PhD in Actuarial Science, Risk Management, and Insurance

Ph.D. Study & Placement The Wisconsin Ph.D. Program offered by the Department of Risk and Insurance focuses on our core areas of research in insurance economics, actuarial science, risk management, and applied econometrics/statistics.

Program Structure

Full funding typically available Core courses include microeconomics, econometrics sequence, panel data analysis, and seminar courses Additional coursework customized to individual background and research interests Access to applied, data-driven research Ph.D. earned following a completed dissertation, typically in fifth year Academic Requirements BA in business, actuarial science, economics, statistics, or related field Strong math background: coursework in multivariate calculus, linear algebra strongly encouraged Research and/or work experience in area of interest within actuarial science, risk management, or insurance valued 2018-2023 Ph.D. Graduate Placement  Appalachian State University  Florida State University  St. John’s University  Tsinghua University  University of Alabama  University of Calgary  University of Illinois Urbana-Champaign  University of Sydney  University of Waterloo

BUSINESS: INSURANCE ECONOMICS AND ACTUARIAL ANALYTICS, PH.D. A Passionate Community for Inspired Learning The Risk and Insurance Department aims for depth, breadth, and innovation through academic and extracurricular activities. These activities reach more than 500 students annually.

Academic Programs BBA in Actuarial Science BBA in Risk Management & Insurance Capstone Certificate in Actuarial Science MBA in Risk Management & Insurance MS in Business Analytics Digital Risk & Insurance Technology Track Ph.D., Business: Insurance Economics and Actuarial Analytics Extracurricular Activities Actuarial Club Risk Management & Insurance Society Co-Curricular Learning Board Innovations and Achievements Society of Actuaries Center of Actuarial Excellence, Certified for University Earned Credit Inspired Learning Chair Appointments Global Center of Insurance Excellence Home of Creative Destruction Lab Risk and Health/Wellness Tracks 975 University Avenue Madison, WI 53706 (608) 262-8714 risk.insurance@wsb.wisc.edu go.wisc.edu/risk-insurance

WISCONSIN SCHOOL OF BUSINESS RISK & INSURANCE DEPARTMENT Contribute to innovative research with world-renowned faculty

Ph.D. Study & Placement The Wisconsin Ph.D. Program offered by the Department of Risk and Insurance focuses on our core areas of research in insurance economics, actuarial science, risk management, and applied econometrics/statistics.

Program Structure

Full funding typically available Core courses include microeconomics, econometrics sequence, panel data analysis, and seminar courses Additional coursework customized to individual background and research interests Access to applied, data-driven research Ph.D. earned following a completed dissertation, typically in fifth year Academic Requirements BA in business, actuarial science, economics, statistics, or related field Strong math background: coursework in multivariate calculus, linear algebra strongly encouraged Research and/or work experience in area of interest within actuarial science, risk management, or insurance valued 2018-2023 Ph.D. Graduate Placement  Appalachian State University  Florida State University  St. John’s University  Tsinghua University  University of Alabama  University of Calgary  University of Illinois Urbana-Champaign  University of Sydney  University of Waterloo

BUSINESS: INSURANCE ECONOMICS AND ACTUARIAL ANALYTICS, PH.D. A Passionate Community for Inspired Learning The Risk and Insurance Department aims for depth, breadth, and innovation through academic and extracurricular activities. These activities reach more than 500 students annually.

Academic Programs BBA in Actuarial Science BBA in Risk Management & Insurance Capstone Certificate in Actuarial Science MBA in Risk Management & Insurance MS in Business Analytics Digital Risk & Insurance Technology Track Ph.D., Business: Insurance Economics and Actuarial Analytics Extracurricular Activities Actuarial Club Risk Management & Insurance Society Co-Curricular Learning Board Innovations and Achievements Society of Actuaries Center of Actuarial Excellence, Certified for University Earned Credit Inspired Learning Chair Appointments Global Center of Insurance Excellence Home of Creative Destruction Lab Risk and Health/Wellness Tracks 975 University Avenue Madison, WI 53706 (608) 262-8714 risk.insurance@wsb.wisc.edu go.wisc.edu/risk-insurance

WISCONSIN SCHOOL OF BUSINESS RISK & INSURANCE DEPARTMENT Contribute to innovative research with world-renowned faculty

Research Highlights

World-Renowned Faculty and Their Research Interests

The University of Wisconsin-Madison is one of the world’s great research and teaching institutions, with the Risk and Insurance Department faculty being strong contributors to this reputation.

