of Mathematical Economics, New York:
McGraw-Hill.
Henderson, J.M. and R.E. Quandt, Microeconomic Theory: A Mathematical Approach, New
York : McGraw-Hill.
Koutsoyiannis, A., Modern Microeconomics, (London: The MacMillan Press Ltd.), 1973.

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Perloff, Jeffrey. 2008. Microeconomics: Theory and Applications with Calculus, Boston:
Pearson Education Inc.
Silberberg, E., and W.Suen, The Structure of Economics A Mathematical Analysis, New York:
McGraw-Hill Book Company.
Varian, Hal, R. 1999. Intermediate Microeconomics, New Delhi: Affiliated East-West Press,
Varian, Hal, R.1992. Microeconomic Analysis, New York: W.W.Norton and Company. 1992.

e-Resources:
Open courseware at Massachusetts Institute of Technology, Cambridge MA at
www.ocw.mit.edu
http://www.kevinhinde.com/
http://economicsonline.co.uk
http://economicsnetwork.ac.uk
http://www.econ.ucsb.edu/~tedb/eep/eep.html.

ECO 802 Advanced General Equilibrium and Welfare Economics (1+1)

Theory
Unit 1
Partial vs. general equilibrium Basic concepts in general equilibrium Production
possibilities curve Edgeworth box Contract curve Pareto efficient allocations -
Derivation of general equilibrium conditions.

Unit 2
The algebra of efficiency - Exhaustion of gains from trade
Possibilities for multiple equilibrium Equilibrium and efficiency Monopoly in the
Edgeworth box - Effect of initial endowment on equilibrium outcomes.

Unit 3
Welfare Economics Aggregation of Preferences Fair Allocations - Envy and
Equity - conomics Social Welfare functions Utilities
possibilities frontier. Welfare criteria - Equity and efficiency - Theory of Second Best
tradeoff between equity and efficiency.

262
Unit 4
Public choice lic goods
Demand for and supply of public goods Derivation of Samuelson condition for optimal
provision of public goods Lindahl Prices - Mechanism design Demand revelation
mechanisms Agenda manipulation - Auction design.
Suggested Readings
Chiang, Alpha C.1981. Fundamental Methods of Mathematical Economics,: McGraw-Hill.
New York
Jones, Chris. 2005. Applied Welfare Economics, Oxford: Oxford University Press.
Just, Richard E., Darrell L.Hueth and Andrew Schmitz. 2004. The Welfare Economics of
Public Policy: A Practical Approach to Project and Policy Evaluation, Cheltenham:
Edward
Koutsoyiannis, A.1973. Modern Microeconomics, (London: The MacMillan Press Ltd.),
1973.
Moore James C. General Equilibrium and Welfare Economics, New York: Springer, 2007.
Mukherjee, A. 2002, An Introduction to General Equilibrium Analysis, Oxford University
Press.
Perloff, Jeffrey, Microeconomics: Theory and Applications with Calculus, Boston: Pearson
Education Inc, 2008.
Varian, Hal, R. 1999. Intermediate Microeconomics, New Delhi: Affiliated East-West Press.
e-Resources
Open courseware at Massachusetts Institute of Technology, Cambridge MA at
www.ocw.mit.edu
http://www.kevinhinde.com/
http://economicsonline.co.uk
http://economicsnetwork.ac.uk
http://www.econ.ucsb.edu/~tedb/eep/eep.html.
This is an excellent website that exposes students to learn microeconomics principles
using classroom experiments. This webpage is about a book authored by Theodore

263
 C.Bergstrom and John H.Miller, titled Experiments with Economic Principles:
Microeconomics. As the authors themselves point out the students are themselves
the part of the experimental subjects as well as learners.
http://www2.econ.iastate.edu/classes/econ501/Hallam/
This is the Microeconomics course webpage of Prof.Arne Hallam of Iowa State
University, where you will find lot of great stuff.

ECO 803 Advanced Macroeconomic Analysis (2+0)

Objectives
To understand the macroeconomic theory
To examine the macroeconomic Policy issues
To analyze the macroeconomic Policy implications
Theory
Unit 1
Review of Macro Economics concepts-Comparative statistics- Keynesian theory-
Consumption Function and Theories of Consumption -Saving Function and Theories of
Saving - Theories of Investment-Savings and Investment Equality - IS - LM Framework and
its Extension
Unit 2
Demand for and Supply of Money-Monetary Policy in the static model Inflation -
Stagflation and Supply side Economics - Theory of Unemployment - Phillips Curve
controversy - Inflation, Productivity and distribution
Unit 3
Fiscal policy: Effectiveness and Problems - Social Accounting Matrix Framework -
General Equilibrium Analysis - Neo classical Macro Economics - Stochastic Macro
Economics
Unit 4
BOP and Adjustment Policies - Foreign sector - Capital and Current Account -
Foreign Exchange Policy - Review of Macro Economic Policies in India

264
Suggested Readings
Edward Shapiro. 1989. Macro Economic Analysis. Galgotia Publications Private Limited,
New Delhi
Eugene A.Diulio.2006. Macroeconomics. Schaums Outlines, 4th Edition
Gardner Ackely.1987. Macro Economic : Theory and Policy. Collier Macmillion Publishers,
Londan
Paul, A. Samuelson and William D. Nordhaus. 2004. Economics, McGraw-Hill, New Delhi
Richard T. Frogen. 1999. Macro Economic : Theory and Policies Sixth edition, Prentice
Hall Sixth edition International Inc
Willam H. Branson. 1977. Macro Economic : Theory and Policy. Harper and Row Publishers,
Londan
e-Resources
http://ocw.mit.edu/courses/economics/14-02-principles-of-macroeconomics-fall-
2009/
www.uh.edu/~bsorense/Macro_Lecture_Notes.pdf
http://www.cals.ncsu.edu/course/are012/notes.html
http://getyourecon.com
http://welkerswikinomics.com/blog/
http://www.econclassroom.com
http://econphd.econwiki.com/notes.htm
https://www.coursera.org/course/macroeconomics
This is a free online course from coursera.

ECO 804 Advanced Econometric Analysis (2+1)

Theory
Unit 1
Classical regression model
Review of classical regression model review of hypothesis testing restrictions on
parameters .

