Course Requirements

The Mathematical Economics Major consists of a minimum of 16 courses, none of which may be taken as pass/fail.

1.1 Mathematics – Required Courses (5 CU):
  • (1CU) MATH 114: Calculus, Part 2 OR MATH 116 (honors version of MATH 114). Prerequisite: MATH 104.
  • (1 CU) MATH 240: Calculus, Part 3 OR MATH 241: Calculus, Part 4 OR MATH 260: Honors Calculus.
  • (1CU) MATH 312: Linear Algebra; OR MATH 313: Computational Linear Algebra; OR MATH 314: Advanced Linear Algebra; OR MATH 370: Algebra; OR MATH 514* Advanced Linear Algebra
  • (2 CU) MATH 360-361: Advanced Calculus; OR MATH 508-509*: Advanced Analysis
1.2 Probability and Statistics – Required Courses (1 or 2 CU)
  • STAT 430: Probability; and STAT 431: Statistics. 


  • ESE 301; and ESE 302 or ESE 402.


  • ECON 103 and ECON 104.


  • (2 CU) Econ 103; and  Math 546 or Math 547.


  • (1 CU) Econ 103; and  Econ 221 or Econ 222 (1 CU). Prerequisites for Econ 221 and Econ 222: Econ 103 and Econ 104. 
1.3 Economics – Required Courses (5 CU)
  • (1 CU) ECON 1: Introduction to Microeconomics
  • (1 CU) ECON 2: Introduction to Macroeconomics
  • (1 CU) ECON 101: Microeconomic Theory. Prerequisites: ECON 1 and 2 (or alternatively, an A- or better in ECON 10), MATH 104, MATH 114
  • (1 CU) ECON 102: Macroeconomic Theory. Prerequisites: ECON 101, MATH 104, MATH 114
  • (1 CU) ECON 681: Microeconomic Theory. Prerequisites: ECON 101
2.1 Mathematics – Elective Courses (2 CU, Select 2 courses from the following list)

The following courses have been approved as elective courses in mathematics.

  • CIS 419: Applied Machine Learning
  • CIS 519: Applied Machine Learning
  • CIS 520: Machine Learning
  • CIS 545: Big Data Analytics
  • ESE 303: Stochastic Systems Analysis and Simulation
  • ESE 504: Introduction to Optimization Theory
  • ESE 605: Modern Convex Optimization
  • MATH 241: Calculus IV
  • MATH 320: Computer Methods I
  • MATH 340: Discrete Mathematics
  • MATH 420: Ordinary Differential Equations
  • MATH 425: Partial Differential Equations
  • MATH 432: Game Theory
  • MATH 460: Topology
  • MATH 530: Math of Finance
  • MATH 546: Advanced Probability
  • NETS 412: Algorithmic Game Theory
  • STAT 432: Mathematical Statistics
  • STAT 433: Stochastic Processes
  • STAT 435: Forecasting Methods Management
  • STAT 442: Intro to Bayes Data Analysis
  • STAT 475: Sample Survey Methods
  • STAT 476: Applied Probability Models in Marketing
  • STAT 512: Mathematical Statistics
  • STAT 515: Advanced Statistical Inference I
  • STAT 516: Advanced Statistical Inference II
  • STAT 520: Applied Econometrics

*Courses that are not listed above are not approved.  Any faculty member at Penn who would like a course to be approved as a mathematics elective should contact the undergraduate coordinator of the Department of Economics. Students cannot directly petition to add courses to the list and are advised to talk to the instructor of the course.

2.2 Economics – Elective Courses (3 CU, choose 3 courses from the list):

The courses are grouped into the following categories: Econometrics, Macroeconomics, and Microeconomics/Game Theory. It is not required that a student chooses all three electives from the same category. The categories are merely indicative of particular specializations that could be pursued.

