Mathematical Economics | Schools, Research & Experiences

[Artus]

Hi:

I've been interested since long time ago in Economics. Also, I've heard there are science majors working in Economics/Finance firms and I've read some of the threads on physicists turned "quants". I'm actually interested in using Physics & Mathematics to create economical models. I know about places like:

http://www.imw.uni-bielefeld.de/home/home.php

http://www.socialsciences.manchester.ac.uk/disciplines/economics/postgraduate/phdareas/

http://college.usc.edu/econ/graduate/fields.cfm

Working on that.

I think there are mathematical areas like:

* Discrete math
* Dynamical Systems
* Game Theory

And others, being used to construct models. My questions are:

1. Are there any other schools working on them?
2. How easy would be for a science major get into Economics graduate degree programs?
3. How much useful would be to do research on this area?
4. Do any of you have experiences doing research on this?

Thanks, in advace.

 

[physiker_192]

Hello,

I am not sure I can help here, but I think those two might be worth looking at:

1. Financial Engineering ( a subfield of Finance/Economics & Mathematics).
2. Econophysics (a subfield of physics)

 

[doodle_sack]

Hi Artus, Mathematical Economics is not a separate branch of Economics like Macroeconomics, Microeconomics, International Trade, etc. It is just a way of economic analysis, where the mathematical proofs and theorems are used heavily to make the economic models, for instance Ct + It = Yt = F(Kt,L), It = Kt+1 - (1-δ)Kt, It = sF(Kt,L) is the most fundamental model in macroeconomics called the Solow's Growth Model, which was build upon using mathematics, thus it can be called as mathematical economics, eventually economic analysis.

If you are interested doing research in this area i would higly recommend you to visit this site http://econ.lse.ac.uk/study/grpr.html that is the best-in-the-world economics graduate program in that specific area which would help you get into an elite PhD program anywhere in the world. But you must know that unlike Physics or other Science fields, in economics you can do research in any area of your fancy if you have a good bachelors degree in economics(with a very good math courses in it) and a graduate program in some cases.

And yes, science students do very well in Economics graduate programs, especially Physicists and Engineers.

Good luck, PM me if you need any help!

 

[Artus]

Hello,

I am not sure I can help here, but I think those two might be worth looking at:

1. Financial Engineering ( a subfield of Finance/Economics & Mathematics).
2. Econophysics (a subfield of physics)

Thank you. I wasn't aware of Econophysics and looks interesting:

[PLAIN]http://en.wikipedia.org/wiki/Econophysics

[/PLAIN]

I can see Statistical Physics is important.

Hi Artus, Mathematical Economics is not a separate branch of Economics like Macroeconomics, Microeconomics, International Trade, etc. It is just a way of economic analysis, where the mathematical proofs and theorems are used heavily to make the economic models, for instance Ct + It = Yt = F(Kt,L), It = Kt+1 - (1-δ)Kt, It = sF(Kt,L) is the most fundamental model in macroeconomics called the Solow's Growth Model, which was build upon using mathematics, thus it can be called as mathematical economics, eventually economic analysis.

If you are interested doing research in this area i would higly recommend you to visit this site http://econ.lse.ac.uk/study/grpr.html that is the best-in-the-world economics graduate program in that specific area which would help you get into an elite PhD program anywhere in the world. But you must know that unlike Physics or other Science fields, in economics you can do research in any area of your fancy if you have a good bachelors degree in economics(with a very good math courses in it) and a graduate program in some cases.

And yes, science students do very well in Economics graduate programs, especially Physicists and Engineers.

Good luck, PM me if you need any help!

Thank you. LSE looks great and from the link you gave us I can see the have a great Mathematics department. And yes, models like Solow's get my interest becaude their mathematical nature and economical application.

Maybe I'm going to look for a Master in Economics and after that a PhD in Economics, Mathematics or Applied Mathematics.

 

[rezeew]

I find your interest in using mathematics and physics to create economic models fascinating. It is true that there are many science majors working in economics and finance firms, and the use of mathematical techniques in economics is becoming increasingly important.

To answer your first question, there are definitely other schools and institutions working on mathematical economics. In fact, there are numerous research centers and departments dedicated to this field, such as the Mathematical Economics Research Unit at the University of Copenhagen and the Center for Mathematical Economics at Bielefeld University. Additionally, many top universities have departments or programs specifically focused on mathematical economics, such as the University of California, Berkeley and the University of Chicago.

Regarding your second question, it is certainly possible for a science major to enter a graduate program in economics. However, it may require some additional coursework in economics and related fields to prepare for the program. Many graduate programs also value research experience, so it may be helpful to have some background in conducting research in a related field.

In terms of the usefulness of researching this area, I believe it can be highly valuable. Mathematical economics allows for a more rigorous and quantitative analysis of economic phenomena, and can lead to more accurate and predictive models. It also opens up opportunities for interdisciplinary collaborations with other fields, such as physics and computer science.

I have personally not conducted research specifically in mathematical economics, but I have collaborated with economists on projects that involve mathematical modeling and data analysis. It has been a rewarding experience, and I believe there is great potential for further research in this area.

In conclusion, I would encourage you to continue exploring your interest in mathematical economics and consider pursuing research in this field. With the increasing use of mathematical techniques in economics, there is a growing need for individuals with a strong background in both mathematics and economics. Best of luck in your academic pursuits!