| Ansvarligt institut | Fødevareøkonomisk Institut | ||||||||||||||
| English Title | Agribusiness Economics II | ||||||||||||||
| Tidligst mulig placering | Kandidat 1.år til Kandidat 2. år | ||||||||||||||
| Varighed | En blok | ||||||||||||||
| Pointværdi | 7.5 (ECTS) | ||||||||||||||
| Kursustype | Kandidatkursus | ||||||||||||||
| Eksamen | Sluteksamen skriftlig og mundtlig eksamen Skriftlig auditorieeksamen kun visse hjælpemidler Beskrivelse af eksamen: a) Written exam in lecture hall (2 hrs): questions and exercises on theory and applications. b) Individual oral examination based on students' assignments Vægtning: Written exam: 50%; oral exam: 50% 7-trinsskala, intern censur Eksamensdatoer: 28. januar 2011 | ||||||||||||||
| Rammer for Undervisning | a) Lectures by the instructor; b) Theoretical exercises; c) Practical exercises | ||||||||||||||
| Blokplacering | Block 2 Ugestruktur: B | ||||||||||||||
| Undervisningssprog | Engelsk | ||||||||||||||
| Obligatoriske forudsætninger | 290055 Mikroøkonomi 290058 Produktionsøkonomi 290068 Applied Econometrics All courses can be replaced by an equivalent course. | ||||||||||||||
| Begrænset deltagerantal | None | ||||||||||||||
| Kursusindhold | |||||||||||||||
| Part I: Markets for futures contracts a) price risks of agribusiness firms b) what is a futures contract? c) how do markets for futures work? d) practical exercise with historical data e) participation in a futures trading game with real-time data (during the entire block, see http://www.bvwtm.uni-kiel.de/en_index.html) Part II: Primal and Dual Approaches in Applied Production Economics a) repetition: basic/primal microeconomic production theory (technology set, production function, ...) b) econometric estimation of production functions, interpretation of estimation results, further analysis based on estimation results c) dual approaches in microeconomic production theory: cost minimization and cost function, profit maximization and profit function d) econometric estimation of cost functions and profit functions, interpretation of estimation results e) functional forms: Cobb-Douglas, Translog | |||||||||||||||
| Undervisningsform | |||||||||||||||
| a) Class lectures; b) Theoretical exercises; c) Practical exercises | |||||||||||||||
| Målbeskrivelse | |||||||||||||||
| The main objective of the course is to provide the students with relevant knowledge, practical skills, and competences in the fields of futures markets and applied microeconomic production analysis. After completing the course the students should be able to: Knowledge: a) Describe what futures contracts are and how they work b) Describe the primal and dual approaches in microeconomic production theory, particularly production functions, cost minimization and cost functions, profit maximization and profit functions c) Describe approaches in econometric production analysis based on production functions, cost functions, and profit functions Skills: a) Trade futures contracts and calculate gains and losses b) Apply econometric production analysis using real data and interpret the results Competences: a) Use futures contracts to hedge against price risk b) Use econometric production analysis to analyse questions relevant for the agribusiness sector | |||||||||||||||
| Litteraturhenvisninger | |||||||||||||||
| a) Chambers, RG (1988): Applied Production Analysis -- A Dual Approach, Cambridge University Press. b) CME Group (2008): Self-Study Guide to Hedging with Grain and Oilseed Futures and Options, http://www.cmegroup.com/trading/commodities/files/AC-216_HedgersGuideNewBoilerplate.pdf | |||||||||||||||
| Kursusansvarlig | |||||||||||||||
| Jens Leth Hougaard, jlh@foi.dk, Fødevareøkonomisk Institut/Faggruppe for Produktion og Teknologi, Tlf: 353-36814 | |||||||||||||||
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| Studienævn NSN | |||||||||||||||
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