MSc in Agent-Based Computational Economics and E-Markets

[econnewbie]

Hello to all.

 

I am interested in the MSc in Agent-Based Computational Economics and E-Markets from the University of Essex. May I ask if there is any news regarding this program? How are the courses? Or are there any TMers who have actually attended Essex and have some experiences to share?

 

Thanks a lot.

[savingtheplanet]

I dont know anything about the program, but Essex is a decent place for Agent-Based Modeling (ABM), and ABM is fun!

 

Also, I do believe tools like ABM will play an increasingly important role in economics in the future. So studying it now allows you to get in on the ground floor. However, be aware that ABM has little acceptance in the economics community at present, so unless you are comfortable with having limited job opportunites, and being tagged as a specialist in a largely unrespected field, you should also explore more traditional options.

[econnewbie]

Hi savingtheplanet!

 

Thanks for your immediate response. I have been working with agent-based modeling when I was an undergraduate economics major. I agree that it has limited acceptance. In fact, I virtually introduced our department to that modeling technique. Although I am just a novice, I want to learn more and get an MSc at the same time. I will however be aiming for an EconPHD probably after the 1 year MSc. I am also wondering about the competition during applications. Any word?

 

Are you studying at Essex? What are you studying?

 

Thanks a lot.

[savingtheplanet]

nah, im not at essex. im at the university of michigan, studying environmental policy. michigan has the superb "center for the study of complex systems" where they do excelent, cross-disciplinary complex systems work. there are at least 3 econ grad students involved with ABM work here. (i will be moving to the econ dept for my phd, as well)

 

I looked at the website of the program you're considering. Let me start off by cautioning you: while it seems very interesting, it is a bit narrowly focussed. If your ultimate goal is to get an econ PhD, it may not be the best choice.

 

Do you already have lots of background (with good grades) in math and economics? the Msc will hardly give you any training in either, so you will not be able to strengthen your profile as far as economics departments are concerned. (trust me, they wont care about your ABM training -- if anything, they will dislike it)

 

If you dont already have a strong math/econ background, you should probably take more classes or get an msc in something like math / econ etc.

 

However, if you arent fixed on the econ phd, but might nstead want a policy phd, or a phd (say) from the excellent school of infomration at the university of michigan (they have done great work on e-markets, and the economics of IT) -- then go for the essex course.

 

and i feel stupid to be plugging so much for michigan, but you can get a certificate in complex systems here while being a phd student at some other program. im not sure if other universities have similar programs, though.

[econnewbie]

Thanks for your reply, savingtheplanet.

 

I am aware of umichigan's center for the study of complex systems. In fact, I am interested in the ideas-igert fellowship however, (correct me if I'm wrong) it is open only to americans. I acually want to get a certificate but there is no funding. It is hard to get money these days.

 

Will it be really that detrimental to take the msc agent based computational finance? I already have a master's degree (although nonthesis) in mathematics. I have set theory, differential equations, numerical analysis, topology, real analysis, graph theory. I have a 3.96/4.00 overall GPA. I have an undergraduate degree in economics but i will be taking some of the Ph.D. level economics courses at my home university as a supplement.

 

The reason for my interest in the msc at essex is to get more solid training in ABMs since I have no people to correspond with here in my home country. So in effect, this is an attempt at capacity building.

 

I am also wondering about your experience at umichigan. How is the mentoring, the climate of academic discourse, etc.

 

Thanks savingtheplanet for your comments and insights.

[savingtheplanet]

In fact, I am interested in the ideas-igert fellowship however, (correct me if I'm wrong) it is open only to americans.

 

Sadly, you are quite right. It caused me great sorrow too when I discovered this inconvenient detail.

 

If you are a PhD Econ student at MIchigan, you will certainly be funded from the second year on, and perhpas even from the first year. If so, you could always get the certificate in complex systems from here.

