AP EC 456: Commodity Price Analysis,

Spring 2007
11:15 a.m. - 12:05 p.m. M,W, F
E-105 P&AS

AP EC 456, 456H, 656

Commodity Price Analysis

SPRING 2007
11:15 a.m. - - 12:05 p.m. M, W, F

A-105 P&AS

Instructor Dr. Olga Isengildina-Massa
  295 Barre Hall
Phone: 656-2440
E-mail: olga123@clemson.edu
Secretary: Lynn Fowler, 224 Barre Hall  

Office Hours   My office hours will be 1:00-2:00 p.m. Monday, Wednesday, and Friday (after class). I try to make myself as available as possible during other times. You are welcome to stop by. However, it is best to make an appointment by phone or email.  

Text   Agricultural Product Prices W.G. Tomek with K.L.Robinson—4 th ed. Cornell University Press ISBN 0-8014-4093-9  

Course Overview   Commodity prices are important economically because they strongly influence farm income, consumer expenditures, and in many countries, the level of export earnings. For nearly half of the world's population, their income is determined primarily by the price received for commodities. In addition, tremendous resources, both in the private and public sector, are devoted to analyzing and forecasting commodity prices.  

The purpose of this course is to provide a comprehensive and in-depth survey of commodity price analysis. Theoretical relationships, analytical techniques and practical applications are emphasized. Finally, to emphasize the relevance of commodity price analysis and to spark student interest, the subject is considered largely from the perspective of forecasting.  

Teaching Methods   A variety of teaching methods will be used in the course. These include: 1) lecture by the instructor, 2) individual and group in-class discussion, 3) individual and group in-class exercises, 4) guest lectures, 5) homework, and 6) examinations.

Homework   There will be at least 6-8 homework assignments during the semester. In many ways, these assignments form the core of the course. As one author puts it, “The only way to learn to do price analysis is to do price analysis!” Some assignments will be more analytically-oriented, emphasizing statistical concepts, while others will emphasize the use of sample data and application of forecasting methods. All will involve fairly intensive use of the Excel spreadsheet program. Students are expected to do the assignments individually.  

Late homework assignments will be penalized with a 10% reduction (out of 100% for the assignment) per business day.  

Presentations   Undergraduate students enrolled in 456 will give a presentation on current events related to price, price determination and/or elasticity. These should include at least two of the following concepts:

The presentation should be accompanied by a written report. In a few, typed pages, briefly outline, and analyze each article. When appropriate, use graphs , figures, or tables in the analysis. The articles upon which a report is based should be included with the report.

Graduate students enrolled in 656 will present the results of their own empirical estimation of demand and/or supply, or the empirical analysis of prices.

Grading The course grade will be based on the following weights:

Mid-term exam                                    25%
Final (cumulative)                                 25%
Homework                                          25%
Presentations, in-class exercises and
participation                                        25%
    TOTAL                                       100%

If you disagree with a grade on an exam, presentation, or a homework assignment, written justification (not an e-mail) shall be submitted to the instructor within 1 week of the received grade.

The grading scale for course grades will be >90%: A, 80% to 90%: B, 70% to 80%: C, 60% to 70%: D, and <60%: F.

There may be a curve depending on the overall performance of the class.

Attendance

Attendance is expected (and hopefully beneficial). However, if you are unable to attend class, make sure you obtain lecture notes and any handouts from someone, since materials may be covered that are not in the textbook.

The instructor will inform the class in advance if he will not attend a particular class, in which case, arrangements will be made for a substitute instructor or other alternatives. However, in case of an absence for which no advance arrangements have been made, students are authorized to leave after a 10 minute wait.

Academic Integrity Policy

1. Giving, receiving or using unauthorized aid on any academic work;
2. Plagiarism, which includes the copying of language, structure, or ideas of another and attributing the work to one's own efforts;
3. Attempts to copy, edit, or delete computer files that belong to another person or use of Computer Center account numbers that belong to another person without the permission of the file owner, account owner or file number owner.

All academic work submitted for grading contains an implicit pledge by the student.

All University policies will be strictly followed. Don't do it.

This syllabus is subject to change at the instructor's discretion

Spring 2007 Course List   Ag Econ Home

2006 by Olga Isengildina-Massa, Assistant Professor, Department of Applied Economics & Statistics, Clemson University, Clemson, SC 29634-0313.

updated 2/28/07