Tepper School of Business
Numerous Nobel Prize-winning economists have been affiliated with the school, including alumni Dale T. Mortensen, Oliver Williamson, Edward Prescott, Finn Kydland and faculty members Herbert A. Simon, Franco Modigliani, Merton Miller, Robert Lucas, and Lars Peter Hansen.
He added William W. Cooper from the field of Operations Research (which had increased its visibility during the war) and Herbert A. Simon, a political scientist who was to direct the undergraduate business program.
The beginnings of the Cold War were applying pressure on the academic community to increase US managerial ability, and when William Larimer Mellon gave a $6 million grant to found a school of industrial administration, Bach became the first dean, bringing along the entire economics department.
As an example, the school has produced nine Nobel Prize winners in Economics: Robert Lucas, Jr., Merton Miller, Franco Modigliani, Herbert A. Simon, Oliver E. Williamson, Edward Prescott, Finn Kydland, Dale T. Mortensen, and Lars Peter Hansen.
[9] Lucas was awarded the prize for developing and applying the theory of rational expectations, an econometric hypothesis that directly challenged Keynesian orthodoxy.
Modigliani proposed that consumers would aim for a stable level of income throughout their lifetime, for example by saving during their working years and spending during their retirement.
[13] In 2004, Kydland and Prescott received the Nobel Prize for "their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles".
[14] On March 19, 2004, alumnus David Tepper, founder of hedge fund Appaloosa Management, announced that he would make a single donation of $55 million to Carnegie Mellon University's Graduate School of Industrial Administration.
[21] The school's primary MBA degree (previously named MSIA-Master of Science in Industrial Administration) is a two-year, full-time program, during which most students complete an internship in the summer between the first and second year of study.
The first year builds a fundamental skill set in the core disciplines, including Finance, Operations, Marketing, Strategy, Organizational Behavior and Technology.
In lieu of selecting three to four general management concentrations, second year students may complete courses in satisfaction of specialized MBA Tracks.
Tepper students work with an external board of directors to manage a multinational corporation, guiding the organization through a wide range of issues including global expansion, labor negotiations, operations, market share, shifting economies and financial performance.
[28] The curriculum consists of courses in finance, traditional finance theories of equity and bond portfolio management, the stochastic calculus models on which derivative trading is based, the application of these models in both fixed income markets and equity markets, computational methods including Monte Carlo simulation and finite difference approximations of partial differential equations, and statistical methodologies including regression and time series, culminating with courses on statistical arbitrage, risk management and dynamic asset management.
Similar to the Tepper School's MBA program, the MSPM curriculum follows a mini-semester system; a mini is the same time requirement as a half-semester.
It is a STEM-designated program which combines the best of both schools, giving students an efficient, focused, and effective path to career in product management.
To earn MSPM degree, students must complete a total of 111 units of coursework, which includes a mandatory summer internship and a semester-long capstone project.
Similar to the Tepper School's MBA program, the MSBA curriculum follows a mini-semester system; a mini is the same time requirement as a half-semester.
The doctoral degree is organized around a preliminary set of courses in the core disciplines of Economics, Organizational Behavior and Theory, and Operations Research.
[31] The school also offers PhD degrees jointly with other colleges in the University: All doctoral candidates receive full tuition, plus a stipend package for five years, through the William Larimer Mellon Fund.
Programs include studies in the fields of Advanced Analytics, Communication, Disruptive and Emerging Technology, Diversity, Equity, Inclusion and Belonging, Innovation, and Strategic Leadership.
The Alexander Henderson Award is presented to the student at the Tepper School of Business at Carnegie Mellon University who displays the best work in the field of economic theory.