265
Unit 2
Single equation estimation
Single equation techniques -ordinary least squares weighted least squares - method of
principal components instrumental variables method - maximum likelihood method.
Unit 3
Issues and solutions in regression analysis
Errors in variables, non-linearity and specification tests non spherical error terms,
multicollinearity, autocorrelation, heteroscedasticity, generalized least squares feasible
generalized least squares (FGLS)
Unit 4
Simultaneous equation methods
Simultaneous equation methods identification estimation by Indirect Least
Squares 2SLS, SURE, 3SLS

Practical
Estimation of multiple regression model - GLS estimation methods - testing
misspecification errors - estimation in the presence of multicollinearity, heteroscedasticity
and autocorrelation - comparing two regressions - Chow test - Indirect least squares 2SLS,
SURE, 3SLS estimation of simultaneous equation models
Suggested Readings
Greene, W.H. 2002. Econometric Analysis, Pearson Education Pvt Ltd, Delhi.
Harry, H. Kelejan, and Walace E.Oates. 2001. Introduction to Econometrics: Principles and
(NewYork: Harper and Row Pub.2001)
Johnston, J, and J. Dinardo. 2000. Econometric Methods, McGrawHill Company, New Delhi.
Maddala G.S. 2002. Econometrics (New York : McGraw Hill Book Co., 2002)
e-Resources
http://www.oswego.edu/~kane/econometrics/chap_resources.htm
http://econ.la.psu.edu/~hbierens/LECNOTES.HTM
http://www.varsitynotes.com/economics/econometrics.html
http://www.oswego.edu/~economic/econsoftware.htm
http://ocw.mit.edu/courses/economics/14-32-econometrics-spring-2007

266
 ECO 805 Advanced Production Economics (1+1)
Objectives
The course curriculum is designed to expose the scholars to advanced models in
agricultural production decisions. The specific objectives of the course are:
To expose the scholars to advanced production economics principles and their applications; and
To train the research scholars in advanced production economics tools for decision making and
policy analysis. After completing the course, the scholars will become experts in applying
production economics principles and models to approach the empirical problems and issues.

Theory
Unit 1
Production Relationships
Agricultural production process. Relationship between farm planning and production
economics. Scope of agricultural production and planning. Methods / procedures in agro-
economic research and planning. Production functions - components, assumptions,
properties and their economic interpretation. Concepts of homogeneity, homotheticity, APP,
MPP and elasticities of production and substitution and their economic relevance.
Production relations optimality.
Unit 2
Cost Relationship
Cost curves and cost functions. Cost and production relationships principle and
importance of duality theory - correspondence of production and cost functions. Cost of
production and adjustment in output prices - single input and multiple product decisions
Multi - input and multi - product production decisions. Decision making with varying input
supply. Decision making with no risk. Cost of wrong decisions.
Unit 3
Effect of Technology and Risk in Agriculture
Technology and input use. Yield gap analysis concepts and measurement. Risk and
uncertainty in agriculture incorporation of risk and uncertainty in decision making Input
use decisions under risk and uncertainty.

267
Practical
Commonly used forms of production functions - nature, properties, limitations,
estimation and interpretation. Estimation of Linear, Spillman, Cobb Douglas, Quadratic,
Multiplicative (power), Translog, Transcendental and CES production functional forms.
Estimation of cost function and interpretations. Optimal input and product choice from
estimated functions. Optimal product and input choice under multi - input and multi -output
system. Estimation of Profit Function. Principles, derivation and estimation of input demand
and output supply functions. Estimation of factor shares from empirical functions estimated.
Estimating production functions - incorporating technology changes - Decomposition
analysis and incorporation of technology. Estimation of efficiency measures Stochastic,
Probabilistic and Deterministic frontier production functions.
Suggested Readings
Beattie, Bruce R. and C. Robert Taylor. 1985. The Economics of Production, (John Wiley
and Sons, New York.
Chambers, Robert G. 1988. Applied Production Analysis, (Cambridge: Cambridge
University Press), 1988.
David L. Debertin, Agricultural Production Economics, (New York: Macmillan Publishing
Company
Dillon, John L. 1968. The Analysis of Response in Crop and Livestock Production, (Oxford:
Pergamon Press).
Heady, Earl O., and John L. Dillon. 1961. Agricultural Production Functions, Ames: Iowa
State University Press
Heady, O. Earl. 1952. Economics of Agricultural Production and Resource Use, New
Jersey: Prentice-Hall.
Henderson, J.M. and R.E. Quandt, 1958. Microeconomic Theory: A Mathematical
Approach, New York: McGraw-Hill.
John P. Doll and Frank Orazem. 1978. Production Economics Theory with Applications
Palanisami, K., P. Paramasivam and C. R. Ranganathan, 2002. Agricultural Production
Economics: Analytical Methods and Applications, (New Delhi: Associated Publishing)
Sankhayan, P.L. 1988. Introduction to the Economics of Agricultural Production,: Prentice
Hall of India Private Limited, New Delhi.

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 ECO 806 Quantitative Development Policy Analysis (1+1)
Objectives
This course aims to expose the students to different models for policy analysis so
that the students will gain hands-on experience in developing practical knowledge in
empirical economic modeling.

Theory
Unit 1
QDP: an Overview
Policy framework goals, value, beliefs and welfare maximization. Role of
Quantitative Policy Analysis. Market Policy and State State vs Market Failure of
Policy Failure of Markets - Rationale for Government Intervention.
Unit 2
Demand and Supply Analysis and Household Models
Demand analysis for policymaking Alternative approaches to demand analysis
Policy implications. Supply response Alternative approaches to measurement of supply
response Household behaviour and policy analysis Household models.

Unit 3
Partial and General Equilibrium Analysis
Partial equilibrium analysis Concept of reference prices Price distortions
indicators and impact. Transaction costs Implications for efficiency and productivity
Institutional solutions - Multi market approach to policy analysis. Social Accounting
Matrices and multipliers - Computable General Equilibrium models to assess economy
wide impact of policy changes.

Practical
Review of criteria for policy evaluation Estimation of price elasticities Review of
estimation of complete demand systems Estimation of Nerlovian supply Response model
Review of Household models Specification and estimation of household models
Partial equilibrium analysis Input output table Social Accounting Matrix Construction

269
of a SAM computation of Multipliers Multi Market Analysis Review of Computable
General Equilibrium Models.
Suggested Readings
Chenery. H and T.N. Srinivasan. 1988. Hand book of Development Economics,

Press. New York

Fischer Gerald, J. Miller and Mara S. Sidney. 2007. Handbook of Public Policy Analysis:
Theory, Politics and Methods (Boca Raton, Fla.: CRC Press, 2007).

(Select Book Service Syndicate, New Delhi.

John and J. Walley. 1992. Applied General Equilibrium New York: Cambridge University Press.
ok
Company, London.
Meier, M. Gerald and J.E. Stigilitz. 2001, Frontiers of Development Economics- the future
perspective, New York: Oxford University Press
Sadoulet Elizabeth and Alain de Janvry. 1995. Quantitative Development Policy Analysis,
London: The John Hopkins University Pres

(Eds).