Excellence in research defines what and how we teach, enriches our exchange with industry and policy leaders, and opens unique partnership opportunities among our community.

Select publications in top-tier Journals: Nan Zhu, Daniel Bauer (2022). “Modeling the Risk in Mortality Projections.” Operations Research, 70(4), 2069-2084.

Zarek Brot-Goldberg, Zack Cooper, Stuart Craig, Lev Klarnet (2023). “Is There Too Little Antitrust Enforcement in the US Hospital Sector?” American Economic Review: Insights, conditionally accepted.

Kyeonghee Kim, J. Tyler Leverty, Joan Schmit (2023).

“Regulatory Capital and Asset Risk Transfer.” Journal of Risk and Insurance, forthcoming.

Lucas Goodman, Anita Mukherjee, Shanthi Ramnath (2023).

"Set it and Forget it? Financing Retirement in the Age of Defaults." Journal of Financial Economics, 148(1), 47-68.

Philip Mulder, Carolyn Kousky (2023). “Risk Rating without Information Provision.” AEA Papers and Proceedings, 113, 299-303.

Marjorie Rosenberg, Fanghao Zhong (2022). “Using Clusters Based on Social Determinants to Identify the Top 5% Utilizers of Health Care.” North American Actuarial Journal, 26(3), 456-469.

Aaron Kolb, Marilyn Pease, Daniel W. Sacks, Joshua Quick (2023). “Blind Disclosure.” American Economic Journal: Microeconomics, 15(2), 41-79.

Peng Shi, Gee Lee (2022). “Copula Regression for Compound Distributions with Endogenous Covariates with Applications in Insurance Deductible Pricing.” Journal of the American Statistical Association, 117(539), 1094-1109.

Mariana Carrera, Heather Royer, Mark Stehr, Justin Sydnor, Dmitry Taubinsky (2022). “Who Chooses Commitment?

Evidence and Welfare Implications.” Review of Economic Studies, 89(3), 1205–1244.

Ying Cao, Yang Wang, John Mullahy, Margarite Burn, Yao Liu, Maureen Smith (2023). “The Relative Importance of Hospital Discharge and Patient Composition in Changing Post- Acute Care Utilization and Outcomes among Medicare Beneficiaries.” Health Services Insights, 16.

Specific areas of expertise include: Applied econometrics, behavioral economics, climate risk, corporate risk management, health analytics, industrial organization of insurance markets, insurance economics, insurance regulation, insurance technology, public policy, quantitative insurance, retirement economics, risk analytics, and social insurance.

Daniel Bauer - Professor Department Chair Hickman/Larson Chair in Actuarial Science Risk evaluation. Quantitative finance. Risk management. Insurance economics.

Stuart Craig - Assistant Professor Industrial organization of health care and health insurance markets. Employer sponsored health insurance. Business-tobusiness price setting. Applied econometrics.

J. Tyler Leverty - Associate Professor Gerald D. Stephens CPCU Chair in Risk Management and Insurance Economics of insurance markets. Insurance company operations. Insurance regulation.

Public policy issues in insurance.

Anita Mukherjee - Associate Professor

Michael E. Lehman Distinguished Chair for Inspired Learning in Business Insurance markets. Development economics. Law and economics. Psychology and economics.

Philip Mulder - Assistant Professor Climate finance. Disaster insurance. Real estate and household finance.

Marjorie Rosenberg FSA - Professor

Assurant Health Professor in Actuarial Science Applications of statistics and actuarial Science. Bayesian methodology related to health insurance.

Dan Sacks - Associate Professor Social insurance, including Social Security and the Affordable Care Act. Health insurance, moral hazard, and adverse selection. Applied Econometrics. Industrial organization.

Peng Shi ACAS, FSA - Professor Charles & Laura Albright Professor in Business and Finance Predictive modeling. Multivariate regression models. Longitudinal/panel data. Asymmetric information in insurance.

