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Economics at Warwick. Stephen Lovelady 7 th May 2011. Road Map. Introduction: the life of an Economist. What is Economics? Economics at Warwick. Being a good student. Admissions. Q & A session. The Life of an Economist. An Example Economist -Me.

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economics at warwick

Economics at Warwick

Stephen Lovelady

7th May 2011

road map
Road Map
  • Introduction: the life of an Economist.
  • What is Economics?
  • Economics at Warwick.
  • Being a good student.
  • Admissions.
  • Q & A session.
an example economist me
An Example Economist -Me
  • My name is Stephen Lovelady, a PhD student and Teaching Fellow at Warwick.
  • I have been at Warwick since 2002! I have been...
    • An Undergraduate – BSc. Maths and Economics (2002-2005)
    • A Masters student – MSc. Economics (2005-2006)
    • A PhD student – PhD Economics (2006 - )
    • A Teaching Fellow – Lecturing Microeconomics (2009 - )
    • A Researcher –
    • An Admissions Officer – Non Home/EU Applicants (2009 - )
    • A Resident Tutor – Rootes Residences (2006 - )
    • Actively involved in the Students’ Union
what is economics1
What is Economics?
  • A way of thinking – not a set of rules, laws or graphs!
    • The process matters more than the outcome...
  • Learning how to think like an Economist
  • Learning technical skills
    • Maths
    • Econometrics
    • Game Theory
  • Economics as a “Social Science”
  • Then apply what you learn practically anywhere...
research in applied economics
Research in Applied Economics
  • How do Warwick Undergraduates apply what they learn?
  • They can choose the RAE module in their final year and produce an undergraduate dissertation
    • Do video games make you more violent?
    • “Deal or No Deal” as a natural experiment in risk preferences
    • Modelling football transfers using international trade theory
    • How house prices ripple through the UK (I did this!)
    • How to increase blood donations
    • And...
undergraduate dissertations
Undergraduate Dissertations...
    • ...
    • Measuring risk by observing poker players
    • Attempting to explain obesity
    • Is there a wage premium for being attractive?
    • Why don’t males do their fair share of the housework?
    • What are the incentives to commit crime and how do these change across the UK?
  • And this is just a tiny sample...
some examples of my research
Some Examples of My Research
  • Consulting for Birmingham City Council on how to target their spending to do the most good
  • How does memory play a role in Economics?
  • Are happier people more productive?
    • And how can we make them happier?!
  • How are our decisions guided by emotions?
    • Specifically regret and our experiences of regret
  • How can we test “behavioural economics” in the lab?
the common denominator
The common denominator?
  • Across all these topics, and more, the key feature is thinking like an Economist:
    • Develop and apply sensible theory
      • From first principles
      • From experiments, psychology or neuroscience
    • Support that theory with data that is as objective as possible.
    • Develop sensible conclusions that point out the limits of the theory (aka the assumptions) and data
  • This methodology need not be limited to traditional topics (unemployment, inflation, competition policy, etc.).
the core economics course
The core Economics Course
  • 3-year course
    • Erasmus & Voluntary Year of Work Experience schemes can take it to 4
  • Strongly rooted in Mathematical foundations
  • First year covers Micro, Macro, History and develops Quantitative Techniques
  • Teaching in lectures and seminar groups (15 hours contact per week)
  • Assessment is by exams, tests, group project work, presentations, assignments and 3rd year dissertation.
other courses
Other Courses
  • The Economics department also offer a number of other courses:
    • Economics and Industrial Organization;
    • Economics and Economic History;
    • Economics, Politics and International Studies.
  • Also available within Warwick: PPE, MORSE, Maths & Economics, numerous business courses at WBS that include a significant Economics element.
  • Options allow you to tailor your degree to your interests
our modules
Our Modules
  • The core components are designed to follow in a series
  • Our optional modules reflect the skills of the department
    • Complete list on the website
  • All modules are designed to include the latest thinking, current events and modern techniques
  • Assessment methods are specific to each module
languages year abroad
Languages & Year Abroad
  • You can choose to do Language Modules as a key part of the course
  • And may want to apply for an Erasmus year abroad between 2nd and 3rd year
    • About 20 places per year
    • Distributed over 10 universities
      • Madrid, Barcelona, Munich, Paris, Venice etc.
  • You can also apply to go to the University of California
    • 2 places per year currently
  • Places given to high quality students
economics outside the department
Economics Outside the Department
  • Student run societies and events
  • Warwick Economics Summit
    • Now running for 10 years and is superb
  • Warwick Economics Society
    • ‘Assumptions’ magazine
  • Warwick International Development Society and Summit
  • Warwick Entrepreneurs
  • Warwick Emerging Markets Forum
    • Running for the first time in 2011
being a good student1
Being a good student
  • Economics is a tough course:
    • Analytical and rigorous – lots of maths, statistics, and analytical thinking
    • Very broad – the ability to solve maths problems one week and think about world history the next
    • A competitive environment - students here all want to succeed!
  • You will need to work hard, be innovative and creative, work in a team, be able to solve problems, write and present, and think like an Economist to do well!
what do we provide
What do We provide?
  • Key areas of Economics (micro, macro, economic history, etc.)
  • Core skills (maths, econometrics, game theory, etc.)
    • Teaching to help you to think like an economist
  • A sensible mixture of large and small group teaching
  • Regular access to a personal tutor
  • Regular assessments and feedback
  • High quality support network
  • Third year dissertation
  • A reputation for excellence well-understood by employers
  • Quite simply one of the best places to study Economics in the UK – with one of the best departments
what do employer s want
What do Employer’s Want?
  • “I would like to see more enthusiasm and imagination from economics graduates for economics in a wider range of application areas.”
  • “The knowledge here is pretty standard for all those we have employed so far but the graduates offer little in the way of application to real situations.”
  • “We get the odd outstanding individual who really lives economics.”
  • “. . . an ability to think about novel situations in relation to economic theory.”
  • “Graduates who see economics in the world around them and don't need the parameters spelt out.”
  • “Employability says they turn up smart, on time, their soft skills are good, they can listen, diagnose . . . have an ability to think.“
  • “They don't regurgitate what you have told them . . . they have an ability to think.”
the bottom line
The Bottom Line
  • Do you want to study Economics?
  • If so, do you want to come to Warwick?
  • Some things to consider:
    • Pure Economics vs. joint courses;
    • Campus vs. city;
    • Geographical preferences.
some figures from 2010
Some Figures from 2010
  • >3000 applications in total from across the world.
  • Almost 2000 from UK/EU
  • For UK/EU just over 450 offers, around 150 admitted
  • For non-UK/EU around 800 offers, around 150 admitted
  • A multicultural student population: about 50% of our admissions come from outside the EU.
  • If you come to Warwick you will be working and living alongside some of the brightest students in the world...
coming to warwick in 2012
Coming to Warwick in 2012
  • Competition is fierce! So we also need:
    • Superb motivation (personal statement, school report)
    • Superb prior record (GCSEs, AS marks, school report)
    • Commitment to Maths (Maths A-level or equivalent for most of our courses)
  • If you get an offer it will be in the range AAAb-A*AAA for A-level students (likely A*AAa) and 38 for IB students.
    • With minimum A grade, or 6 at Higher Level, in Maths
  • Fees & funding info at
    • Student Funding Team are in the Digi Lab today
the end
The End
  • Many thanks for coming to this talk.
  • I hope this helps you to decide whether you want to study Economics and if so whether Warwick might be the place for you!
    • Students from Warwick Economics Courses will be on hand to chat about their experiences after Q&A