ECO 807 Theories of Economic Growth and Development (2+0)

Objectives
This course aims to expose the students to advanced theories of economic growth
and development so as to provide them with an understanding of the recent developments in
economic growth theories, their limitations and applications.
Unit 1
Economic growth and development Factors affecting economic growth: capital,
labour and technology; Growth models. Technological progress embodied and
disembodied technical progress; Hicks, Harrod;Production function approach to the

270
economic growth; Total factor productivity and growth accounting;- Growth models of
Kaldor and Pasinetti.
Unit 2
Optimal savings and Ramsay's rule; golden rule of accumulation - Stability of
equilibrium; money in economic growth, Tobin, Levhari, Patinkin and Johnson;Endogenous
growth; Intellectual capital; role of learning, education and research; AK model
Explanations of cross country differentials in economic growth.
Unit 3
Structural analysis of development; Imperfect market paradigm.Partial theories of
growth and development vicious circle of poverty, circular causation, unlimited supply of
labour, big push, balanced growth, unbalanced growth, critical minimum effort thesis, low-
income equilibrium trap; Dualism technical, behavioural and social; Ranis and Fei model.

Unit 4
Dixit and Marglin model, Kelly et. al. Model - Dependency theory of development;
Structural view of development.International trade as engine of growth; Static and dynamic
gains from trade; Prebisch, Singer and Myrdal thesis vs. free trade; Export-led growth; Dual
gap analysis; External resources FDI, aid vs. trade, technology inflow; MNC activity in
developing countries; Borrowings domestic and external; Burden of borrowing IMF and
World Bank policies in developing countries.
Suggested Readings
Adelman, I. 1961. Theories of Economic Growth and Development, Stanford University
Press.
Behrman, S. and T. N. Srinivasan. 1995. Handbook of Development Economics, Vol. 3,
Elsevier, Amsterdam.
Brown, M. 1966. On the Theory and Measurement of Technical Change, Cambridge
University Press, Cambridge, Mass.
Chenery, H. B. 1974. Redistribution with Growth, Oxford University Press, Oxford.
Chenery, H. and t. N. Srinivasan. 1989. Handbook of Development Economics, vols. 1
andamp; 2, Elsevier, Amsterdam.

271
Ghatak, S.1986. An Introduction to Development Economics, Allen and Unwin, London.
Gillis, M., D. H. Perkins, M. Romer and D. R. Snodgrass.1992. Economics of Development,
(3rd Edition), W. W. Norton, New York.
Ruttan Vernon W. 1998. The new growth theory and development economics: A survey,
The Journal of Development Studies , Vol. 35:2.
e-Resources
http://www.economicsonline.co.uk/Global_economics/Growth_theories.html
www.danielsolis.webs.com/Classic.pdf
web.uvic.ca/~ramanik/320s/chapter4.ppt
http://wps.aw.com/aw_todarosmit_econdevelp_8/4/1111/284635.cw/index.html
http://wps.aw.com/aw_todarosmit_econdevelp_8/4/1111/284635.cw/index.html
www.cato.org/pubs/journal/cj29n2/cj29n2-2.pdf
https://mises.org/books/economic_development_robbins.pdf
ecagdev.agecon.vt.edu/ppts/3204-6-Development%20theories.ppt
siteresources.worldbank.org/DEC/.../hoff-stiglitz-frontiersofdevec.pdf

ECO 808 Advanced Agricultural Finance and Insurance (1+1)

Objectives
To understand the financial products, and issues related to lending of priority sector and
credit management;
To acquire proficiency in financial analysis; and
To evaluate various financial risk management techniques including crop insurance products.
Theory
Unit 1
Flow of Institutional Agricultural Credit and Micro-Financing
Evolution of Banking System in India. Rural Indebtedness. Credit Flow to Rural /
Priority Sector. Financial inclusion Credit widening and Credit deepening. Financial
Instruments and Methods. Demand for and Supply of institutional agricultural credit.
Determinants of demand for agricultural credit. Credit gap, Credit rationing. Supervisory

272
Credit System. Overdue and Agricultural Loan Waiving: An overview.Micro-Financing and
Ro - as a Viable Business Model and
Various Models for MFI. Concept of Social Venture Capitalism.
Unit 2
Capital Market and Non-Banking Financial Companies
Capital Markets and Instruments Equity and Debt. Primary and Secondary
Markets. Negotiable Instruments - Treasury Bills, Certificates of Deposit and Bearer
Deposit Notes, Commercial Paper and Fixed Income Capital Market Instruments -
Government Bonds, Provincial and Municipal Bonds, Corporate Bonds, Mortgage -Backed
Securities. Bonds Markets - Yields, Prices and Interest Rates. Bond Price Volatility - The
Yield Curve and the Term Structure of Interest Rates. Non-Banking Financial Companies
(NBFC) Asset and Liability Management in NBFCs - Reforms in NBFCs in India.
Bancassurance. Factoring and Forfeiting in India.
Unit 3
Risks and Insurance in Agriculture
Risks in Financing Agricultural Projects. Sources of Risk. Factors Affecting Risk.
Measurement of Risk. Selection of Risk. Risk Management Strategies and Coping
Mechanism Adopted by Bankers and Firms / Farms.Principles of Insurance. Evolution of
Insurance Organizations in India. Crop Insurance Programmes. Global Experiences on Crop
Insurance. Yield and Weather Based Insurance Schemes and their Applications in India
Significance and Issues.
References
Barry, Ellinger, Hopkin, and Baker, Financial Management in Agriculture, Fifth Edition,
Interstate Printers and Publishers, Inc.
Chandra, Prasanna. 1999. Financial Management (New Delhi: Tata Mc Graw Hill
Publishing Ltd.)
Gupta, S.C. 1987. Development Banking for Rural Development (New Delhi: Deep and
Deep Publication).
Khan, M.Y and P.K.Jain. 2003. Financial Management New Delhi: Tata Mc Graw Hill Pup.

