Decision Risk and Financial Sciences

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.

YEAR ONE AND TWO MASTER OF COMMERCE (DECISION, RISK AND FINANCIAL SCIENCES)

Note: The Program Director may approve some credit or exemption into the course depending on academic background.

Students must take all of the following core subjects:

Elective subjects

Students must take two of the following subjects:

Lab rotation subjects

Students must take all of the following subjects:

Capstone Subject

Students must enrol in this subject in both Semester 1 and Semester 2 in their second year of study:

YEARS THREE, FOUR AND FIVE DOCTORAL PROGRAM IN DECISION, RISK AND FINANCIAL SCIENCES

The final three years of the Doctoral program consists of PhD research and thesis writing.

The following are minimum entry requirements and do not guarantee entry:

• The equivalent of an Australian four year honours degree in an area that is relevant to the research degree being applied for, usually with a research component that accounts for at least 25% of the work at fourth year or master's level, OR
• a bachelor degree in a relevant or cognate discipline and a relevant postgraduate degree OR;
• a combination of qualifications considered by the University's Research Higher Degrees Committee to be equivalent to an Australian honours degree AND;
• Applicants are required to provide results of the GMAT/GRE; AND
• Current knowledge of the discipline in which the research degree will be undertaken, demonstrated by completion of tertiary studies and/or relevant professional experience in the 10 years prior to intended entry to the program.

Please note: Doctoral program applicants without any prior research training must complete a
25-point Research Report subject in the first year of the program in order to proceed to year 2.

Minimum Grade Point Average (GPA) requirements are:

*The equivalent of these grades at the University of Melbourne are required

RESEARCH PROPOSAL

All applicants are required to submit a research proposal, see below for specific program requirements:

ENGLISH LANGUAGE REQUIREMENTS

Applicants from countries where English is not the official language or the language of institutional instruction and assessment must provide evidence of English language proficiency.

Scholarships

All applicants made an offer of a place in a graduate research program are offered a AUD$30,000 stipend (full-time only).