Augmenting Agricultural Economics and Agribusiness Education with Experiential Learning

Koontz, Stephen R.; Peel, Derrell S.; Trapp, James N.; Ward, Clement E.

doi:10.2307/1349572

Cited by 11 publications

(9 citation statements)

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“…time frame associated with a single university course. The main difference between a commodity SMIF and traditional simulation-based approaches (Koontz et al, 1995;Lawrence, 1990Lawrence, , 1994 is that it provides a real monetary fund that is invested through a real brokerage firm (E-Trade in our case). The fund is allocated across real financial instruments (exchange-traded funds [ETFs] and exchange-traded notes [ETNs]).…”

Section: Why Implement a Smif?mentioning

confidence: 99%

“…Furthermore, many departments provide experiential learning opportunities for students to develop proficiency in these skills. The most common form of experiential learning in commodity markets is the market simulation (Koontz et al, 1995;Lawrence, 1990). Simulated portfolios are used to provide students with an opportunity to examine market dynamics, understand financial risk, and gain experience with the ins and outs of trading.…”

Section: Introductionmentioning

confidence: 99%

“…Simulated portfolios are used to provide students with an opportunity to examine market dynamics, understand financial risk, and gain experience with the ins and outs of trading. The use of such games can provide an experiential learning tool in the agricultural economics curriculum (Koontz et al, 1995). However, in an era when employers are demanding graduates who are fully competent, a single semester course may not provide adequate training or experience.…”

Section: Introductionmentioning

confidence: 99%

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Student-Managed Commodity Fund—A New Frontier in Experiential Learning

Isengildina‐Massa

Ramsey

2019

J. Agric. Appl. Econ.

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This study provides a road map for creating and operating a student-managed investment fund (SMIF) as an experiential learning opportunity in commodity market analysis. We describe the reasons for implementing a SMIF and the benefits it offers relative to traditional simulation approaches. We outline the necessary steps for starting a SMIF and explain its organizational structure. We discuss a SMIF’s operation and main activities, which include recruitment, training, trading, and interaction with the client and alumni. The implications of participating in a SMIF are reviewed within a cost-benefit framework.

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Section: Why Implement a Smif?mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Student-Managed Commodity Fund—A New Frontier in Experiential Learning

Isengildina‐Massa

Ramsey

2019

J. Agric. Appl. Econ.

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“…In addition, the FCMS incorporates several non-economic concepts. Students work in teams to make fast-paced decisions, manage time, delegate responsibilities, work through differences in personalities and practice negotiation and conflict resolution skills (Koontz, 1995). These skills seem to align perfectly with the needs cited by Dobbins,…”

Section: Experiential Learning In Agricultural Curriculummentioning

confidence: 61%

“…The decisions made by these buyers and sellers creates a simulation of the economic activities, dynamics and psychology of the real fed cattle market. Koontz (1995) evaluated the benefits of students partaking in this simulation and noted that participant motivation was dramatically increased over traditional classroom lecture due to the personal involvement and competitive nature of the participants. In addition, student participants noted the best aspects of simulating a real-life scenario was the realism the game created, integration of economic concepts into the simulation and the teachable moments crated by the game that instructors used for discussion and illustration.…”

Section: Experiential Learning In Agricultural Curriculummentioning

confidence: 99%

Integrating Experiential Learning into Animal Science Curriculum through a Hands-On Beef Cattle Management and Marketing Contest

Harrison¹

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According to Illinois Agricultural Education's 2014 annual report, nearly 61% of students beginning their undergraduate studies in Agriculture at a 2-year college in Illinois came from non-farm backgrounds. Yet, knowledge of and experience in livestock operations is still a requirement for many careers in the animal science industry. In response to this predicament, the Department of Agriculture at Illinois State University has implemented a course that provides students an opportunity to gain hands-on experience with beef cattle management and marketing. The course was designed to enhance learning by requiring students to develop and execute a management and marketing plan for a pen of steers at the University Farm, which encouraged practical application of classroom instruction. The objective of this study was to determine if participation in the course enhanced student learning and knowledge retention. Eight student teams, composed of 3-4 students each, executed their own management and marketing strategies with the goal of obtaining the highest return on production, measured by subtracting expenses from revenue. Quantitative data was derived from gain scores on a pre-test at the beginning of the course and a post-test at the conclusion of the course. Qualitative data was obtained by having the students reflect upon what they had learned. This reflection occurred at the end of each unit using Likert-scale and openended questions. Results obtained demonstrated that the contest enhanced learning and knowledge retention. Post-test means improved significantly (p=0.000) over pre-test means with gain scores being the highest in the unit topic areas of meat science, marketing and health. In addition, student reflection indicated the students believed that the contest enhanced learning, noting that it increased their beef cattle knowledge by making them aware of all of the factors that go into raising and marketing feed lot cattle.

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