 

Obviously, U Chicago is great for ABM too, but I doubt the modeling group there has any links with the econ dept. And its not a good idea to count on coming to a single place. Your math background is superb, so I imagine you will get through to plenty of top-30 econ departments after (and equally before) your MSc.

 

Still, you might want to post another thread with a slightly less zany title (e.g., "Will two MSc's hurt my chances?") and find out what others think. Or email someone like Scott Page at umich and ask his advice. He's a super-busy dude, so he may not reply, but its worth a shot...

 

I have had an excellent time at Umich, working with folks from the environment department, economics, political science and complex systems. the econ department doesnt seem the happiest place in the world, but its apparently better than many others.

 

Will you have funding at Essex? And have you checked out Manchester?

[Prometheus_Econ]

You should check out the Santa Fe Institute, and one of their summer schools (either the computational social sciences one or the complex systems summer school). That way you'll interact with quite a few people from Michigan and elsewhere and build connections to the ABM community.

Here's the link:

http://www.santafe.edu/education/schools.php

 

I think it would be wiser to do a regular Ph.D. in econ, and then go to their school sometime (perhaps after your second year) to learn more ABM and start making connections to that community.

[savingtheplanet]

You should check out the Santa Fe Institute, and one of their summer schools (either the computational social sciences one or the complex systems summer school). That way you'll interact with quite a few people from Michigan and elsewhere and build connections to the ABM community.

 

I second that. SFI is excellent. The IGERT grant you mentioned earlier involves a fellowship to visit SFI for a term or two.

[econnewbie]

Savingtheplanet,

 

you're right, i probably should post a more suitable thread title. may I know your profile if you're taking the Phd Econ in Michigan?

 

May I ask other people who were accepted at Michigan Econ to post their profiles as well?

 

Prometheus_econ, thanks for your comment. I think I'm leaning towards taking the Phd first, then take up postdoctoral fellowship instead. however, i'll probably take my time while there to interact with the ABM community.

 

thanks a lot everyone, for your comments.

[Prometheus_Econ]

Hey again,

I don't quite understand what you mean by saying "you're leaning towards the PhD and then you'll try to do the postdoctoral thing?" You can go to SFI as a grad student for a month in the summer. They have a summer school.

 

Anyways, I got into Michigan's economics program this year with the IGERT fellowship, so here's my profile:

 

http://www.www.urch.com/forums/440445-post12.html

 

I hope that helps.

[econnewbie]

Hey again,

I don't quite understand what you mean by saying "you're leaning towards the PhD and then you'll try to do the postdoctoral thing?" You can go to SFI as a grad student for a month in the summer. They have a summer school.

 

Anyways, I got into Michigan's economics program this year with the IGERT fellowship, so here's my profile:

 

http://www.www.urch.com/forums/440445-post12.html

 

I hope that helps.

 

Hi Prometheus_Econ. What I meant was that after finishing the Ph.D., I will do be a postdoc in ABM just in case I do not have much time for summer school. Thanks for the profile link. Are all of your maths at the undergraduate level?

[savingtheplanet]

Modified from another thread...

 

Background:

1. Undergrad in engineering from a top-10 school in India. My GPA there was decent, but far from superlative. In particular, my math courses (which taught me as much math as the typical engineer anywhere) are unhelpfully titled Math-I, Math-II and Math-III --- and my grades in them are indifferent. i didnt realize they would be important at a later date, and frankly, the instructors were attrocious. :doh:

 

2. About to wrap up my MS at a wonderful inter-disciplinary program in "environmental policy" at the University of Michigan, AA. While at Michigan, I have worked (research + classes) with several excellent economists, political scientists and anthropologists. I have taken the following relevant courses, and have a GPA of 4.0 (actually, the way michigan calculates GPA, 4.2 since i have a few A+'s):

- Intermediate Microecon (A)

- Advanced Game Theory (the doctoral level course) (A)

- Natural Resource Economics (A) (not at an econ dept)

- Statistics (multiple regression at the public policy school) A+

 

This term, I am taking:

- Intro Econometrics (expect A)

- Real Analysis (expect A at this point)

 

3. GRE: 800 / 800 / 6.0

 

4. Very strong letters (strongest student ever, etc.) from a couple of economists and one political scientist.

 

Results:

In at Michigan. Out at Harvard, MIT, Berkeley.

