Click on the picture for a map to the building	Click on the picture for a map to the building
Hutcheson Hall -- Home of the Department of Agricultural and Applied Economics	Pamplin Hall -- Home of the Economics Department

Virginia Tech offers graduate studies leading to the M.A. in Economics, the M.S. in Agricultural and Applied Economics, and the Ph.D. in Economics. The economics Ph.D. program is administered jointly by the Department of Agricultural and Applied Economics and the Department of Economics, and students enroll through either department. The goal of the graduate programs is to train students in economic theory and its applications.  

Students in the M.A. and M.S. programs take one year of courses in economic theory, quantitative methods and applied fields, and may write a thesis. The M.A. in Economics is offered on the Blacksburg campus and through Virginia Tech’s graduate program in Northern Virginia.  The M.S. program offers a choice of an applied economics or agribusiness management and marketing focus. Ph.D. students take two years of courses in economic theory, quantitative methods and two or more specialized fields, and write a dissertation. The Ph.D. is offered only in Blacksburg. Ph.D. fields of specialization are: 

•  Theory: Microeconomics and Macroeconomics; 

•  Econometrics;

•  Markets and Industrial Organization;

•  Resource and Environmental Economics;

•  Public and Regional/Urban Economics; and

•  Development and International Economics. 

Both the master’s and Ph.D. programs are supported by state, national and international research projects within the departments. Undergraduate teaching and extension/public service activities provide graduate students with additional professional experiences and funding opportunities

The Student Body

There are around 75 graduate students enrolled full time in the two departments in Blacksburg of whom about 30 are M.A. or M.S. and 45 are Ph.D. students. About two-fifths of the students are female and three-fifths are male. The student body is about evenly split between U.S. citizens and those with international backgrounds.

Placements

Most M.A. students continue in the Ph.D. program at Virginia Tech.  About one-third of M.S. graduates continue their studies, one-third enter private sector employment, and one-third become employed in government.  Recent M.S. graduates have continued their studies in Ph.D. programs at Cornell, Duke, Johns Hopkins, Kentucky, Massachusetts, Minnesota, Washington State, and Wisconsin, as well as Virginia Tech. Positions taken by recent master’s graduates include Analyst, Abt Associates; Market Analyst, M&M/Mars Inc.; Utility Analyst, Oregon Public Utilities Commission; Research Analyst, Oregon Employment Department; Marketing Analyst, Providian Bancorp; Industry Analyst, Commodity Futures Trading Commission; and Livestock Analyst, Sparks Commodities. 

About one-half of Ph.D. graduates accept university or college faculty positions, one-fourth take private sector employment, and one-fourth assume government positions.  Recent Ph.D. graduates have obtained faculty appointments at Arkansas State, Bowling Green, California State-Fullerton, Clarkson, Emory and Henry, Florida, Georgia, Kansas State, Louisiana State, Manchester, Michigan State, New Hampshire, Ohio State, Pittsburgh, SUNY-Binghamton, Texas Tech, Truman State University, and Tulane. Positions in government and industry taken by recent Ph.D. graduates include Post-Doctorate Fellow, International Food Policy Research Institute; Analyst, European Investment Bank; Scientist, Bios Group L. P.; Energy Economist, Fraunhofer Institute for Systems and Innovation; Manager of Behavior Modeling, American Security Group; Staff Economist, Chicago Mercantile Exchange; Economist, World Health Organization; and Economist, Social Research and Demonstration Corporation.

Degree Requirements

Master’s Program Requirements:  Students earning the M.A. in Economics usually fulfill their coursework requirements with first-year courses from the Ph.D. program. The M.S. in Agricultural and Applied Economics requires similar coursework designed for the master’s level. Each degree has thesis and non-thesis options. Non-thesis M.A. and M.S. degrees are usually completed in 15-18 months. Thesis degrees usually require 18-24 months. Students select a degree option within nine months of beginning the program, and their progress is monitored by an advisory committee of three faculty members.     

Core coursework for the M.S. with an applied economics focus includes three hours of Microeconomics (AAEC 5025), three hours of Econometrics (AAEC/STAT 4804), and six hours from among Mathematical Programming (AAEC 5024), a second course in Microeconomics (AAEC 5026), or Macroeconomics (ECON 5015).  Students also take two 5000-level field courses (see Graduate Courses below) and complete their program with other electives.  

For the M.S. with an agribusiness management or marketing focus, core coursework requirements include three hours of Microeconomics (AAEC 5025), three hours of either Mathematical Programming (AAEC 5024) or Econometrics (AAEC/STAT 4804), three hours of applied economics elective, and at least 12 hours in concentrated areas drawn from graduate courses in the Pamplin School of Business.  A total of 36 hours are completed, including six hours associated with development of a case study.   

