The annual Agricultural and Applied Economics Association (AAEA) Case Study competition challenges the best and brightest graduate students across the discipline to take the theoretical skills learned in the classroom and use them to address a real-world business problem. This year, UF Food and Resource Economics students Shangze (Rudy) Dai, Bailey Lavender, and Yi Li proved they were up to the challenge, placing second amongst an international field of competitors.
“I feel proud and grateful!” said Yi Li, Ph.D. candidate in Food and Resource Economics. “It was a real team effort, and placing second against such strong competition made all the late nights worth it.”
This year’s case study centered around a small local distillery that was looking for the best way to expand its operations while avoiding financial pitfalls.
“This topic was relevant because in recent years consumer preferences with regard to alcohol have changed, and from a supply perspective the distilled spirits industry is in a bit of a surplus,” said Bailey Lavender, M.S. Student in Food and Resource Economics. “For a small distillery, navigating these changes and staying in the market can be challenging.”
After receiving the case in mid-July, the team had about two weeks to gather and analyze as much data as possible while preparing to make their case for the best course of action the distillery should take.
“For me, the best preparation was to go back to the fundamentals first, reviewing and reinforcing the analytical frameworks we’d learned, like industry analysis and financial analysis, and then learning from the best by studying outstanding past case presentations,” Li said.
With only 15 minutes to pitch their vision for how the distillery should move forward to the judges, Dai said it was critical to streamline their findings to present a single, cohesive strategy.
“I would say that one of the biggest challenges was actually deciding what to leave out,” said Shangze Dai, Ph.D. candidate in Food and Resource Economics. “There were many different analyses and ideas we could have presented, but with only 15 minutes, we had to identify the most important results and focus on those.”’
By focusing on the most important results, they were also able to ensure that the plan felt cohesive and well-rounded, with each piece of information connected to the ones around it.
“At the same time, we wanted to make sure that the selected pieces connected naturally and formed a clear and logical story rather than feeling separate analyses,” Dai said.
As they prepared to take on the competition, the students were advised by Dr. Xumin Zhang, an assistant instructional professor in the UF Food and Resource Economics Department.
“Dr. Zhang was incredibly helpful; we could not have accomplished this without him,” Lavender said. “He challenged us to think critically about the case, formalize our recommendations and polish our presentation. Dr. Zhang was also very encouraging and helped us find our individual strengths.”
Sharing their presentation with the wider UF Food and Resource Economics community also allowed the team to further gather a variety of perspectives and become more comfortable with their presentation materials ahead of the official presentation at AAEA.
“We also received helpful feedback from many other faculty members and graduate students, including Dr. Chen, who was instrumental in helping perfect our presentation,” Lavender said.
Looking to the future, Li emphasized gratitude for the opportunity to enhance an important skill that will be needed for their careers: crafting and delivering effective and engaging presentations.
“Learning how to take a complex analysis and communicate it clearly and persuasively to a live audience is something every applied economist needs, and a case study competition is one of the best ways to practice it,” Li said.
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