Masters programme in Economics

Ashoka University’s Masters programme in Economics has been developed to provide students the opportunity to be trained in modern Economics by highly qualified economists. Our approach to Economics is a comprehensive one. We believe in teaching students both how to ask and address questions that are informed by economic theory as well as how to substantiate their arguments with rigorous data analysis. The course work in the programme has been designed with the latest research in mind and draws on some of today’s most exciting research fields. At the end of the programme, students are expected to have state-of-the-art quantitative skills valued both in academia and in the corporate world.

Ashoka’s intellectually vibrant campus provides students an opportunity to engage in cross-disciplinary learning and be informed by the views of leading political scientists, sociologists, psychologists, historians, mathematicians and computer scientists, amongst others. The campus is an ideal space where students can grow—intellectually as well as professionally. Within a very short period, Ashoka has been recognized as a leading innovator in Indian higher education. The Masters program in Economics provides students an opportunity to leverage Ashoka’s growing stature and expanding networks to shape their future careers, whether it be in academia or beyond. For any queries you may write to us at info.masters@ashoka.edu.in

Ashoka Economics is delighted to announce a partnership with the MIT’s Abdul Latif Jameel Poverty Action Lab (J-PAL). J-Pal’s mission is to reduce poverty by ensuring that policy is informed by scientific evidence. 

Course structure

The Masters programme is a two-year, four-semester degree. Students will study mandatory courses in the first year. These courses are:

  • Semester 1: Microeconomics 1, Macroeconomics 1, Econometrics 1, Quantitative Techniques
  • Semester 2: Microeconomics 2, Macroeconomics 2, Econometrics 2, Development Economics

In their second year, they will explore theoretical and research interests of their choice by taking elective courses in a wide number of subfields.

 

Entrance Examination

Admissions to the programme, which starts in August 2017, will be based on an entrance examination that will be held on Sunday, 7 May, 2017 in multiple centres around the country. Students who are offered admission on the basis of this entrance examination will need to hold a recognized undergraduate degree at the time of admissions. More information about the entrance examination can be found in this document: MA Eco syllabus and sample paper

 

Timeline

22 May 2017 Exam results will be communicated to students via email
16 – 24 July 2017 Wait-listed candidates will be emailed any change in application status
28 August 2017 Session begins

 

Fees and Financial Aid

Our annual fees has three components: tuition, hostel and meal charges. The annual tuition fees is INR 3.9 Lakh . The hostel charges are INR 1.4 Lakh and meal plan is of INR 0.6 Lakh. The hostel and meal plan are optional. Please read details of these components here.

Regarding financial aid, Ashoka University is committed to making world-class education affordable for students from all walks of life. At present, more than 50 per cent of our students are under some form of scholarship in the undergraduate programme. While selection to Ashoka is based on merit, scholarships are entirely based upon need. In addition to our need-based scholarships, some Teaching Assistantships are also available, where students will be able to take on paid work with professors through the MA programme.

Our historical record in financial aid can be seen here. To know more about how to apply for financial aid, read this.

Fees Refund Policy

  1. The commencement date and last date of admission to Ashoka University’s MA Economics Programme for the upcoming session is 25th August, 2017.
  2. If a student withdraws his/her admission by 10th August, 2017 (Up to 15 days before the commencement), the student will receive a refund of 100% of the deposited fees and the Security Deposit of 17,000 INR after deducting Acceptance fee of 10,000 INR.
  3. If a student withdraws his/her admission from 11th August to 8th September, 2017 (Up to 15 days post the commencement), the student will receive a refund of 80% of the deposited fees and the Security Deposit of 17,000 INR.
  4. If a student withdraws his/her admission from 9th to 24th September, 2017 (Between fifteen and thirty days post the commencement), the student will receive a refund of 50% of the deposited fees and the Security Deposit of 17,000 INR.
  5. If a student withdraws his/her admission on or post 24th September, 2017, none of the deposited fees will be refunded except for the Security Deposit of 17,000 INR

Please note:

  • The refund amount may be different for students who have been granted financial aid depending on the amount of aid given.
  • All refunds will happen within 2 to 4 weeks from the date of request for withdrawal of admission
  • To read the University Grants Commission Notification on “Remittance and Refund of Fees and other Student Centric Issues”, which was approved by commission in its 519th meeting held on November 15, 2016, please click here.

Courses

Brief description of the first year courses is provided here. The course content of the elective courses in second year will depend upon who teaches the courses.

