A leader in the application of new institutional economics to agriculture, development, and policy analysis, the Department of Agricultural and Applied Economics at the University of Missouri is recognized for its innovative approach to graduate training in agricultural economics. A Ph.D. or M.S. degree in agricultural economics prepares students for a rewarding career in academia, agricultural business, government or international agriculture. Students can study agribusiness management, contracting and strategy; collective action and cooperative theory; econometrics and price analysis; entrepreneurship; environmental and natural resource economics; food, biofuel and agricultural policy and regulation; international development; regional economics and rural development policy; science policy and innovation; sustainable agriculture and applied ethics. The MS program may be a step toward the Ph.D. but may also be used as a terminal program for those interested in careers in agribusiness, extension or government. Programs are flexible. All Ph.D. and most M.S. students become involved in research, but those whose career interests lie in other directions find the department willing to accommodate them.