273
Muniraj, R. 1987. Farm Finance for Development (New Delhi: Oxford and IBH Publishing
Co. Pvt. Ltd).
Nelson, Lee, and Murray, Agricultural Finance, Sixth Edition, Iowa State University Press.
Penson and Lins, Agricultural Finance, Second Edition, Prentice-Hall, Inc.
Peter S. Rose and Sylvia C.Hudgins. 2006. Bank Management and Financial Services
New Delhi: Tata Mc Graw Hill Publishing Ltd.

e-Resources
http://pages.stern.nyu.edu/~adamodar/
http://educ.jmu.edu//~drakepp/
www.microfinancegateway.org
http://www.ruralfinance.org
www.nabard .org

ECO 809 Institutional Economics (2+0)

Objective
The course is aimed at providing a broad perspective and deeper understanding of
the origin and dynamics of institutions and their role in economic development.
Theory
Unit 1
Institutionalist criticism of neoclassical economics The question of rationality
assumption. Substantive vs. instrumental rationality. Old and New Institutional Economics -
Institutional Economics Vs Neo- classical Economics. Definition of institutions
Distinction between institutions and organizations - Institutional evolution- Behavioral
assumptions of Theory of Institutions Formal and informal constraints.

Unit 2
Institutional change and economic performance - national and international
economic institutions. Transaction and transformation costs Transaction costs and the
allocation of resources. Transaction costs and efficiency, enforcement.

274
Unit 3
Free rider problem path dependency Interlinked transactions. Collective action
and the elimination of free-rider problem - The logic of collective action and its role in
reducing free rider problem theory of Groups. Rent seeking interest groups and policy
formulation. Economic analysis of property rights- property rights regimes private
property State Property Common property Resources (CPRs) public goods and club
goods.
Unit 4
Institutions in agriculture - Special features of institutional arrangements in
agriculture Transaction costs in agriculture - Case Studies - Theories of agrarian
institutions - tenancy institutions.

Suggested Readings
Avner Greif. 2006. Institutions and the Path to the Modern Economy: Lessons from
Medieval Trade (Political Economy of Institutions and Decisions), Cambridge
University Press.
Barzel, Yoram. 1990. Economic Analysis of property Rights (Cambridge: Cambridge
University press).
Bhardhan, Pranab. 1989. The Economic Theory of Agrarian Institutions, (Oxford:
Clarendon Press).
Bromley, W. Daniel. 1989. Economic Interests and Institutions: The Conceptual
Foundations of Public Policy, Cambridge: Basil Blackwell Inc.
Bromley, W. Daniel. 2006. Sufficient Reason: Volitional Pragmatism and the Meaning of
Economic Institutions, Princeton:Princeton University Press.
Eggertsson, Thrainn. 1990. Economic behaviour and institutions, Cambridge: Cambridge
University Press
Hodgson, Geoffrey. 2004. The Evolution of Institutional Economics: Agency, Structure and
Darwinism in American Institutionalism, Routledge, London.
Neelakandan, S. 1992. New Institutional Economics and Agrarian Change A Primer (New
Delhi: Indian Economic Association Trust for Research and Development).

275
North, C. Douglas. 1990. Institutions, Institutional Change And Economic Performance,
(Cambridge : Cambridge University press).
Olson, Mancur. 1965. The Logic of Collective Action (Cambridge: Harved University
press).
Ostrom, Elinor. 2005. Understanding Institutional Diversity, Princeton: Princeton
University Press.
Ostrom, Elinor. 1990. Governing the Commons: The Evolutions of Institutions for
Collective Actions (New York: Cambridge: Cambridge University press).

e-Resources
http://www.geoffrey-hodgson.info/ (Website of Prof. Geoffrey Hodgson)
www.coase.org/nieglossary.htm (Website of Ronald Coase Institute)
http://www.institutional-economics.com/
www.isnie.org (International Society for New Institutional Economics)
https://www.msu.edu/user/schmid/instecon.htm(Michigan State University
Institutional Economics website.

ECO 810 Perspectives of Agricultural Development (2+0)

Objectives
The goal of this course is to help students gain a better understanding of the current
world food situation, the causes of problems facing agriculture in less developed countries,
approaches to overcoming those problems, and effects on India, including its agricultural
sector. Economic development is critical for saving lives and improving the quality of living

Agricultural development is crucial in achieving economic development, as agriculture is

the largest sector in most developing countries.
Theory
Unit 1
Introduction - Dimensions of World Food and Development Problems Hunger and
Malnutrition - Economics of Food Demand Population. Poverty and inequality Poverty
traps. Development Theories and the role of agriculture in economic development.

276
Unit 2
Agricultural Systems and Resource Use - Agriculture in Traditional Societies -
Agricultural Systems and Their Determinants- Resource Use and Sustainability- Human
Resources, Family Structure, and Gender Roles. Transforming the Agricultural sector-
Theories and Strategies for Agricultural Development.
Unit 3
Getting Agriculture Moving Productivity growth in world agriculture and Indian
agriculture Agricultural Research, Extension, and Education. Land and Labor Markets.
Input and Credit Markets. Agriculture Development in an Interdependent World.
Macroeconomic Policies and Agricultural Development.

Unit 4
Recent challenges and opportunities for agriculture Green revolution in India-
Controversies about its impact. Climate change and agriculture Biotechnology and
agricultural development. Issues in food security Measuring food security Opportunities
and challenges for food security. Food Security Vs. Climate Change and Biofuels.
Suggested Readings
Alston, J. M., B. Babcock, and P. G. Pardey (Eds.) The Shifting Patterns of Agricultural
Production and Productivity Worldwide, Ames, IA: Center for Agricultural and
Rural Development. http://www.card.iastate.edu/books/shifting_patterns/.
Alston, Julian M. and Philip G. Pardey, 2014. Agriculture in the Global Economy, Journal
of Economic Perspectives, 28 (1): 121 146.

10.
Barbier, Edward B. 2004. Agricultural Expansion, Resource Booms andGrowth in Latin
America: Implications forLong-run Economic Development,World Development,
Vol. 32, No. 1, pp. 137 157.
Barrows, Geoffrey, Steven Sexton, and David Zilberman, 2014. Agricultural Biotechnology:
The Promise and Prospects of Genetically Modified Crops, Journal of Economic
Perspectives, 28 (1): 99 120.

277
Dasgupta, P. 1995. An Inquiry into Well-being and Destitution, Oxford: Oxford University
Press. Supplemental readings:
Dasgupta, P. 1995.The Population Problem: Theory and Evidence, Journal of
EconomicLiterature, Vol. XXXIII, pp. 1879 1902.
Dasgupta, P., 2007. Poverty Traps: Exploring the Complexity of Causation, 2020 FOCUS

Deaton, Angus and Jean Dreze, 2009.Food and Nutrition in India: Facts and Interpretations,
Economic and Political Weekly, XLIV (7):42-64.
Dercon, 2007. Stefan ed. Insurance Against Poverty. Oxford: Oxford University Press.
Edition. London: Routledge.
Eswaran, Mukesh, Ashok Kotwal, Bharat Ramaswami and Wilima Wadhwa. 2009. Sectoral
labour flows and agricultural wages in India, 1983 2004: Has growth trickled down?
Economic and Political Weekly 44(2): 46 55.
Evenson, R.and P.Pingali, Handbook of Agricultural Economics, North-Holland, 2007.

