Managerial Economics & Strategy
The Ph.D. program in Managerial Economics & Strategy (MECS), a program offered jointly by the Departments of Managerial Economics & Decision Sciences (MEDS) and Strategy, emphasizes the use of rigorous theoretical and empirical models to solve problems in both theoretical and applied economics. A distinctive feature of the program is its focus on rigorous methods and insights drawn from microeconomics. The program should appeal to you if you wish to investigate economic questions in scenarios where the actions of individual decision-makers (such as individual people, firms, or countries) play a key role in determining outcomes. It is appropriate for you if you have an aptitude for analytical thinking, mathematical modeling, and formal analysis.
The MECS program produces research scholars who obtain academic positions at top economics departments and business schools throughout the world. This objective is achieved by restricting class sizes (averaging 5–6 students entering per year), accelerating students’ exposure to the development of research ideas, and providing access to courses taught in the MEDS and Strategy Departments along with Northwestern’s Economics Department.
Active research areas
Contract economics, decision theory, development economics, the economics of innovation, the economics of organization, economic theory, game theory, health economics, industrial organization, mechanism and market design, technology and innovation, political economy, and social choice.
Please note: Applicants to economics-based Ph.D. programs, such as Managerial Economics & Strategy, may opt-in to have their application considered by Weinberg's Economics Ph.D. program. More information about this option is available on The Graduate School website.
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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.
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Within the MECS Ph.D. Program, our doctoral students have access to over 45 faculty members as potential dissertation advisors from the MEDS and Strategy Departments.
The MEDS faculty includes 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 consists of applied micro-economists whose interests include industrial organization, health economics, organizational economics, the 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.
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Coursework
In years one and two, our Ph.D. students take a minimum of nine courses, three courses each quarter (fall, winter, spring); although, you 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 your particular research interests, as you transition from coursework to independent research. Currently, Ph.D. students may draw from among thirteen MECS elective courses covering a range of topics, including political economy, the economics of innovation, organizational economics, health economics, and economic theory. There are many more courses available from the Economics Department as well. You 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 your second-year coursework. These courses include courses in other fields, such as operations, engineering, quantitative marketing, and an MBA course if relevant.
Candidacy
At the end of year one, you are required to establish competence in three fields: microeconomics, econometrics, and optimization. This is done by achieving a 3.0 GPA within each of these three-course sequences. Upon establishing competence the student is admitted to candidacy.
Paper requirement
You must write a paper during your second year under the advisement of a MECS professor. Most often the papers are related to papers written for one or more second-year Ph.D. courses. The paper must be completed by September of your third year.
Research, proposal and dissertation
The main activity in your 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 your final year in the program, you 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) prepare you for teaching after obtaining your Ph.D.