Economic Science Institute

The genesis of the Economic Science Institute was an experiment professor Vernon L. Smith conducted in an introductory economics class in 1956. He had an innovative vision of a better method for researching and teaching economics. The experiment led to the field of Experimental Economics, and Smith’s groundbreaking work earned him a share of the 2002 Nobel Prize in Economic Science. Using that recognition as a springboard, in 2008 Chapman’s Argyros School of Business and Economics announced the Economic Science Institute, founded by Smith and fellow professors John Dickhaut, David Porter, Stephen Rassenti and Bart Wilson.

Master of Science in Economic Systems Design (MSESD)

Chapman introduced the Master of Science in Economic Systems Design (MSESD) degree in 2009. This program is for students with a strong mathematical or computational background. Specifically, it complements the educational background of students possessing or pursuing undergraduate degrees in business, economics, computer science, mathematics and psychology.

Economic Systems Design uses laboratory experiments, computer simulations and mathematical analysis to study economic institutions and how they operate. This degree prepares students to design, develop, test and implement efficient exchange systems in fields such as stock trading, online auctions, scheduling, insurance and public utilities.

The program curriculum takes a unique hands-on approach. Students spend some time with traditional study of economic systems, but the majority of their work is on personal projects and experiments. Students are encouraged to use their insights to create exchange systems they find personally interesting, and the ESI professors support and work alongside the students throughout the program.

The unique MSESD program offers two options. Students who have completed an undergraduate degree undertake a two-year master’s program. Students still working on an undergraduate degree can take a five-year program that integrates undergraduate and master’s degrees. You can find more information on each program here:

 2 Year Master of Science in Economic Systems Design (MSESD)

 5 Year Integrated Undergraduate/MSESD