rtj
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Advice Needed: Topology vs Time Series vs Game Theory
rtj replied to Musical Rabbit's topic in PhD in Economics
For macro, Time Series is definitely most useful. But it does depend on your math background. -
I’m entering a PhD program this fall. I had a math hiatus for about 8 years, though I’m younger than you are (mid/late twenties). It is certainly possible to learn the requisite mathematics from scratch. I started by self-studying the Schaum’s guides to high school level mathematics. Two months later, I enrolled in calculus.
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If you can handle your research while taking (and doing well in) these difficult courses, and you have everything else ready (including letters, which will be very important for you), why not? If you want to be a hardcore theorist or theoretical econometrician, there may be some benefit to functional analysis, measure theoretic probability, and convex analysis/optimization. If you want to do applied work, there are likely better courses for you to take.
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Why can’t you specialize in both macroeconomics and political economics? I don’t see an issue here - it seems there is room for research overlap between these fields. And you can get advising from multiple professors, no matter who you choose as chair. So if you like both, why not study both!?
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Do you want to do hardcore research in metrics? Then an MS in Stats may make sense. (But it is still unnecessary, and often possible during your PhD, if you are so inclined.) It can also make sense if you have deficiencies in rigorous, quantitative coursework (you don’t have any, you have some bad grades, etc.) But you are majoring in Math and Stats. The bottom line is that an MS in Stats won’t help you meet economics professors. The Duke MAE is very expensive. Top students seem to place decently. Do you have relationships with economics faculty at Purdue? Purdue is a strong university. To get into an Economics PhD, you generally need to build relationships with economics professors. The work it will take to transfer to a different school will be stressful and expensive. It will take away from your focus on building relationships with professors, possible RA opportunities, and doing well in your courses. If I were you, I’d focus on maximizing your opportunities at Purdue.
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I personally, in your situation, would not transfer. I have had several comparable decisions to you, and so far, I've chosen the cheaper options. Purdue is a pretty strong STEM university (in applied mathematics, stats, and economics), and $100,000-150,000 is A LOT of money. But only you can decide whether that much debt is worth the potential benefits from transferring. If I were you, I'd focus on doing very well at Purdue. Get excellent grades in your math and stats courses. Try to work as an Economics RA. If you can handle it, take some grad coursework or reading courses (in Econ, or perhaps Math/Stats if you have interests in theory/metrics). If need be, a top post-doc or foreign MAs are possible later. Just remember that while signaling is important, your education is what you make of it - especially at the undergrad level. A quality R1 institution like Purdue can provide you with many great opportunities.
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I’ve been using R in mine. Also, on a side note, some programs start metrics with measure theoretic probability, so I’ll be reviewing my analysis this summer.
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PROFILE: Type of Undergrad: USNEWS ~ Top 75 US University (nontechnical major) Undergrad GPA: 3.54 Type of Grad (1): USNEWS ~ Top 150 US University, Top 5 in my undergrad field (nontechnical major, withdrew early to study economics) Grad GPA (1): 3.93 Type of Grad (2): USNEWS ~ Top 150 US University, ~ Top 100 Econ (Non-degree undergrad courses for 1 year and an MA in Econ) Grad GPA (2): 4.0 GRE: 158V, 166Q, 4.5AWA Math Courses: None in formal undergrad. Undergrad: Calc I-III (A+/A+/A), Probability and Statistics (A), Differential Equations (A), Linear Algebra (A+), Analysis (A) Grad: Math Analysis I/II (A, TBA), Linear Algebra (TBA), Stochastic Processes (A+), Probability Theory (A) Econ Courses: Undergrad: Principles of Micro/Macro (A+/A), Intermediate Micro/Macro (A+/A+), Econometrics (A) Grad: Math for Econ (A), Micro I-II (A/A), Macro I-II (A/A), Econometrics I-III (A+/A/TBA) Other Courses: A basic CS course (A) Letters of Recommendation: I had four letters, all from current professors at my institution. Likely fairly strong, but I am not a mind reader. Teaching Experience: Lots of TA experience (mainly in undergrad/grad macro and metrics). Research Interests: Macroeconomics and Econometrics, perhaps Empirical IO, all broadly speaking SOP: I explained my unorthodox background, why I want to become an economist, my coursework and RA experiences, and what I'm interested in researching. I adjusted it slightly for each school. Other: RA for two professors at my MA university, currently coauthoring with them. RESULTS: Acceptances: Penn State ($), Michigan State ($), my current university ($) Waitlists: CMU (probably unofficial, withdrew) Rejections: Chicago, Michigan, Minnesota, Wisconsin, UCSD, NYU, Columbia, Penn, Brown, Cornell, UT, WUSTL Pending: Washington (withdrew), Rochester (withdrew) Attending: Penn State Comments: My professors told me to target schools between ~8-30 in the rankings. I'm not sure if we overshot a bit, especially given the craziness this year and my weird profile. But all in all, I'm quite satisfied with the outcome - I honestly didn't think I'd get accepted anywhere. I also withheld a bit of information on my previous studies for personal privacy. What would you have done differently? Nothing.