[savingtheplanet]

Hi Prometheus_Econ. What I meant was that after finishing the Ph.D., I will do be a postdoc in ABM just in case I do not have much time for summer school. Thanks for the profile link. Are all of your maths at the undergraduate level?

 

You can always extend your PhD. e.g., if you want to get the certificate in complex systems at michigan, you will have to take an extra year (its about 8-9 classes, i think).

 

of course, post-docs are paid better! but perhaps a postdoc would rob you of the advantage of going on the job market straight from school? (im not even sure if there is such an advantage)

[Prometheus_Econ]

Yes, newbie. All my math classes are at the undergraduate level, although some were cross-listed with graduate (both undergraduates and graduates took them).

[econnewbie]

You can always extend your PhD. e.g., if you want to get the certificate in complex systems at michigan, you will have to take an extra year (its about 8-9 classes, i think).

 

of course, post-docs are paid better! but perhaps a postdoc would rob you of the advantage of going on the job market straight from school? (im not even sure if there is such an advantage)

 

 

Hopefully if I extend, I can have funding for my stay or I can try to do it simultaneously (if thats possible). Well regarding the job market, for now I have no intention to stay abroad. I want to come back to my home country and perhaps start capacity building there (if I do well of course :)).

[econnewbie]

Yes, newbie. All my math classes are at the undergraduate level, although some were cross-listed with graduate (both undergraduates and graduates took them).

 

Thanks Prometheus_Econ. I took some of my math courses along with Ph.D. students. Hopefully that would be an advantage. I also have a seminar paper in random matrix theory although it is only an exposition. Will that be an advantage?

[econnewbie]

Modified from another thread...

 

Background:

1. Undergrad in engineering from a top-10 school in India. My GPA there was decent, but far from superlative. In particular, my math courses (which taught me as much math as the typical engineer anywhere) are unhelpfully titled Math-I, Math-II and Math-III --- and my grades in them are indifferent. i didnt realize they would be important at a later date, and frankly, the instructors were attrocious. :doh:

 

2. About to wrap up my MS at a wonderful inter-disciplinary program in "environmental policy" at the University of Michigan, AA. While at Michigan, I have worked (research + classes) with several excellent economists, political scientists and anthropologists. I have taken the following relevant courses, and have a GPA of 4.0 (actually, the way michigan calculates GPA, 4.2 since i have a few A+'s):

- Intermediate Microecon (A)

- Advanced Game Theory (the doctoral level course) (A)

- Natural Resource Economics (A) (not at an econ dept)

- Statistics (multiple regression at the public policy school) A+

 

This term, I am taking:

- Intro Econometrics (expect A)

- Real Analysis (expect A at this point)

 

3. GRE: 800 / 800 / 6.0

 

4. Very strong letters (strongest student ever, etc.) from a couple of economists and one political scientist.

 

Results:

In at Michigan. Out at Harvard, MIT, Berkeley.

 

Thanks for the post savingtheplanet. The GRE grades are quite high! I will be taking it by the end of the year. I have been preparing and hopefully I can do very well.

[savingtheplanet]

Hopefully if I extend, I can have funding for my stay or I can try to do it simultaneously (if thats possible).

 

Certainly, if you were at Michigan, you would continue to receive funding while taking classes for the certificate program.

 

The GRE grades are quite high! I will be taking it by the end of the year. I have been preparing and hopefully I can do very well.

 

Obviously, you will do very well at the Quant section. I wouldnt worry too much about the verbal section -- it certainly didnt help me much to have a perfect score in it. :)