The course of study for the PhD in Applied Economics requires the completion of 20 graduate course units. The common core consists of three theory courses, three statistics/econometrics courses, and a requirement to participate in both a graduate student research seminar (two .5 course units) and a field seminar (typically two .5 course units in the Applied Economics seminar). The remaining 10 course units consist of four units in required field courses, four units in electives (which may also be in the fields of concentrations), and two units in independent studies while working on the thesis.

Student Involvement
During the first year, students are expected to spend full-time on their coursework and research. In subsequent years during which they are supported, students are expected to work with faculty, either as teaching assistants or research assistants, thereby gaining the experience required to be successful researchers and teachers in their future careers. Other activities that further the student's research careers are encouraged, subject to faculty approval.

Core Courses
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. Some substitution may be permitted with the consent of the student's advisor and approval of the doctoral coordinator.

Applied Economics Students will also 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.

Other Program Course Requirements
Admitted students will be required to successfully complete Econ 897(“Math Camp”), a six week course given the summer prior to matriculation. In some rare cases, a waiver exam might be granted to students with an exceptionally strong background in mathematics.

The Wharton School also requires all doctoral students to complete the Teacher Development Program (TDP). Waivers of the TDP are granted under the following conditions: prior teaching experience, recognized teaching awards, or college-level education courses.

* Micro-Economic Theory I and II may be taken in Term 1 if the sequence Economics 701, 703 is chosen. The student who selects Economics 681, 682 as their micro-economics sequence will take these two course in the fall and spring semesters of the first years; Macro Theory may be taken in Term 4.

As now constructed the suggested course of study satisfies the student’s requirement for 20 courses: 3 Theory; 3 Econometrics; 4 required Field courses; 4 Electives (out of, or in Fields); 2 Graduate Student Seminar credits; 2 AEW/Group Seminar credits; 2 Independent Study/Thesis credits. Unless noted otherwise, all courses give 1 full credit.

Students usually work with one or two faculty members on a research project each summer. The third and fourth years are generally devoted to dissertation research.

Field Requirements
In addition to the core theory and econometrics materials, students will be required to master two field areas from among a set of five candidate fields. Mastery of materials will be demonstrated by passing two courses in each field and a field examination. 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.

The five candidate fields include:

• Behavioral Economics:
  OPIM 900: Foundation of Decision Processes
  OPIM 904: Experimental Economics


• Economics of Risk Management:
  (Finance 911 is a pre-requisite for students pursuing this field.)
  Insurance 934: Economics of Risk and Information
  Insurance 932: Empirical Modeling for Risk and Insurance


• Industrial Economics and Business Regulation:
  BPUB 987: Industrial Economics and Business Regulation
  ECON 780: Theoretical Industrial Organization
  ECON 781: Empirical Industrial Organization


• Public Economics and Political Economy:
  BPUB 951: Political Economy
  ECON 750: Public Economics (Theory)
  ECON 751: Public Economics (Empirical)
  HCMG 903: Health Care Policy


• Urban Economics and Real Estate:
  Real Estate 945: Urban and Real Estate Economics
  Real Estate 900: Advanced Topics