All 200-level economics courses require ECON 101, MATH 104, and MATH 114 as prerequisites. Some courses also require ECON 102, ECON 103, or ECON 104 as prerequisites. Please see Undergraduate Course Descriptions for details. See Graduate Course Descriptions for details on graduate economics courses.


  • ECON 104: Introduction to Econometrics
  • ECON 221: Time Series Econometrics 
  • ECON 222: Microeconometrics
  • ECON 224: Statistical Learning and Causal Inference for Economics
  • ECON 225: Empirical Economics of Climate Change
  • ECON 705*Graduate-level Econometrics 1: Fundamentals


  • ECON 241: Economic Growth
  • ECON 242: Topics in Macroeconomics
  • ECON 242: Numerical Methods for Economics
  • ECON 243: Monetary and Fiscal Policies
  • ECON 244: Macro-Modeling
  • ECON 246: Money and Banking

Microeconomics/Game Theory

  • ECON 211: Social Choice Theory
  • ECON 212: Game Theory
  • ECON 235: Industrial Organization
  • ECON 239: The Digital Economy
  • ECON 245: Mathematical Economics
  • ECON 260: Decision Making
  • ECON 262: Market Design
  • ECON 682*: Game Theory and Applications

Independent Studies

  • ECON 199: At most one independent study (ECON 199) can substitute for a 200-level course in the major. Students wishing to enroll in an Independent Study must have their outline approved and be enrolled prior to the end of Add Period. No Independent Study will be accepted afterwards. 

* All graduate-level classes above marked with an asterisk require the permission of the instructor. Please contact the instructor and be prepared to share information about the ECON and MATH courses you have taken and the grades that you have obtained in these courses. Based on this information, the instructor will determine whether the course is suitable for you.

  • Waivers and transfer credits for mathematics courses will be handled by the Mathematics Department.
  • Wharton students taking ECON 10 instead of ECON 1 and ECON 2 will have to take an additional advanced (200-level or above) economics course to complete the major.
  • Wharton students may replace the required ECON 101 course by BEPP 250 HONORS. The regular BEPP 250 course does not count as a substitute for ECON 101.
  • Students must have a GPA of 2.0 in the Mathematical Economics Major in order to graduate with a major in Mathematical Economics.
  • Students who have declared a Mathematical Economics Major cannot simultaneously receive an Economics Minor/Major or a Mathematics Minor/Major.
  • Students are required to take 9 of the 16 courses at the University of Pennsylvania.
  • With the exception of ECON 1 and 2, permission from the Undergraduate Chair is required to count LPS courses toward the Mathematical Economics Major.
  • Students who have received ECON 1 credit and an ECON 2 waiver for a single semester introductory micro/macro course need to take an additional 2xx (or higher) level ECON course to complete the major.
  • Starting with students entering Penn in the Fall of 2017, we will no longer convert advanced placement waivers (AP, IB, and A-Level) for ECON 1 or ECON 2 into course credits upon completion of the ECON minor, the EPOL minor, the ECON major, or the MATH-ECON major. However, the waiver can be used to satisfy prerequisites for higher-level economics courses.

A student with an advanced placement waiver (AP, IB, and A-Level) in either ECON 1 or ECON 2 has three options: 
(i) Take ECON 1 or ECON 2 at Penn and count it toward the major.

(ii) If you have taken a 0xx-level ECON course prior to declaring the ECON/MAEC major, it may be used to replace ECON 1 or ECON 2 and counted toward the major. 

(iii) If you have not taken a 0xx-level ECON course prior to declaring the ECON/MAEC major, then you will need to replace ECON 1 or ECON 2 by a 2xx-level (or higher) ECON course, which will be counted toward the major.

Students who have waivers for both ECON 1 and ECON 2 need to take two additional ECON courses and can at most replace one of the two introductory courses by a 0xx-level ECON course, provided they have taken this course before declaring the major.

The department encourages students with a strong economics and quantitative background to pursue option (iii).