-762.
FAO, IFAD and WFP. 2013. The State of Food Insecurity in the World 2013. The multiple
dimensions of food security. Rome, FAO.
Ferroni, M.. 2012. Transforming Indian Agriculture: India 2040, Productivity, Markets and
Institutions, New Delhi: Sage Publications.

Available as pdf at: ftp://ftp.fao.org/docrep/fao/012/ pdf.

Foster, Andrew D. and Mark.R.Rosensweig, 2003. Agricultural Development,
Industrialization and Rural Inequality, Providence, RI: Brown University, mimeo.
Fuglie, Keith O., Sun Ling Wang, and V. EldonpBall eds. 2012. Productivity Growth in
Agriculture: An International Perspective.Wallingford: CAB International.

Agric

278
Hazell, Peter. 2009. The Asian Green Revolution. IFPRI Discussion Paper. Available at
http://www.ifpri.org/publication/asian-green-revolution.

http://www.ifpri.org/sites/default/files/
Himanshu, Peter Lanjouw, Abhiroop Mukhopadhyay and Rinku Murgai. 2011. Non-farm
diversification and rural poverty decline: A perspective from Indian sample survey
and village study. London, UK: Working Paper 44. Asia Research Centre, London
School of Economics and Political Science.

the Modernization of American Agriculture, American Economic Review: Papers

and Proceedings 2012, 102(3): 245 249, http://dx.doi.org/10.1257/aer.102.3.245.
imbalances and farm and nonfarm employment prospects in rural South Asia.
Washington, DC: Report for the World Bank.
Insurance Against Poverty. Oxford: Oxford University Press.
Kamanou, G. and
Stefan.
Kevane, Michael. 2004. Women and Development in Africa: How Gender Works. Boulder
Co: Lynne Rienner Publishers.
Norton, G., J. Alwang, and W. Masters. 2010. Economics of Agricultural Development.
2nd Edition.
OECD. 2013. Global Food Security: Challenges to the Food and Agriculture System,
OECD Publishing.
king Agriculture, Nutrition, and
publications/2020anhconfpaper08.pdf
Rosemary, Rayfuse. 2012. Challenges of Food Security. Edward Elgar.
Ruttan Vernon W., 1998. The new growth theory and development economics: A survey,
TheJournal of Development Studies, 35(2): 1-26.

84.

279
Ruttan, Vernon W., 2004. "Controversy about Agricultural Technology: Lessons from the
Green Revolution", International Journal of Biotechnology, 6(1): 43-54.
Thirtle, C., L.Lin, J.Piesse. 2003. The Impact of Research-Led Agricultural Productivity
Growth on Poverty Reduction in Africa, Asia and Latin America World
Development Vol. 31, No. 12, pp. 1959 1975.
Timmer, C. Peter. 2009. A world without agriculture: The structural transformation in
historical perspective.Washington, DC: American Enterprise Institute.
y
41(10): 1716 28.
e-Resources
http://ecagdev.agecon.vt.edu/
http://www.agecon.purdue.edu/academic/agec340/
http://www.ase.tufts.edu/gdae/

ECO 811 Topics in Econometrics (1+1)

Objectives
This course aims to provide in-depth understanding different types econometric
models such as panel data econometrics and limited dependent variable models. Through a
judicious mix of theoretical lectures and practical exercises this course is designed to

Theory
Unit 1
Qualitative dependent variable regressions
Qualitative, limited dependent variables truncated, censored regressions
polychotomous variables, ordered response models.
Unit 2
Probabilistic choice models
Linear Probability Model (LPM), probit, tobit and logit models, their multinomial
extensions, conditional logistic model, nested logistic model.

280
Unit 3
Panel data regressions
Panel data, fixed effects model and random effects models and their extensions-
fixed effects vs random effects-Hausman test, Breusch and Pagan test, dynamic panel data
models, random coefficient model
Practical
Estimation of LPM, Logit, Probit and Tobit models estimation of random effects
model and fixed effects models, estimation of Hausman test, Breusch and Pagan test,
estimating dynamic panel data models, random coefficient model

References
Greene, W.H. 2002. Econometric Analysis, Pearson Education Pvt Ltd, Delhi.
Harry. H..Kelejan, and Walace E.Oates. 2001. Introduction to Econometrics: Principles and
(NewYork: Harper and Row Pub.)
Johnston, J, and J. Dinardo.2000. Econometric Methods, McGrawHill Company,
New Delhi.
Maddala G.S. 1983. Limited Dependent and Qualitative Variables in Econometrics,
Cambridge University Press.
Maddala G.S. 2002. Econometrics (New York: McGraw Hill Book Co.,).
e-Resources
http://www.oswego.edu/~kane/econometrics/chap_resources.htm
http://econ.la.psu.edu/~hbierens/LECNOTES.HTM
http://www.varsitynotes.com/economics/econometrics.html
http://www.stata.com/features/
http://www.oswego.edu/~economic/econsoftware.htm
http://ocw.mit.edu/courses/political-science/17-874-quantitative-research-methods-
multivariate-spring-2004/.

281
 ECO 812 Applied Game Theory (1+1)
Objectives
Game theory is a branch of Mathematical Economics that studies strategic
interactions amongst rational decision makers. Traditionally, game theoretic tools have been
applied to solve problems in subjects as wide as Economics, Business, Political Science,
Biology, Sociology, Computer Science, Logic, and Ethics. This course is intended to
provide students with a comprehensive treatment of game theory with specific emphasis on
applications in economics especially in the context of strategic decision-making in
Oligopoly market situations as well as in situations where strategic interactions take place
among individuals involved in managing and/or sharing common property resources.

Unit 1
Game theory Introduction - The Payoff Matrix of a Game - Games with Perfect
Information - Strategic Games- Nash Equilibrium Mixed Strategies - Example: Rock
Paper Scissors - The Prisoner's Dilemma - Repeated Games - Enforcing a Cartel - Example:
Tit for Fat in Airline Pricing.
Unit 2
Solution concepts in Game Theory - Solving the Two-Person Zero-Sum Game.
Sequential Games - A Game of Entry Deterrence. Best Response Curves - Mixed Strategies
- Games of Coordination - Battle of the Sexes - Assurance Games.Chicken Game - How to
Coordinate.
Unit 3
Games of Competition - Games of Coexistence - Games of Commitment- The Frog
and the Scorpion - The Kindly Kidnapper - When Strength Is Weakness.Savings and Social
Security - Hold Up - Bargaining The Ultimatum Game. Sequentiality, Extensive Form
Games, and Backward Induction. Game theory applications in Oligopoly models. Game
theory applications in Common Pool Resource Management.
Suggested Readings
Baland, J-M. and J.P.Platteau. 1996. Halting Degradation of Natural Resources: Is There a
Role for Rural Communities? Oxford: Clarendon Press and FAO.