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I am curious to know where everyone will end up going! Is there a results thread?
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Thank you for sharing this! It’s great.
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I declined recently. Not sure if that helps.
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Focus on preparing for the EME. Get good letters.
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If you could pick two courses from below, what would you advise? My interests are in Micro and Metrics. Grad topology Grad functional analysis Grad complex analysis Measure theoretic probability Abstract Algebra PhD Micro I (again, but this time at a better institution) Other (something else) For metrics and micro theory, I’d say probability is useful. Additionally, functional analysis may be useful, but it probably depends on how it’s taught and what the focus is. Another option is to look into an optimization course using a text like Luenberger (1969). I see this referenced frequently in macro, micro, and metrics, and the text covers core aspects of functional analysis in the context of optimization. There you’d probably learn the relevant functional analysis to economics. Grad topology is a very broad subject, as topology is a very active area of mathematical research, but I don’t think it’s necessary - point-set should be enough, and you can pick up more later if necessary. I don’t think complex analysis will be useful, unless (perhaps) you want to do time series. I don’t think algebra will be useful at all. I personally wouldn’t redo PhD micro a second time, as you’d redo it a 3rd time during your PhD. There’s an unnecessary signaling risk there as well. I agree with the above poster - if you want to do empirical work, you don’t need more math. Also, in any case, focus on getting good letters. Don’t forget that once you have a certain level of mathematical maturity and personal discipline, which you seem to have, you can self study math. This is just my take based on what I’ve read and heard from my advisors. I’m applying this cycle and want to do work in macro and metrics. Our math backgrounds seem similar, which is why I replied.
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That's not the worst problem to have... hahaha. Good luck to you!!!
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Yes for both schools.
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Anybody know what’s going on with CMU or Rochester at this point? They are the only programs I have yet to hear anything from.
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I’m not more experienced (applying this cycle), but an advisor of mine (young AP from a top school) and I were discussing my acceptances/options last week, and this is exactly the advice he gave me.
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Where do we sign up for the class action lawsuit...? Lol
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How much to value not having to TA in first year
rtj replied to macrolabor's topic in PhD in Economics
Is research fit comparable between these departments? That seems more important. I assume from your username that you are interested in macro labor. -
Here is some of the advice my advisors have given as I've been going through the process: 1. Think of the relative rankings of schools in terms of tiers. That is, don't get obsessed at the difference between a school ranked 19 and a school ranked 21. There are far more similarities than differences between most programs. 2. However, as you go further down into the rankings, research fit between yourself and the department becomes far more important. Don't pick a school that only trains micro labor economists to go and study macro at, for instance. Ideally, you want a school that gives you a bit of flexibility in terms of what you can research, as your interests may change. 3. Look at who the advisors tend to be in programs in your field(s) of interest, and the median placement of students. Do you like the placement? Do you like what the common advisors research in the program? 4. Don't go anywhere without a stipend/tuition waiver unless you are filthy rich. Can you live off of the offered stipends? Don't overweight stipends and locations in your preferences, unless you have serious constraints (spouse, family nearby, a serious medical condition etc.), or if you're sure you'll be absolutely miserable in a given location with a given stipend - you are making an investment into your future as an academic and economist with this choice, not picking where you'll retire or your ideal spa vacation location. Hopefully those who are more competent than I will respond to verify if I have contributed anything of value. :)
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Do you think the interviews have anything to do with dropping GRE requirements as well?
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Yes. I'm still waiting on both. Some people seem to have received rejections from Rochester, however.
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I was accepted to Michigan State already, so they have sent out some stuff.
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Congrats to all who got into NYU. That’s insanely competitive.
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I don't know enough about your background to make a formal recommendation as to what you should do, whether or not such a masters will help with your application, or whether an MS is preferred to a predoc. Talk to your professors. But I'd imagine that an MS in Mathematical Statistics, assuming you continue to perform well, would be viewed more favorably by admissions committees than an MS in Applied Stats or Data Science, at least for a pure Econ PhD.