Economics 460 section A (Kilkenny)

Term project guidelines

For each paper:

1. Explain the market failure, if any. Explain why government originally got involved or should.

2. Concisely and accurately describe the current policies.

3. Describe the most likely changes proposed.

4. Analyze (probably using lots of graphs) how the current policies affect the choices made by the agent of interest (See ** below). Policies sometimes provide new "instruments" to help agents better achieve their objectives. Sometimes they also introduce new constraints. Show how the proposed change may lead to different effects. (Show==graph or equations)

5. Present a complete welfare tabulation in the most relevant market. Does your focus agent gain or lose? Who else gains or losses? Who Pays? If there are budgetary implications, make sure these are included somewhere in the team or individual report.

6. Conclude:

a) Discuss the potential and/or opportunities for collective action.

b) Do existing policies succeed in addressing the market failure or do they make it worse or create other problems?

c) Share your OWN ideas.

** This is the point that you must provide answers to the "5 Questions." If you work alone, you must focus on at least two types of agents (on the demand side, on the supply side). If you work in a team, each person should choose to focus on one type of agent involved:

ie: farm owner-operators

OR raw product processors (grain companies, meat packers,...)

OR input suppliers (seeds, fertilizer, machinery, etc...)

OR consumers-taxpayers

OR government

OR environmentalists

OR rural community members (non-farmers)

OR ... any other relevant parties to the debate on the topic you choose

The ideal team paper contains: (i) an overview/introduction (group writes it), (ii) a set of sub-sections which focus on one type of agent at a time (individually written and signed); and then (iii) a summary/conclusions section (written by the whole team).

There are SAMPLE term papers written by 460 students in previous classes on reserve in Heady Hall.

All students will make an oral presentation of their projects to the class, during the last weeks of the semester. Term project material presented by students WILL be on the final exam.