282
Binmore, Ken. 1992. Fun and Games, Lexington, Mass.: D.C.
Binmore, Ken. 2007. Playing for Real:A Text on Game Theory, Oxford: Oxford University
Press.
Gibbons, Robert. 1992. Game Theory for Applied Economists, Princeton: Princeton
University Press,
Morton D. Davis, P. Langdon. 1997. Game Theory: A Nontechnical Introduction, Dover
Publications.
Osborne, Martin. 2003. An Introduction to Game Theory, Oxford University Press.
Ostrom, E., R, Gardner and J.Walker. 1994. Rules, Games, and Common-Pool Resources,
Ann Arbor: University of Michigan Press.
Varian and R. Hal. 1999. Intermediate Microeconomics, New Delhi: Affiliated East-West
Press.
e-Resources
Open Yale Courses at http://oyc.yale.edu/economics/econ-159/lecture-3
https://www.coursera.org/course/gametheory
MIT Open courseware: http://ocw.mit.edu/courses/economics/14-12-economic-
applications-of-game-theory-fall-2012.
www.kevinhinde.com

ECO 821 Advanced Agricultural Marketing and Price Analysis (2+1)

Objective
The main objective of this course is to critically analyze the important marketing
concepts and models, and expose students to various agricultural commodity price analysis
and forecasting. The course also aims to build skills to carry out institutional and policy
analysis of new marketing institutions. Students who complete this course should be
comfortable with using a theoretical economic framework to assess and interpret the
functions of agricultural markets

283
Theory
Unit 1
Importance of market analysis in the agricultural system - types of marketing -
quantitative estimation the distinguishing characteristics and role of agricultural prices
New inst
Unit 2
Agricultural commodity marketing - spot and futures- marketing of derivatives
speculation, hedging, swap, arbitrage etc. commodity exchanges - price discovery and risk
management in commodity markets- Regulatory mechanism of futures trading.

Unit 3
Multi market estimation, supply response models. Market integration and price
transmission - supply / value chain management. GAP analysis. Current trends in
information in the changing agrifood system.
Unit 4
Lag operators and difference equations; stationary and stochastic processes; UNIT
roots and cointegration; conditional heteroscedasticity: ARCH and GARCH models
forecast evaluation; methods of forecasting.
References
John W. Goodwin. 1994. Agricultural Price Analysis and Forecasting. New York: John
Wiley and Sons, Inc. 1994.
Norwood F.B. and J.L. Lusk, 2008. Agricultural Marketing and Price Analysis (Prentice
Hall, ISBN: 9780132211215)
Tomek, William G., and Kenneth L. Robinson. 2003. Agricultural Product Prices. Fourth
Edition. Ithaca: Cornell University Press.
John N. Ferris. 2005. Agricultural Prices and Commodity Market Analysis , Michigan State
University Press; 2nd edition.
Isabelle Piot-Lepetit. 2011. Methods to Analyse Agricultural Commodity Price Volatility,
Springer Publication.

284
e-Resources
http://en.wikipedia.org/wiki/Game_theory
http://ec.europa.eu/agriculture/markets-and-prices

ECO 822 Advanced International Trade (2+1)

Objective
This course covers the field of international trade with the focus on combining insights
from theoretical and empirical analyses. The course objective is to describe the nature of trade,
its causes and welfare effects, the gains from trade and their measurement, different causal
explanations for the determinants of the pattern of trade, and
Further the course will help to understand the impact of different trade policy instruments on
firm profits, domestic and world prices. The welfare effects of preferential trade agreements and
some topics at the frontier of research in international trade are also discussed.
The goal is to provide students with background experience and tools for empirical
analysis of international economic problems and policies.
Theory
Unit 1
International Trade and its Effects
Preliminaries - Ricardian Model, Heckscher-Ohlin Model empirical evidence on
aspects of international trade- testing the theories. Static gains, differences in technology,
Increasing returns and gravity models-Modern theories of international trade.
Unit 2
Strategic Trade Policies
Import tariffs quotas- export subsidies- contingent protection antidumping- cost
of protection preferential trade agreements-location and trading costs.
Unit 3
Trade and Firm Structure
Trade in intermediate inputs and wages - International factor movements-theory of
firm and multinational enterprise oligopoly -industrial organization and trade -new
economic geography-networks and trade.

285
Unit 4
Topics in International Trade - Gains from trade regional trade agreements
location and trading costs- trade andenvironment-carbon leakage - trade and innovation-
trade and growth.

Practical
Welfare analysis of trade direction and pattern of trade- gravity models-
introduction to partial and general equilibrium models- effect of trade policies under partial
and general equilibrium setting- measuring imperfect competition and its trade implications
terms of trade and income distribution trade blocks impact of FTA/RTA models of
trade and environment- models of trade ad growth- empirical analyses.

Suggested Readings
James R. Markusen and James Melvin, 1988. The Theory of International Trade
Harpercollins Publications.
Krugman, P.R. M. Obsfeld and M. Melit, 2011. International Economics, (9th edition),
Pearson Education.
Robert, C. and C.R. Feenstra. 2003. Advanced International Trade - Theory and Evidences,
Princeton University press.
e-Resources
http://internationalecon.com/Trade/Tch5/Tch5.php
http://ocw.mit.edu/courses/economics/14-581-international-economics-i-spring-
2013/
http://catalog.flatworldknowledge.com/catalog/editions/suranovic-
internationalzeconomics-theory-and-policy-1-0

ECO 823 Advanced Time-series Analysis (2+1)

Objective
The course provides a survey of the theory and application of time series methods in
econometrics. Topics covered will include univariate stationary and non-stationary models,
vector auto regressions, models for estimation and inference in persistent time series, and
structural breaks.

