Closing date for local and international applications: 31 March, 2018.
Entry to the program is for Semester 2 only (July).
Major advances in the study of human decision-making and problem-solving in the context of risk and complexity have resulted from collaboration between leading researchers and the exchange of ideas from economics, finance, psychology, neuroscience and computer science. Such research requires training in experimental methods from different fields. The Doctoral program in Decision, Risk and Financial Sciences provides such research training for innovative, experimental, interdisciplinary research on financial decision-making at the level of individuals and markets.
The Doctoral program fosters interdisciplinary research by providing training in the conceptual principles and research techniques in fields across the social, biological and mathematical sciences that analyse human decision-making and problem solving in the context of risk and complexity at the level of individuals and markets. Students will draw on interdisciplinary experimental methods and conceptual principles obtained in the initial 2-year coursework phase to deliver cutting-edge solutions to key research questions within the field of decision-making, risk and financial sciences.
Training is provided by leading researchers from the Faculty of Business and Economics, the Faculty of Medicine, Dentistry and Health Sciences, the Florey Institute of Neuroscience and Mental Health, and the Melbourne School of Engineering. It includes two lab rotations in labs at the University of Melbourne or elsewhere.
After the coursework phase, students will conduct their research projects in a lab at the University of Melbourne, such as the Brain, Mind and Markets Lab. Research projects can span multiple disciplines and labs.
The program is located in Parkville, one of the largest precincts for biomedical research in the world, which provides access to cutting-edge research facilities, including state-of-the-art biomedical imaging platforms.
The Faculty of Business and Economics also has excellent relationships with industry and government, and the program encourages students to conduct research in collaboration with private and public sector partners.
Our key areas of study include:
- Individual decision-making: Experimental investigation of the neurobiology of decision-making and learning (decision neuroscience), with a focus on decisions in the presence of risk (e.g., extreme events) and complexity (e.g., combinatorial problems); human-robot interaction in financial decision-making (e.g., robo-advisors).
- Group decision-making: Experimental investigation of decision-making and learning in small groups.
- Financial markets: Experimental investigation of decision-making in financial markets (experimental finance), e.g.: emerging intelligence through markets; dark markets; algorithmic trading; human-robot interaction in markets; combinatorial double-sided markets.
- Development of software: online double-sided markets platform; app development with interactive games/tools needed to overcome cognitive biases.
PhD candidates are expected to publish their research in leading peer-reviewed academic journals. Significant resources are allocated to support a wide range of research activities including conference travel, study abroad and fieldwork. Candidates have the opportunity to apply for teaching appointments as part of their research training.
Successful candidates for the five-year doctoral program are first admitted into the coursework program Master of Commerce (Decision, Risk and Financial Sciences) (CRICOS: 092761G). The coursework component consists of 200 points over two years. Students who complete the coursework at the required level will proceed to the PhD degree where they will complete the thesis, typically in three years.
Please note that this program is offered on a full-time basis only and only students who expect to pursue the Doctoral program will be admitted to the Master of Commerce (Decision, Risk and Financial Sciences).
|Structure||GMAT or GRE#||Research Proposal*||Supervision|
|GMAT or GRE||100-word proposal as part of CV||No need to locate a supervisor prior to applying|
#Completed within last 5 years at time of application.
* Guidelines available online
The Doctor of Philosophy degree is awarded on the basis of a thesis of approximately 80,000–100,000 words, in which candidates report on an independent, sustained and academically supervised research project investigating a specialised topic.
More information regarding the course structure of the Master of Commerce (Decision, Risk and Financial Sciences) can be found in the handbook.