Justin Sydnor - Professor Leslie P. Schultz Professor in Risk Management and Insurance Psychology and economics. Applied Microeconomics. Behavioral industrial Organization. Insurance markets. Decisionmaking under risk.

Yang Wang - Associate Professor Health economics. Applied microeconomics.

Health outcomes of public policy. Risky health behaviors. Economics of aging.

Research Highlights

World-Renowned Faculty and Their Research Interests

The University of Wisconsin-Madison is one of the world’s great research and teaching institutions, with the Risk and Insurance Department faculty being strong contributors to this reputation.

Excellence in research defines what and how we teach, enriches our exchange with industry and policy leaders, and opens unique partnership opportunities among our community.

Select publications in top-tier Journals: Nan Zhu, Daniel Bauer (2022). “Modeling the Risk in Mortality Projections.” Operations Research, 70(4), 2069-2084.

Zarek Brot-Goldberg, Zack Cooper, Stuart Craig, Lev Klarnet (2023). “Is There Too Little Antitrust Enforcement in the US Hospital Sector?” American Economic Review: Insights, conditionally accepted.

Kyeonghee Kim, J. Tyler Leverty, Joan Schmit (2023).

“Regulatory Capital and Asset Risk Transfer.” Journal of Risk and Insurance, forthcoming.

Lucas Goodman, Anita Mukherjee, Shanthi Ramnath (2023).

"Set it and Forget it? Financing Retirement in the Age of Defaults." Journal of Financial Economics, 148(1), 47-68.

Philip Mulder, Carolyn Kousky (2023). “Risk Rating without Information Provision.” AEA Papers and Proceedings, 113, 299-303.

Marjorie Rosenberg, Fanghao Zhong (2022). “Using Clusters Based on Social Determinants to Identify the Top 5% Utilizers of Health Care.” North American Actuarial Journal, 26(3), 456-469.

Aaron Kolb, Marilyn Pease, Daniel W. Sacks, Joshua Quick (2023). “Blind Disclosure.” American Economic Journal: Microeconomics, 15(2), 41-79.

Peng Shi, Gee Lee (2022). “Copula Regression for Compound Distributions with Endogenous Covariates with Applications in Insurance Deductible Pricing.” Journal of the American Statistical Association, 117(539), 1094-1109.

Mariana Carrera, Heather Royer, Mark Stehr, Justin Sydnor, Dmitry Taubinsky (2022). “Who Chooses Commitment?

Evidence and Welfare Implications.” Review of Economic Studies, 89(3), 1205–1244.

Ying Cao, Yang Wang, John Mullahy, Margarite Burn, Yao Liu, Maureen Smith (2023). “The Relative Importance of Hospital Discharge and Patient Composition in Changing Post- Acute Care Utilization and Outcomes among Medicare Beneficiaries.” Health Services Insights, 16.

Specific areas of expertise include: Applied econometrics, behavioral economics, climate risk, corporate risk management, health analytics, industrial organization of insurance markets, insurance economics, insurance regulation, insurance technology, public policy, quantitative insurance, retirement economics, risk analytics, and social insurance.

Daniel Bauer - Professor Department Chair Hickman/Larson Chair in Actuarial Science Risk evaluation. Quantitative finance. Risk management. Insurance economics.

Stuart Craig - Assistant Professor Industrial organization of health care and health insurance markets. Employer sponsored health insurance. Business-tobusiness price setting. Applied econometrics.

J. Tyler Leverty - Associate Professor Gerald D. Stephens CPCU Chair in Risk Management and Insurance Economics of insurance markets. Insurance company operations. Insurance regulation.

Public policy issues in insurance.

Anita Mukherjee - Associate Professor

Michael E. Lehman Distinguished Chair for Inspired Learning in Business Insurance markets. Development economics. Law and economics. Psychology and economics.

Philip Mulder - Assistant Professor Climate finance. Disaster insurance. Real estate and household finance.

Marjorie Rosenberg FSA - Professor

Assurant Health Professor in Actuarial Science Applications of statistics and actuarial Science. Bayesian methodology related to health insurance.

Dan Sacks - Associate Professor Social insurance, including Social Security and the Affordable Care Act. Health insurance, moral hazard, and adverse selection. Applied Econometrics. Industrial organization.