286
Theory
Unit 1
Reviews of Basic Econometrics
Simple and Multiple Regression -Model Evaluation -Model Selection Criteria -
Least Squares Prediction - Forecasting with Classical Regression Models - Forecasting with
Autocorrelation - Forecasting with Lagged Dependent Variable - Forecast Error Statistics
and Evaluation
Unit 2
Time Series Analysis
Introduction - Covariance Stationarity - Trend in Time Series - Unit Root Problem:
Estimation and Testing - Time Series Analysis II: ARIMA Models. Identification -
Estimation and Diagnostic Checking - Forecasting - Extension: Transfer Function Models
Unit 3
Time Series Analysis III: Advanced Topics - ARMA Analysis of Regression
Residuals - ARCH and GARCH Model Estimation - Multi-Equation Time Series Models.
The Box-Jenkins Approach to Model Building
Suggested Readings
Enders, W. 2004. Applied Econometric Time Series, 2nd ed., Willey.
Hamilton, D. James. 1994. Time Series Analysis. Princeton, NJ: Princeton University
Press. (Thomson).
Makridakis, Spyros G., Steven C. Wheelwright, and Rob J. Hyndman Forecasting: Methods
and Applications, John Wiley and Sons; 3rd Edition edition
e-Resources
http://www.statsoft.com/Textbook/Time-Series-Analysis
http://www.itl.nist.gov/div898/handbook/pmc/section4/pmc4.htm
http://ocw.mit.edu/courses/economics/14-384-time-series-analysis-fall-2008/lecture-
notes
http://ocw.metu.edu.tr/course
www.dtreg.com/TimeSeries.htm
287
 ECO 831 Advanced Natural Resource Economics (2+1)
Objectives
To heighten students' awareness of the economic dimensions in natural resource
management.
To introuce students to the basic theoretical concepts and analytical tools necessary to
evaluate economicd consequences of natural resource use; and
To assist students in the application of theoretical and analytical concepts to the economic
analysis of issues related to mineral and energy resources, forests and other renewable
resources, water resources, air and water pollution
Theory
Unit 1
Property rights in natural resources Classification of resources based on property
rights. Stock dynamics of renewable and non-renewable resources. Equation of motion for
renewable and non-renewable resources. Static Vs. dynamic dynamic efficiency in natural
resource use - Fundamental equation of renewable resources. Growth curves of fishery and
forest resources. The role of time preference in natural resource use. Simple two-period
model of optimal use of renewable and non-renewable resources.
Unit 2
Models of optimal resource use Applications of dynamic programming and
optimal control Optimal management of fishery resources Growth curves for fishery
Logistic growth Maximum sustainable yield Optimal harvest rule Regulated and
unregulated common property.
Unit 3
Economics of Forest resources - Optimal harvesting of single rotation and multiple
rotation forests Optimal harvest rule for old-growth forests. Economics of groundwater
use - optimal extraction of groundwater. Analytical and numerical solutions for optimal
intertemporal allocation of natural resources. Optimal management of fishery. Property
rights in natural resources and their implication for conservation and management of natural
resources.

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Unit 4
Management of common property natural resources Institutional arrangements for
conservation and management of common pool fishery, groundwater and forestry resource.
Pricing and valuation of natural resources Natural resource policy.

Practical
Derivation of the fundamental equation of renewable resources-Estimation of growth
curves and stock dynamics for fishery and forestry resources. Simple two period problem of
optimal resource use Numerical solution for simple two-period model of dynamic
efficiency in natural resource extraction. Multi-period dynamic efficiency Using Excel
Solver in solving dynamic natural resource harvesting problems. Using analytical solution
procedures for solving natural resource management problems Optimal control.

Suggested Readings
Baland, J-M. and J.P.Platteau. 1996. Halting Degradation of Natural Resources: Is There a
Role for Rural Communities? Oxford: Clarendon Press and FAO.
Carlson, G.A., J. Miranowski and D.Zilberman. 1998. Agricultural and Environmental
Resource Economics, Oxford: Oxford University Press.
Chiang, C. Alpha. 1992.Elements of Dynamic Optimization, (Illinois: Waveland Press).
Clark, C.W. 1976. Mathematical Bioeconomics: The Optimal Management of Renewable

Conrad, J.M. and Clark, C.W. Natural Resource Economics: Notes and Problems
(Cambridge: Cambridge University Press).
Conrad, J.M. 1999. Resource Economics, Cambridge: Cambridge University Press.
Perman,R. Y.M., M. Common, D. Maddison and J. McGilvrayNatural. 2011. Resource and
Environmental Economics, Prentice Hall Publishers.
Prato, T. 1998. Natural Resource and Environmental Economics, Ames: Iowa State
University Press.
Fisher, A.C. 1981. Resource and Environmental Economics, (Cambridge: Cambridge
University Press).

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Sterner, T. 2003. Policy Instruments for Environmental and Natural Resource Management,
(Washington, D.C.: Resources for the Future).
Tietenberg, Tom and L.Lewis. 2014 Environmental and Natural Resources Economics,
10/e, Prentice.

e-Resources
Resources for the Future: www.rff.org
University of Colorado, Natural Resource Economics: ECON3535-001
http://spot.colorado.edu/~kaplan/econ3535/econ3535.html, from where link can be
established for eText at : chrome://epubreader/content/reader.xul?id=1
- and Natural Resources
Economics, 10/e at http://www.pearsonhighered.com/tietenberg/ www.env-econ.net/
Companion web site provides a set of resources associated with the 4th edition of the
textbook Natural Resource and Environmental Economicsby Perman, Ma, Common,
Maddison and McGilvry: http://personal.strath.ac.uk/r.perman/enviro7.htm
http://economicsnetwork.ac.uk
http://personal.strath.ac.uk/r.perman/EERclassnotes.htm

ECO 832 Advanced Environmental Economics (2+1)

Objectives
This course will focus on the role of economic theory in environmental management
and policy. It will make use of microeconomic analysis to analyze environmental problems
and offer solutions using real-world examples. It will cover the ways in which markets fail
to efficiently allocate resources in the presence of pollution along with the class of
Pigouvian policies used to correct those failures. It will also focus on the empirical
techniques used by economists to put values on environmental commodities. Knowing these
values is a precondition for properly applying the environmental regulation policies.
Theory
Unit 1
Environmental economics and ecological economics- concepts Market equilibrium
and efficient resource allocation Market failure externality as a source of market failure

290
 concept of externality types Property rights and externality - Economics of pollution
Private vs. Social cost
Unit 2
Economic growth and environmental costs environmental Kuznets curve poverty
and environmental degradation Global environmental problems Economics of Climate
Change impact, adaptation and mitigation.

Unit 3
Environmental Policy National Environmental policy Environmental regulation -
Instruments of policy command and control policies Pigouvian taxes. Market-based
instruments Cap and trade policies. International initiatives and agreements on
environmental management Kyoto Protocol - Clean Development Mechanisms.
Environment and International trade.

