Chapman University - ESI

ESI > Master of Science in Economic Systems Design (MSESD) Economic Science Institute

Economic Science Institute

The genesis of the Economic Science Institute began in 1956 with an experiment by Professor Vernon L. Smith for an introductory economics class. His vision was to develop an inventive and improved method to both teach and research economics. His goal was achieved as his developments led the Chapman University Professor to be awarded a share of the 2002 Nobel Prize in Economic Science. Remarkably, just 6 years later, Chapman University is proud to announce the addition of the Economic Science Institute to the Argyros School of Business and Economics. The program is founded by the efforts and contributions of Professor Smith along with his colleagues Profs. John Dickhaut, David Porter, Stephen Rassenti, and Bart Wilson.

Master of Science in Economic Systems Design (MSESD)

The Master of Science in Economic Systems Design (MSESD) was introduced to the Chapman University curriculum in fall of 2009. This degree is open to any student with a strong mathematical or computational background. Specifically, it was designed to complement the educational background of students who have received or are currently pursuing undergraduate degrees in Business, Economics, Computer Science, Mathematics, and Psychology.

Economic Systems Design is the scientific study of the design, development, testing, and understanding of economic institutions. Many people have had experience with an economic institution without realizing it. Some common examples are electric power markets, housing market, automotive markets, and insurance markets. The MSESD program prepares students to undertake the scientific process of understanding and developing systems of exchange and their incentives. The MSESD program is available to students two different ways; one as a Chapman University 5 year undergraduate/MSESD program and the other as masters program for graduate students from other universities.

Chapman University undergraduates have a unique advantage towards obtaining this degree. For students currently enrolled at Chapman University, the degree is available as a 5 year integrated undergraduate/MSESD program. What this means is that any undergraduate Chapman student with the appropriate prerequisites can apply to this program at the end of their junior year. By incorporating some of the masters courses into their regular undergraduate coursework, students in this program will be able to receive a Master of Science with only one additional year of study.

The MSESD program is presented to students through a very unique and hands on approach. Some of the student’s time is spent participating in and learning about other economic systems. However, the majority of their time in the program is spent working on their own personal projects and experiments. Students are encouraged to use their own insight to create exchange systems which they find personally interesting. Throughout the graduate program, students will be working alongside and be supported by the professors at ESI.