The range of study in economics is quite broad and includes the traditional topics of microanalysis and
macroanalysis, such as price theory, market structure, industrial organization, the banking system, and the flow
of national income. Students take advantage of a wide range of course offerings in the Department of Economics
at the University of Chicago and at Chicago Booth and write their dissertations in industrial organization, labor
economics, macroeconomics, microeconomics, or related areas.
The finance program is concerned with such areas as 1—the behavior and determinants of security
prices, including stocks, bonds, options, and futures; 2—the financing and investment decisions of firms;
3—corporate governance; and 4—the management and regulation of financial institutions. Students take
courses from both Chicago Booth and the Department of Economics as part of their training.
MANAGEMENT SCIENCE/OPERATIONS MANAGEMENT
Management science is concerned with the application of mathematics and computer methods to management
problems. The field of operations management applies the underlying methodologies of management science
to deal with the problems of developing, producing, and delivering goods and services.
Students who choose to emphasize management science/operations management should have had at least two
years of college-level mathematics before they enter the PhD Program. The areas of most relevance to business
are linear algebra, analysis, and probability; students with a minimal background should expect to take additional
work in these areas.
The theoretical foundation provided in the marketing PhD Program is enhanced by the program’s flexibility,
allowing choice between consumer behavior and economics/quantitative methods. Students take courses not
only in Chicago Booth’s departments, but also in the university’s psychology, sociology, economics, and statistics
departments. The program defines marketing broadly as the study of the interface between firms, competitors,
and consumers. The program is designed for those seeking careers as professors at leading research institutions.