Unit 4
Sustainable development - Conflicting worldviews of environment and development
- principles of sustainable development - complementarities of human-made and natural
capital - Sustainability indicators - integrating sustainability principles in environmental,
economic and social spheres - Environmental limits - James Lovelock's Gaia hypothesis -
possible pathways towards sustainable societies.
Practical
Contemporary global environmental issues, movement, policies, programmes, laws
and other regulatory mechanisms Criteria for evaluating the environment related projects
and review of Environmental impact Assessment (EIA) techniques Recreation demand
models of environmental valuation Contingent valuation techniques Environmental
Resource Accounting Techniques - forest environment and wild life conservation Green
GDP Practical considerations and comparison of instruments of environmental policy
Non-Point source pollution control methodologies - economic valuation and environmental
economics environmental policy analysis.
Suggested Readings

Addision Wesley publication).

291
J Bridging the gap between

Timothy C. Haab and

Resources The econometrics of Non-
Publishing Limited, UK).
Carlson, G.A, J. Miranowski and D. Zilberman. 1998. Agricultural and Environmental
Resource Economics. Oxford Univ. Press.

(New Delhi: Daya Publishing House).

Delhi: Mc Millan, India).

Black Well Publications).

Dixon, John A., Louise Fallon Scura, Richard A Carpenter and Paul B. Sherman. 1995.

Economics:

University Press).
e-Resources
http://ocw.mit.edu/courses/economics/14-42-environmental-policy-and-economics-
spring-2011/lecture-notes/
http://www.colorado.edu/economics/morey/4545/4545lnts.html
http://www.economicsnetwork.ac.uk/environmental/resources
http://personal.strath.ac.uk/r.perman/EERclassnotes.htm
http://www.agecon.purdue.edu/staff/shively/courses/AGEC406/index.htm

292
 ECO 833 Environmental and Ecosystem Valuation (2+1)
Objectives
This course is aimed at providing a rigorous and application-oriented treatment of
different valuation techniques for measuring the value of environmental goods and services.
It also aims to provide an overview of the concept and methods for payment for ecosystem
services and their policy implications.
Theory
Unit 1
Environmental and ecosystem valuation the concept of value and valuation
Theoretical basis of valuation consumer surplus, compensating variation and equivalent
variation. Cost-benefit analysis of a conservation project. Ecosystem valuation Payment
for ecosystem services. Ethical issues in valuation choice of discount rate.
Unit 2
Taxonomy of ecosystem values use value, non-use value, direct and indirect use
value, existence value, bequest value and option value. Revealed preference methods
Change in productivity method Averting behavior and substitutable private and
environmental goods. Models for bundled attribute goods - Hedonic of differentiated
commodities. Discrete choice model of differentiated commodities Hedonic property
value model. Replacement cost approach. Substitute goods approach. Travel cost methods.
Unit 3
Stated preference methods Contingent behavior - contingent valuation techniques
Willingness to accept and willingness to pay Bidding games. Choice experiment approach.
Combining revealed preference and stated preference methods. Discrete choice models for
stated preference data. Validity of stated preference data. Other methods - Benefit transfer.
Unit 4
Morbidity and Mortality Risk Valuation - Risk assessment and the environment -
Conceptual models Health production model - Endogenous mortality risk - Measuring the
value of a statistical life - Wage hedonics - Valuing health changes. Defensive expenditures
and cost of illness. Economic valuation of biodiversity. Measurement of carbon
sequestration benefits. Measurement of climate change impact agronomic vs. economic
methods Ricardian model, Just-Pope model.

293
Practical
Estimation of consumer surplus Compensating variation and equivalent variation.
Exercises on change in productivity method. Replacement cost method with examples and
insights from literature. Exercises on hedonic pricing. Travel cost method design and
application with example. Stated preference approaches Contingent valuation methods -
Measuring WTP and WTA Empirical exercises. Questionnaire design and data collection
for contingent valuation. Validity of stated preference data Exercises on validity analysis -
Choice modelling experiment Discrete choice econometrics. Empirical exercise measuring
value of a statistical life.

Suggested Readings
Champ, Patricia A., Kevin J. Boyle, and Thomas Brown.2003. A Primer on Nonmarket
Valuation. Boston, Dordrecht, London: Kluwer Academic Publishers.
Freeman, A. Myrick. 2003. The Measurement of Environmental and Resource Values.
Second Edition. Washington, D.C.: Resources for the Future.
Haab, T., and T.E. McConnell. 2002. Valuing Environmental and Natural Resources:
The Econometrics of Non-market Valuation, Edward Elgar Publishers.

Journal of Economic Perspectives 8(4): 19-43.

Journal of Economic Perspectives 8(4): 3-17.

Adamowicz, Wiktor, Peter
Preference Approaches for Measuring Passive Use Values: Choice Experiments and
-75.
g the Benefits of Amenity Improvements in Hedonic
Price (2): 172-183.
Dillman, A. Don. 2000. Mail and Internet Surveys: The Tailored Design Methods.
New York: John Wiley and Sons.
e-Resources
http://ocw.mit.edu/courses/economics/14-42-environmental-policy-and-economics-spring-
2011/lecture-notes/.

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 3.5. Entomology
Masters

CODE TITLE CREDIT

ENT 601* Insect Taxonomy and Classification 2+1
ENT 602 Insect Biodiversity 0+1
ENT 603* Insect Morphology 2+1
ENT 604* Insect Anatomy, Physiology and Nutrition 3+1
ENT 605* Principles of Insect Ecology 1+1
ENT 606* Principles of Insecticide Toxicology 2+1
ENT 607* Biological Control of Crop Pests and Weeds 2+1
ENT 608* Principles of Host plant Resistance 2+1
ENT 609 Biotechnological Applications in Pest Management 1+1
ENT 610* Pests of Field Crops 2+1
ENT 611* Pests of Horticultural and Plantation Crops 1+1
ENT 612 Post Harvest Entomology 1+1
ENT 613 Non Insect Pests and their Management 1+1
ENT 614 Commercial Entomology 1+1
ENT 615 Domestic, Veterinary and Medical Entomology 2+1
ENT 616 Insects and mites in Relation to Plant Diseases 1+1
ENT 617 Applied Insect Demography 0+1
ENT 620** Plant Quarantine 1+0
Doctorate
Major

CODE TITLE CREDIT

ENT 801 Advances in Integrated Pest Management 2+0
ENT 802 Recent Trends in Entomology 2+0
ENT 803 Advanced Insect Physiology 3+1
ENT 804 Techniques and Instrumentation in Entomology 1+2
ENT 805 Advanced Insect Taxonomy 2+1
ENT 807** Plant Health Diagnostics and Management 2+2

295