Humboldt University Exchange: Master’s degree students may participate in an exchange program with the College of Agriculture and Horticulture at Humboldt University of Berlin. Exchange students spend 9-12 weeks in Europe at the end of their first spring semester at Virginia Tech. Required field courses (taught in English) can be completed at Humboldt, leaving only writing of a thesis to complete the master’s degree upon return to Virginia Tech. Information on the Humboldt program is available at http://www.agrar.hu-berlin.de/iags.

Ph.D. Program Requirements: Ph.D. degrees usually require 42-48 months. First-year  coursework includes three hours of Mathematical Economics (ECON 5124), three hours of Macroeconomics (ECON 5015), six hours of Microeconomics (ECON 5005 and 5006), six hours of Econometrics (AAEC/ECON 5125 and 5126), and six hours of first-year applied economics courses. During the second year, Ph.D. students select a major field in which they take three 6000-level courses and a minor field for which they complete two other 6000-level courses. A total of seven 6000-level field courses must be taken to complete the degree requirements, along with a second course in Macroeconomic (ECON 5016). Some substitutions of courses among fields are permitted to allow qualified students to tailor their programs toward specialized areas of study or to enhance the overall quality of their graduate education. Ph.D. students form an advisory committee of five faculty members.   

A written qualifying examination covering economic theory, econometrics, and economic applications is taken by Ph.D. students after the first year of study.  A written and oral preliminary examination is taken after the second year.  The preliminary examination is administered by the student’s advisory committee and covers material relevant to the student’s declared fields of study and/or presentation of a dissertation proposal.  A final oral examination is a defense of the student’s dissertation and is also administered by the student’s advisory committee.

For more details on the master’s degree and Ph.D. requirements, see the Student Planning Guide for the Graduate Program in Economics and Agricultural and Applied Economics. Additional guidance is available in the University’s Graduate Course Catalog.  These materials and other information about the departments are available at the web sites http://www.aaec.vt.edu/aaec/ for Agricultural and Applied Economics and http://www.econ.vt.edu/ for Economics.  

Financial Aid and Costs of Study

Most graduate students receive financial support. Both teaching and research assistantships are available. Teaching assistantships are normally for the nine-month academic year, while research assistantships are 12-month appointments. In 2001/2002, monthly assistantship stipends for students in Economics range from $1,165 to $1,275. Monthly stipends in Agricultural and Applied Economics range from $1,200 to $1,350 for M.S. students and from $1,300 to $1,450 for Ph.D. students. Outstanding students may qualify for senior graduate research assistantships with stipends up to $1,845 per month.  Several special fellowships are available that provide additional support to outstanding students.

For 2001-2002, tuition per semester is $2,175 for in-state and $3,650 for out-of-state students.  Academic year tuition is waived for students on teaching or research assistantships.  Students pay a comprehensive fee of $450 per semester, which covers use of the new student health clinic, computer fees, athletic events, and other services.  Students also must pay tuition if they attend summer courses, but most do not register for the summer term.  

Department Facilities

Students on assistantship are allocated office space in the department in which they are employed. Offices are made available to those students not on assistantship as space allows. All students have access to well-equipped University microcomputer laboratories. In addition, each department has a dedicated graduate computer laboratory with microcomputers, laser printers, and scanners. Many graduate students are allocated personal computers in their office facilities. Computers are networked to servers, which provide a wide variety of word processing, statistical, spreadsheet, mathematical programming, and other software. The nationally-known Blacksburg Electronic Village provides high-speed modem access in off-campus residences.

Living in Blacksburg   <== Click for Blacksburg Weather

Blacksburg is located in southwestern Virginia, between the Blue Ridge and the Allegheny Mountains, 2,100 feet above sea level. The region is known for its natural beauty and outdoor recreation including camping, hiking, and water sports. The Appalachian Trail is nearby and several large reservoirs and numerous rivers and streams are in close proximity. The beaches of Virginia and North Carolina and most of the ski resorts in Virginia, West Virginia, and North Carolina are within easy driving distance. The university and surrounding area also has many fine golf courses, softball leagues, and tennis courts. There are numerous indoor recreational facilities including swimming, basketball, racquetball, squash, weight lifting, and aerobics.

Blacksburg and the surrounding area support cultural activities including theatrical events, concerts, lectures, and musical performances. These events include original plays, off-broadway performances, ballet, and a wide variety of live music including operas, classical music, jazz, blue-grass, country and western, and rock. The state has many historical sites within driving distance of Blacksburg. The nation’s capital, with its unlimited cultural activities, is a five-hour drive.

Most graduate students live off campus. Costs of two-bedroom apartments in Blacksburg range from $400 to $650 per month. Room and board in graduate dormitories costs $560 to $600 per month for a single room depending on the meal plan chosen. Free bus transportation is available. Student health insurance can be purchased through GM-Southwest and is administered through Virginia Tech.  Also see the Virginia Tech Off Campus Housing Office Page  where you can search for rentals, subleases, roommates, and so forth.  

