Wharton’s highly selective PhD program in Applied Economics offers students many resources not available at other institutions, such as 1:1 faculty to student ratio, five years of funding, and minimal teaching requirements.
Combining the faculties of the departments of Real Estate and Business Economics & Public Policy, Wharton’s Applied Economics program leverages the breadth and depth of its faculty to prepare students for careers doing frontier theoretical and empirical research. Students can focus on a variety of areas including Behavioral Economics, Development Economics, Energy and Environmental Economics, Industrial Organization, Market Design, Public Economics, Risk Management, and Urban Economics and Real Estate. Students may also develop an inter-disciplinary focus by taking courses and working with faculty in some of the other departments at Wharton such as Finance, Health Care Management, Management, and Marketing.
The course of study for the Ph.D. in Applied Economics requires the completion of 15 graduate course units. The common core consists of 3 theory courses and 3 statistics/econometrics courses. Students are also expected to master two field areas by passing two courses in each (total of 4 courses units). The remaining course units necessary to achieve 15 are split between the mandatory graduate student research seminars and other electives.
||During the year, students work full-time on courses to prepare them for research. In the summer, they work with faculty on developing original research.|
||Students work on field courses in two specialty areas that they select. They also begin working on original research, culminating in the Candidacy Paper, due at the end of the academic year.|
||Students complete coursework and begin full-time work on the dissertation. A typical dissertation consists of three related original research papers.|
||Students continue work toward their dissertation, culminating with the Proposal Defense. They also choose which of the papers in their dissertation will serve as their Job Market Paper – the paper they will present at interviews for academic positions.|
||Students will spend a good portion of the year polishing their Job Market Paper and interviewing for academic positions. By the end of the year, they must formally defend their dissertation.|
ADMISSIONS AND FINANCIAL AID
Students will apply for admission to the Wharton Program in Applied Economics, and may, if they wish, indicate a preferred field of study in their application. All else equal, the admissions committee may consider field choice in determining admission. Fellowship support will be in accordance with usual Wharton and University guidelines.
Students will be required to master core materials in economic theory covering the topics of household decision-making, production theory, theory of markets and market failure, game theory, decision-making under uncertainty, and resource allocation in dynamic economies. The following courses will satisfy the three course economic theory requirement:
Microeconomic Theory I: ECON 701
Microeconomic Theory II: ECON 703
Macroeconomic Theory: ECON 702 or 704 or FNCE 924
Students will be required to master core materials in applied econometrics covering the topics of statistical inference, linear regression analysis, panel regression analysis, and estimation of models using discrete dependent variables. The following courses will satisfy the three-course econometric/statistics requirement:
Econometrics: ECON 705, FNCE 926 and ECON 721 or ECON 706 are recommended though other option is STAT 921 (and possibly STAT 520, STAT 521)
In addition to the core theory and econometrics materials, students will be required to master two applied fields by passing two courses in each field. Students will be free to offer their own field as a substitute with approval of the graduate group chair and (when relevant) an appropriate advisor from another Wharton graduate group.
• Development Economics
BEPP 941: Development Economics
• Industrial Economics and Business Regulation:
BEPP 987: Industrial Organization and Competition Policy
HCMG 902: Special Topics of Health Services Research: Industrial Organization of Health Care
ECON 781: Empirical Methods in Industrial Organization
• Market Design
BEPP 971: Market Design
• Public Economics and Political Economy:
BEPP 933: Public Economics: Social Insurance & Government Expenditures
BEPP 951: Political Economy HCMG 903: Health Care Policy ECON 750: Public Economics I ECON 751: Public Economics II
• Urban Economics and Real Estate:
REAL 945: Urban and Real Estate Economics
REAL 946: Advanced Topics in Urban Economics
REAL 947: Advanced Real Estate and Urban Economics
• Behavioral Economics:
BEPP 904: Experimental Economics: Methods and Applications
OIDD 900: Foundation of Decision Processes
OIDD 904: Experimental Economics
During the second and third year of the program students will be required to attend and actively participate in the graduate student research seminar. Students will also be responsible for presenting a paper of original research to the seminar before entering dissertation status. All students will also be required to attend the faculty Applied Economics Workshop during the 2nd and 3rd years.
Program Template for Years 1-2
(Unless noted otherwise, all courses give 1 full credit)
|Micro Theory I||Macro Theory||Field Course
|Micro Theory II||Econometrics II
|Field Course||Field Course|
|Econometrics I||Econometrics III
|Field Course||Field Course|
|Field Course||Graduate Student Research Seminar (0.5 CU)||Graduate Student Research Seminar (0.5 CU)|
|3 CU’s||4 CU’s||4 CU’s||4 CU’s|
At the end of first year (usually in last week of May or first week of June), students are expected to take and pass the qualifying exam for Microeconomic Theory and the qualifying exam for Econometrics. These exams are written and graded by the Wharton Applied Economics PhD Committee. If a student fails in one qualifying exam, another opportunity to take that exam will be given at the end of the second year.
Students can also request a waiver for one or both exams if they perform well in the courses associated with each exam. A satisfactory performance for Microeconomic Theory, for example, corresponds to having at least a B- or better in each micro course, and an average of B or better.
Students are required to select or are assigned two faculty advisors in the beginning of the second year in the program. Because the student will not have had all of the major field courses at that time, it is possible that a student will later decide to change advisors; such an eventuality will be considered a normal outcome. In addition, since students will not have had all of the major field course work by June of their first year, they should “read ahead” in their chosen fields to begin identifying a research topic for the Second Year Paper. Students are expected to initiate meetings with faculty members to discuss possible research topics, and these meetings should begin as early as possible after the student enters the program and are part of the process of getting to know the faculty and learning about the field.
The Program in Applied Economics provides students with several opportunities to conduct research. All students are required to write a candidacy paper in their second year to be submitted in the summer of the second year in the program. This paper should demonstrate the student’s ability to conduct PhD quality research. This is often used as the Master’s Thesis submission- and, as the title implies, it is one of the requirements for admission to Doctoral candidacy.
The deadline for submission of the Candidacy Paper is strictly enforced, and failure to complete and submit the paper by the deadline (July 15 of the end of the student’s second year in the program) is grounds for dismissal from the program. The paper must be submitted to the faculty members who are the student’s principal advisors for the project, as well as to the Doctoral Coordinator. A copy of the candidacy paper, together with letters from two faculty members noting approval of it, must be in each student’s file in the Program office prior to the start of the student’s fifth term (typically the start of the third year). Failure to fulfill this requirement may result in the student being dropped from the program.
The main objective of the candidacy paper is to demonstrate the student’s ability to do original research. Often the Candidacy Paper is submitted for publication, and it can also serve as the foundation for PhD research, possibly as a dissertation essay. The Candidacy Paper must be solely authored by the student, not co-authored with the faculty advisor.
Milestones on the road to the candidacy paper are as follows:
September of 2nd year in the program
Fall semester, 2nd year
Spring semester, 2nd year
Faculty advisors selected
Candidacy Paper proposal
Work on Candidacy paper
Submit final version of Candidacy Paper
Get the Details.
Visit the Applied Economics site for details on program requirements and courses. Read faculty and student research and bios to see what you can do with an Applied Economics PhD.
Applied Economics Doctoral Coordinator
Prof. Fernando Ferreira
Associate Professor of Real Estate and Business Economics & Public Policy
Phone: (215) 898-7181