Managerial Economics & Strategy

Within the MECS PhD Program, our doctoral students have access to over 45 faculty members as potential dissertation advisors from the MEDS and Strategy Departments.

The MEDS faculty include economic theorists, game and decision theorists, formal political theorists, and development economists, all with broad research interests such as the nature and impact of strategic behavior in competitive environments, development economics, dynamic economic models, the role of time and uncertainty in economic decision-making, voting information, political economy, and theory of auctions. Faculty in the MEDS Department have won numerous research awards, have been elected to memberships of prestigious elected societies such as the Econometric Society and the American Academy of Arts and Sciences, and are on the editorial boards of leading journals. The Games and Economic Behavior journal was founded in the MEDS Department.

The faculty from the Strategy Department consist of applied micro-economists whose interests include the industrial organization, health economics, organizational economics, economics of innovation, and public policy. Strategy faculty sit on the editorial boards of leading journals and are frequently sought out for their expertise in business and government affairs. Members of this department founded the Journal of Economics and Management Strategy and authored Economics of Strategy, one of the primary textbooks in the field.

In addition, faculty from Northwestern’s Economics Department, particularly those in the areas of economic theory and industrial organization, are also actively involved in teaching and advising our doctoral students. Our students and faculty are literally at the center of the economics research community on campus, with both Kellogg and the Economics Department located in the same building.

Our program prepares students for academic research careers in economics, economics-based strategy, and formal political theory. Students typically find jobs in either economics departments or economics-based departments in business schools. Recommended coursework at an advanced level includes calculus, linear algebra, optimization, probability and statistics, in addition to a solid background in economics.  A master’s degree is not required, though about half of our matriculating students have a graduate degree. Prior research experience is not required.

Coursework
In years one and two, our PhD students take a minimum of nine courses, three courses each quarter (fall, winter, spring); although, students may take up to four courses a quarter. In year one, courses deal with the fundamental disciplines of microeconomics, econometrics, and optimization. As a fourth class, students often take math classes that include real analysis and complex analysis.

Courses in year two are more finely tuned to our students’ particular research interests, as they transition from coursework to independent research. Currently PhD students may draw from among thirteen MECS elective courses covering a range of topics, including political economy, economics of innovation, organizational economics, health economics, and economic theory. There are many more courses available from the Economics Department as well. Students must take three sequences (each sequence is at least two courses) in advanced fields, but wide latitude is allowed in the choice of fields. Other elective courses and independent studies round out the second-year coursework. These courses include courses in other fields, such as operations, engineering, quantitative marketing, and an MBA course if relevant. 

Candidacy

Paper Requirement
Student must write a paper during the second year under the advisement of a MECS professor. Most often the papers are related to papers written for one or more second-year PhD courses. The paper must be completed by September of the third year.

Research, Proposal & Dissertation
The main activity in the third year and afterward is research toward a thesis, under the direction of one or more faculty advisors. A thesis proposal must be presented to the department by the end of year three, prior to the beginning of fall classes. In their final year in the program, each candidate must complete a dissertation demonstrating original and significant research and pass a final oral examination on the dissertation.

Teaching Requirement
To promote engagement with faculty and integration with the intellectual life of the department, students serve as research and teaching assistants during years two, three, and four, including summers. Research assistantships (RAs) are an excellent lead-in to research; teaching assistantships (TAs) prepares students for teaching after obtaining the PhD.