Economics Ph.D.
All doctoral programs require a valid GMAT/GRE for admissions review.
The objective of the Ph.D. program in Economics is to prepare students for careers in teaching, research, government agencies, and business in the United States and abroad. The course of studies provides a solid foundation in economic theory, econometrics, and various applied fields. Students will gain technical proficiency in the core disciplines, learn to develop independent models, and undertake empirical research in an applied field of study.
Economics Faculty
The internationally recognized faculty of the Department of Economics is committed to providing students with an excellent educational experience that develops the tools, talents, and knowledge necessary to accomplish their academic and professional goals.
Curriculum
All doctoral candidates must satisfactorily complete the 39 hours of course work listed below. Students must also register for graduate seminar each semester they are in residence. Ph.D. students will have two fields of study, which will normally be a) Industrial Organization and b) International Macroeconomics and Development. Students will select one field as a major field and must pass the Field Examination in that area. This exam will normally be completed in the summer after a student’s second year in the program. All students in the program participate in Candidacy Examinations. The successful student must pass written exams in microeconomics and macroeconomics. A dissertation and dissertation defense complete the program requirements.
Course Listing
Fall – Year One
ECON 61303: Mathematics for Economic Analysis
This course will develop mathematical and statistical skills for learning economics and related fields. Topics include calculus, static optimization, real analysis, linear algebra, convex analysis, and dynamic optimization.ECON 62103: Microeconomics Theory I
Introductory microeconomic theory at the graduate level. Mathematical formulation of the consumer choice, producer behavior, and market equilibrium problems at the level of introductory calculus. Discussion of monopoly, oligopoly, public goods, and externalities.ECON 63103: Macroeconomics Theory I
Theoretical development of macroeconomic models that include and explain the natural rate of unemployment hypothesis and rational expectations, consumer behavior, demand for money, market clearing models, investment, and fiscal policy.ECON 66103: Econometrics I
Use of economic theory and statistical methods to estimate economic models. The single equation model is examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags.Spring – Year One
ECON 62203: Microeconomics Theory II
This course will develop mathematical and statistical skills for learning economics and related fields. Topics include calculus, static optimization, real analysis, linear algebra, convex analysis, and dynamic optimization.ECON 63203: Macroeconomics Theory II
Further development of macroeconomic models to include uncertainty and asset pricing theory. Application of macroeconomic models to explain real world situations.ECON 66203: Econometrics II
Use of economic theory and statistical methods to estimate economic models. The treatment of measurement error and limited dependent variables and the estimation of multiple equation models and basic panel data models will be covered. Additional frontier techniques may be introduced.Fall – Year Two
ECON 57803: Applied Microeconometrics
This course covers the principles of causal inference. Methods include panel data models, instrumental variables, regression discontinuity designs, difference-in-differences, and matching. Emphasis on developing a solid understanding of the underlying econometric principles of the methods taught as well as on their empirical application.ECON 66303: Econometrics III
Use of economic theory and statistical methods to estimate economic models. Nonlinear and semiparametric/nonparametric methods, dynamic panel data methods, and time series analysis (both stationary and nonstationary processes) will be covered. Additional frontier techniques may be covered.ECON 69103: Experimental Economics
The course develops advanced concepts in the use of controlled experiments to test economic theory and explore behavioral regularities relating to economics. The class focuses on the methodology of experimental economics while reviewing a variety of established results.ECON 69203: Experimetrics
This course covers econometric techniques commonly used in experimental economics but infrequently covered in standard econometrics classes, e.g., power tests, non-parametric tests of means, simulated data, dealing with discrete and ordinal data, finite mixture models, structural estimation. This is an applied course and instruction will lean heavily on examples.Spring – Year Two
ECON 68303: International Trade and Development I
A first graduate level course in development economics with a focus on foundational theoretical issues. We explore the causation, implications, and remedies for pervasive and persistent poverty in low-income countries. Emphasis will be primarily on microeconomics topics. May be taken either as a precursor to International Development Economics II or stand-alone.ECON 68403: International Trade and Development II
A second graduate level course in development economics that focuses on the empirical aspect of development in low-income countries. The course explores various microeconomics topics related to poverty, human capital accumulation, and their interactions with role of public policy.ECON 69303: Behavioral Economics
This course surveys the frontier of behavioral economics, both theoretical and applied. Standard economic theory serves as a base for economics analysis, but when deviations from standard predictions are regularly and systematically observed, models have to modified to account better predict human behavior. Insights from psychology, biology, and neuroscience are incorporated economic models of both individual and strategic behavior.
Economics Ph.D.
Economics Faculty
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Duration of Program: 4-5 years
Program Start Date: Fall
Application Deadline:
January 8
Curriculum Overview
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Admissions Information
View Info and Requirements / F.A.Q.
Required Test: GRE
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Fields of Study
At the beginning of the second year of study students will choose a field of study. These fields include: Industrial Organization and International Macro and Development. Students in the Ph.D. program will consult with the economics Ph.D. coordinator to determine the appropriate field for the individual’s abilities and talents.
Admissions Requirements for Ph.D. Programs
Prerequisites for the Ph.D. in Economics include intermediate microeconomic theory, intermediate macroeconomic theory, two semesters of calculus, statistics, and linear algebra. Applicants to the program are required to take the GRE and complete the Sam M. Walton College of Business Ph.D. Application for Admission. For more information about the program or the admissions process, contact Dr. Peter McGee, Ph.D. Program Coordinator, at pmcgee@walton.uark.edu. Application deadline is January 8th.
Frequently Asked Questions
Do I need a Masters Degree to apply for the Ph.D. in Economics program?
No. Admission to the University of Arkansas Graduate School requires a conferred baccalaureate degree. In the U.S. educational system, bachelor's degree recipients have 16 years of formal education — 12 years of elementary and secondary education plus four years of post-secondary study — which qualify them for admission to advanced degree programs. This is the benchmark we use to evaluate foreign educational systems.What are the prerequisites for the Ph.D. in Economics program?
The prerequisites for the Ph.D. in Economics program are (1) a bachelor's degree from an accredited institution with a satisfactory grade-point average, (2) a satisfactory score on the Graduate Record Examinations (GRE), and (3) satisfactory performance in the following courses: intermediate microeconomics, intermediate macroeconomics, statistics, two semesters of calculus, and linear algebra.What kind of funding is available for students in the Ph.D. in Economics program?
Students admitted to a Walton College Ph.D. program may receive graduate assistantship funding which includes a full tuition waiver and an annual stipend of $19,027.
Highly qualified students may be nominated for fellowship funding up to $29,027 per year. For further details, see Ph.D. Assistantships or email the Graduate School of Business at gsb@walton.uark.edu.