The University

Virginia Polytechnic Institute and State University, known as Virginia Tech, was founded in 1872 as Virginia’s first land-grant institution. It is a leading research institution and the largest university in Virginia. The university is composed of a Graduate School and eight colleges encompassing Agriculture and Life Sciences, Architecture and Urban Studies, Arts and Sciences, Business, Engineering, Natural Resources, Human Resources and Education, and Veterinary Medicine. Nearly 27,000 students, including 4,000 graduate students, are enrolled in some 200 different degree programs at Virginia Tech. An annual research budget in excess of $140 million places it among the nation’s top 50 universities in terms of these expenditures.
 

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The University contains extensive computer and electronic communications facilities that provide voice, video, and computer data transmission to offices, classrooms, laboratories, and dormitory rooms; a teleport of satellite dishes for receiving and transmitting; and a computing and communications complex providing the university community with access to information systems and resources worldwide. The library collections include over 1.9 million printed volumes and 17,000 serial subscriptions. The library is a selective depository for federal documents and its on-line catalog is accessible through the university telecommunication network.

Admissions

Admission and financial aid are offered on a competitive basis. Applications are evaluated throughout the year, but application before February 15 is recommended to ensure full consideration for financial support for fall semester. A limited number of students are admitted for spring semester. All applicants must submit undergraduate and/or graduate transcripts, GRE scores, and three recommendation letters. Entry requirements are a bachelor’s degree from an accredited college or university, a minimum cumulative grade point average of 3.0 (on a 4.0 base) for the last two years (60 semester credit hours) of undergraduate studies; and minimum GRE score of 500 on both the quantitative and verbal examinations. Students awarded financial aid typically have a combined quantitative/verbal/analytical GRE score of 1,800 or more. International students whose primary language is not English must submit a TOEFL score and a minimum score of 620 is required (260 on the computer based exam). International students who earn an undergraduate or graduate degree in a country where English is the primary language are exempt from the TOEFL requirement.

There are no specific undergraduate course prerequisites for the graduate economics program, but almost all graduate courses presume the student has had intermediate microeconomic theory and intermediate macroeconomic theory. Students are assumed to have a working knowledge of basic statistics, differential and integral calculus, analytic geometry, and matrix algebra. Students who are uncertain if they have the required mathematics background are encouraged to contact the departments for further information. Additional training in mathematics is acquired during the graduate program.

Professors

Richard A. Ashley, Ph.D., California-San Diego, 1982. Nonlinear time series analysis, macroeconomic forecasting, spectral methods in time series analysis.

Catherine C. Eckel, Ph.D., Virginia, 1983. Experimental economics, regulation and market behavior, gender, race, and cultural effects on economic behavior.

Hans H. Haller, Ph.D., Erlangen-Nurnberg, 1978. Microeconomic theory, game theory.

Amoz Kats, Ph.D., Minnesota, 1974. Microeconomics, mathematical economics, game theory, public choice, spatial economics.

Djavad Salehi-Isfahani, Ph.D., Harvard, 1977. Population and economic development, Middle East economics and the oil market.

Aris Spanos, Wison Schmidt Professor and Department Head, Ph.D., London School of Economics, 1982. Econometrics, history of econometric modelling, modelling speculative prices.

Nicolaus T. Tideman, Ph.D., Chicago, 1969. Economic justice, land value taxation, voting rules, proportional representation, commodity money.

Roger N. Waud, Ph.D., 1965. California-Berkeley. Macroeconomics.

Emeritus Professors

James M. Buchanan, Ph.D., Chicago, 1948. University Distinguished Professor of Economics and Philosophy. Nobel Laureate in Economics.  

Alan Mandelstamm.   Ph.D., University of Michigan, 1974. 

Associate Professors

Kyung Baik, Ph.D., Virginia Tech, 1989. Game theory and industrial organization.

Andros Kourtellos, Ph.D., Wisconsin, 2001. Econometrics, economic growth.

Alumni Distinguished Professor

Wayne D. Purcell, Ph.D., Michigan State, 1967. Livestock marketing, price analysis and outlook, futures markets.

Professors

Jeffrey R. Alwang, Ph.D., Cornell, 1987. Rural development, international development.

Darrell J. Bosch, Ph.D., Minnesota, 1984. Production economics, environmental economics, risk and uncertainty.

R. Michael  Chandler, Ph.D., Georgia, 1980. Community development.

Emeritus Professors

Paul Hoepner, Ph.D., University of Minnesota, 1960.  Production Economics and Commodity Marketing

                    Herbert Stoevener, Ph.D., Illinois, 1963. Resource economics.

Associate Professors

Christiana E. Hilmer, Ph.D., North Carolina State, 2001. Quantitative methods and resource economics.

Michael J. Hilmer, Ph.D., California-Santa Barbara, 1996. Public finance.

Last Updated -- Thursday, August 16, 2001

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