Students enrolling in this course should have a knowledge basics in Farm Management and Production Economics, Intermediate level of Microeconomics; Basic level of Statistics and Mathematical Economics; Econometrics.
After: YET-211 Elementary Production Economics, YET-002 (or YET-003) Basics of Microeconomics, YET-216 Investment, Finance and Liquidity
AGERE-A05 Production and Cost Theory, AGERE-A06 Theories and Application in Strategic Management, AGERE-A01 Price Analysis and Market Structure of the Agrifood Supply Chain I
Students acquire skills to analyze of risk and uncertainty in agricultural decision making and understand how of risk and risk management should be used in economic analysis.
1st study year, II-period/every year
The purpose of the course is that students acquire an understanding of recent modelling risk and uncertainty in agriculture:
- How risk and its variance can be measured and how they can be spread?
- Tools for risk management at farm level
- Different approaches to crop and animal production insurance as a means to cope with risk
- Economic analysis of risk related to animal diseases
This involves risk and uncertainty in agricultural decision making, risk attitudes, variance and risk, various aspects of risk analysis and risk management: risk and farm management, income stabilization and insurance in agriculture, Monte Carlo and stochastic simulation, animal health and risk, farm risk management and leadership, alien plant species, plant pests and consumers perceptions of risks in food.
The course is offered as contact teaching.
Hardaker, J. B., Lien, G , Anderson, J. R. and Huirne, R. B. M. . Coping with Risk in Agriculture. 3. ed. 2015. ISBN 978-1-78064-240-6 (pbk) ISBN 978-1-78064-574-2 (hardback)
Hoag, D. Applied Risk Management in Agriculture. 2010.ISBN 978-1-4398-0973-0
Teaching based on lecturers and material provide by teachers who relate risk to their own research work carried out and articles written.
Assessment is taking place based on a final essay exam with five questions from different lecturers. Students have two hours to write these five essay answers.
The course is kept by eight different lecturers from various aspects of risk and uncertainty in agriculture. The lecturers come from research institutes and banks. Students who have only taken an introductory level microeconomics course such as Y55a Microeconomics principles or have particularly relevant experience can still enroll in the course. However, they should be prepared to spend extra time learning the underlying microeconomic principles and tools
(other teachers: Timo Sipiläinen, Leena Rantamäki-Lahtinen Sami Myyrä, Petri Liesivaara, Jarkko Leppälä, Jarkko Niemi, Olli Niskanen and Jaakko Heikkilä)
Replaces the former course
81842 MAL12 Maatilayrityksen johtaminen ja riskinhallinta OR
81838 MAL11 Omaisuuden arviointi OR
863067 YLE22.5. Vaihtuva teemakurssi