Mathematical Economics
at
The University of Kentucky

B.A. or B.S. with a major in Mathematical Economics

[Program Description] [Degree Requirements] [Faculty Contacts] [Sample Plan] [Links]

Program Description

The Mathematical Economics major offers students a degree program that combines mathematics, statistics, and economics. In today’s increasingly complicated international business world, a strong preparation in the fundamentals of both economics and mathematics is crucial to success. This degree program is designed to prepare a student to go directly into the business world with skills that are in high demand or to go on to graduate study in economics or finance. A degree in Mathematical Economics would, for example, prepare a student for the beginning of a career in operations research or actuarial science.

In many ways, the Mathematical Economics  program parallels the engineering philosophy. It combines the quantitative methods of mathematics with an applied science in order to solve real problems. As an example, operations research is used to optimize costs for extremely complicated systems such as airline scheduling. A major problem in business and economics is decision making under uncertainty. Efficient inventory control for large national retail chains can mean the difference between success and failure. A business will improve its bottom line if it can effectively control cost of inventory under the uncertainty of consumer demand. The solution of control problems of this type requires knowledge of relatively sophisticated mathematics and statistics as well as  knowledge of basic economic principles.

There is currently a serious shortage of individuals who have sufficient training in mathematics and statistics as well as an understanding of business and economics.  Companies that employ operations research analysts or actuaries cannot fill their positions. Mathematical Economics and related areas have often been referred to as engineering for the service sector or “financial engineering”.  With the ever increasing importance of the service sector in our economy, the Math-Econ degree will prove to be a valuable asset. The program will give the student an opportunity to study a fascinating collection of ideas and it will also provide the student with very marketable skills.

Degree Requirements

In addition to satisfying University Studies requirements and College of Arts and Sciences requirements, students  must satisfy the requirements of the Mathematical Economics component.

Premajor Requirements
MA 113 Calculus I
MA 114 Calculus II

Field of Concentration
Mathematics
MA 213 Calculus III
MA 214 Calculus IV
MA 320 Introductory Probability
MA 322 Matrix Algebra and Its Applications
MA 416G/417G Principles of Operations Research I/II
   or
MA 471G/472G Advanced Calculus I/II
   or
STA 524/525 Probability/Introductory Statistical Inference

Economics
ECO 201 Principles of Economics I
ECO 202 Principles of Economics II
ECO 391 Economic and Business Statistics
ECO 401 Intermediate Microeconomic Theory
ECO 402 Intermediate Macroeconomic Theory
ECO Electives

Statistics Elective
STA 291 Statistical Method (or above)

Faculty Contacts and Information

For additional information about the Mathematical Economics Program and advising, please contact one of the faculty members listed below.

Sample Course of Study

The following sample course of study should help a student prepare a semester by semester plan for completing the degree requirements in Mathematical Economics.
 
 

Links

   University of Kentucky Sites
    Societies
    .