May 23, 2022  
2020-2021 Undergraduate Bulletin 
    
2020-2021 Undergraduate Bulletin [ARCHIVED CATALOG]

Mathematical Economics, B.S.


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The mathematical economicsmajor 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.

120 hours (minimum)

Any student earning a Bachelor of Science (BS) degree must complete a minimum of 60 hours in natural, physical, mathematical, and computer science. Please note: courses with an ECO prefix are generally not accepted towards fulfilling this 60-hour requirement. Therefore, be sure to keep this requirement in mind as you choose your course work for the requirements in the major. See the complete description of College requirements for a Bachelor of Science degree , including a specific listing of courses applicable to the 60-hour requirement.

UK Core Requirements


See the UK Core section of this Bulletin for the complete UK Core requirements . The courses listed below are (a) recommended by the college, or (b) required courses that also fulfill UK Core areas. Students should work closely with their advisor to complete the UK Core requirements.

I. Intellectual Inquiry in Arts and Creativity


II. Intellectual Inquiry in the Humanities


III. Intellectual Inquiry in the Social Sciences


IV. Intellectual Inquiry in the Natural, Physical, and Mathematical Sciences


V. Composition and Communication I


VI. Composition and Communication II


VII. Quantitative Foundations


VIII. Statistical Inferential Reasoning


IX. Community, Culture and Citizenship in the USA


X. Global Dynamics


UK Core hours: 30


Graduation Composition and Communication Requirement (GCCR)


Subtotal: Graduation Composition and Communication Requirement hours (GCCR): 3


College Requirements


I. Foreign Language: 0-14


(placement exam recommended)

II. Disciplinary Requirements


a. Natural Science: 3


b. Social Science


(completed by Major Requirements)

c. Humanities: 3


III. Laboratory or Field Work: 1


IV. Electives: 6


College Requirement hours: 13-27


Premajor Requirements


Choose one of the following two sequences:

Premajor hours: 8


Major Requirements


Mathematics Core Requirements


Mathematics Core hours: 13


Economics Core hours: 15


Other Course Work Required for the Major


For the Mathematics Component:


Choose one of the following two sequences:

For the Economics Component


For the Statistics Component


Choose

Other Major hours: 21


Electives


Choose electives to lead to the minimum total of 120 hours required for graduation

Subtotal: Electives: 6


Total Minimum Hours Required for Degree: 120


*Course used towards completion of a UK Core Requirement.

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