First Year Courses

Microeconomics 1:
This course will focus on Game Theory and its applications to various microeconomic issues. Topics covered will include decisionmaking under uncertainty, strategic and extensive form games with complete information, Bayesian games, extensive form games with incomplete information. This course will also serve as a pre-requisite for Microeconomics 2 and concepts developed here will be extensively used for the economic analysis undertaken there.
Textbooks
• Tadelis : Game Theory : An Introduction
• Fudenberg and Tirole : Game Theory

Microeconomics 2:
How are economic allocations determined? This is perhaps the most central question in all of economics. This course will serve as a rigorous introduction to the theoretical body of work that economists use to address this question. The major focus will be on general equilibrium (GE) theory and the general competitive model, including its extensions to incorporate financial markets. Issues of asymmetric information in the context of the competitive model will also be covered. Besides this, the course will focus on some key theories in the areas of auctions, bargaining, money and banking, search and matching as they pertain to the central question of the course.
Textbooks
• Mas-Colell, Whinston and Green: Microeconomic Theory
• Kreps: Microeconomic Foundations 1

Macroeconomics 1:
This course is an introduction to neoclassical growth, setting the theoretical foundations of modern macroeconomics. It will cover the theories of economic growth and long-run economic development and discuss how different factors such as human capital, physical capital, technology, trade, to name a few, contribute to economic growth. It will also deliberate over the empirical patterns which explain
why different countries grow along different paths. The course aims to equip student with tools and ideas behind dynamic economic analysis.
Textbook
• Daron Acemoglu: Introduction to Modern Economic Growth

Macroeconomics 2:
This course will provide an in-depth treatment of recursive methods that are employed in modern macroeconomics. To that end, students will be introduced to the theory of dynamic programming as well as its application to growth models, models of investment, of consumption and savings, self-insurance, asset prices, unemployment and unemployment insurance. The programming languages of Matlab and Python will be used to offer a rigorous introduction to quantitative methods in macroeconomics.
Texbooks
• Stokey, Lucas and Prescott : Recursive Methods in Economic Dynamics
• Sargent and Ljungqvist : Recursive Macroeconomic Theory.

Econometrics 1:
This course is designed to equip students to learn statistical tools for analyzing real life data, related to economics in particular and social sciences in general. It will equip students both with theoretical knowledge as well as the know-how of how to implement theory through software applications like STATA. The main thrust of the course will be on cross-section data analysis. The course will also serve as a pre-requisite for Econometrics 2.
Textbooks
• Wooldridge: Econometrics.
• Wooldridge: Econometric Analysis of Cross Section and Panel Data
• Cameron and Trivedi: Microeconometrics using Stata

Econometrics 2:
This course is on applied econometrics and will focus on introducing students to empirical methods used for policy evaluation in applied microeconomics research (such as labour, health, public, urban, education, environment and development economics). The course will cover topics such as causal inference, treatment effects, randomized controlled trials, differencing methods, instrumental variables, regression discontinuity design and matching methods. This course will involve surveying the existing literature on these empirical
methods as well as learning to apply these techniques using cross-sectional and panel datasets.
Textbooks
• Wooldridge, Econometric Analysis of Cross-Section and Panel Data.
• Cameron and Trivedi, Microeconometrics: Methods and Applications.
• Angrist and Steffen-Pischke: Mostly Harmless Econometric.

Quantitative Methods in Economics:
This course will focus on developing the mathematical tools that are used extensively in Microeconomics, Macroeconomics, and Econometrics. The course will cover the basics of real analysis, optimization, dynamic programming, and linear algebra.
Textbook
• Sundaram: A First Course in Optimization Theory.

Development Economics:
The course introduces students to analytical approaches to the study of development economics. It will develop basic concepts, theories and applied empirical evidence to provide an understanding of the main issues underpinning development economics. Topics covered include the economies of less developed countries, poverty traps, consumption and savings, human capital investment in health and education, the changes in poverty, demography, the lives of the poor, the roles of individuals, families, institutions and policies. The course also aims to equip students with an understanding of a range of empirical methods in development. It will illustrate how economic models can provide insights into understanding behaviour and how the empirical implications of models can be assessed with appropriate choice of research design and econometric methods.
Textbook
• Banerjee, A., R. Bénabou, and D. Mookherjee: Understanding Poverty

Second Year Courses

The following is a tentative list of Second Year (Elective) Courses.
1. Advanced Game Theory.
2. Advanced Macroeconomics.
3. Decision Theory.
4. Behavioral Economics.
5. Experimental Economics.
6. Health Economics.
7. Time Series Analysis.
8. Public Economics.
9. Political Economy.
10. International Economics.
11. Industrial Organization.
12. Economic and Social Networks.
Students can also opt for a two course-credit Masters dissertation. In addition, they can opt for the J-PAL internship, and if selected, it amounts to four course credits.

J-Pal Internship

The economics department at Ashoka University has an agreement with JPAL-MIT under which up to 10 Masters students will be offered internships. The internship will be for approximately 7 months, starting from the end of the second semester to the end of the third semester. Students who are selected for the internship will have to enrol for two of the online MIT Micro-Masters courses. There is no additional fee for these courses. The online instruction will be supplemented by regular sessions with designated Ashoka faculty. There will be examinations in these courses. Each course will count as one of the 16 courses required for the Masters degree.

During the internship, students will be provided training in RCT methodology by JPAL. Each intern will also be assigned to some project. Students will be required to write a project report that will be considered as the Masters dissertation.

Open Positions

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