Peng Shi ACAS, FSA - Professor Charles & Laura Albright Professor in Business and Finance Predictive modeling. Multivariate regression models. Longitudinal/panel data. Asymmetric information in insurance.

Justin Sydnor - Professor Leslie P. Schultz Professor in Risk Management and Insurance Psychology and economics. Applied Microeconomics. Behavioral industrial Organization. Insurance markets. Decisionmaking under risk.

Yang Wang - Associate Professor Health economics. Applied microeconomics.

Health outcomes of public policy. Risky health behaviors. Economics of aging.

Research Highlights

World-Renowned Faculty and Their Research Interests

The University of Wisconsin-Madison is one of the world’s great research and teaching institutions, with the Risk and Insurance Department faculty being strong contributors to this reputation.

Excellence in research defines what and how we teach, enriches our exchange with industry and policy leaders, and opens unique partnership opportunities among our community.

Select publications in top-tier Journals: Nan Zhu, Daniel Bauer (2022). “Modeling the Risk in Mortality Projections.” Operations Research, 70(4), 2069-2084.

Zarek Brot-Goldberg, Zack Cooper, Stuart Craig, Lev Klarnet (2023). “Is There Too Little Antitrust Enforcement in the US Hospital Sector?” American Economic Review: Insights, conditionally accepted.

Kyeonghee Kim, J. Tyler Leverty, Joan Schmit (2023).

“Regulatory Capital and Asset Risk Transfer.” Journal of Risk and Insurance, forthcoming.

Lucas Goodman, Anita Mukherjee, Shanthi Ramnath (2023).

"Set it and Forget it? Financing Retirement in the Age of Defaults." Journal of Financial Economics, 148(1), 47-68.

Philip Mulder, Carolyn Kousky (2023). “Risk Rating without Information Provision.” AEA Papers and Proceedings, 113, 299-303.

Marjorie Rosenberg, Fanghao Zhong (2022). “Using Clusters Based on Social Determinants to Identify the Top 5% Utilizers of Health Care.” North American Actuarial Journal, 26(3), 456-469.

Aaron Kolb, Marilyn Pease, Daniel W. Sacks, Joshua Quick (2023). “Blind Disclosure.” American Economic Journal: Microeconomics, 15(2), 41-79.

Peng Shi, Gee Lee (2022). “Copula Regression for Compound Distributions with Endogenous Covariates with Applications in Insurance Deductible Pricing.” Journal of the American Statistical Association, 117(539), 1094-1109.

Mariana Carrera, Heather Royer, Mark Stehr, Justin Sydnor, Dmitry Taubinsky (2022). “Who Chooses Commitment?

Evidence and Welfare Implications.” Review of Economic Studies, 89(3), 1205–1244.

Ying Cao, Yang Wang, John Mullahy, Margarite Burn, Yao Liu, Maureen Smith (2023). “The Relative Importance of Hospital Discharge and Patient Composition in Changing Post- Acute Care Utilization and Outcomes among Medicare Beneficiaries.” Health Services Insights, 16.

Specific areas of expertise include: Applied econometrics, behavioral economics, climate risk, corporate risk management, health analytics, industrial organization of insurance markets, insurance economics, insurance regulation, insurance technology, public policy, quantitative insurance, retirement economics, risk analytics, and social insurance.

Daniel Bauer - Professor Department Chair Hickman/Larson Chair in Actuarial Science Risk evaluation. Quantitative finance. Risk management. Insurance economics.

Stuart Craig - Assistant Professor Industrial organization of health care and health insurance markets. Employer sponsored health insurance. Business-tobusiness price setting. Applied econometrics.

J. Tyler Leverty - Associate Professor Gerald D. Stephens CPCU Chair in Risk Management and Insurance Economics of insurance markets. Insurance company operations. Insurance regulation.

Public policy issues in insurance.

Anita Mukherjee - Associate Professor

Michael E. Lehman Distinguished Chair for Inspired Learning in Business Insurance markets. Development economics. Law and economics. Psychology and economics.

Philip Mulder - Assistant Professor Climate finance. Disaster insurance. Real estate and household finance.

Marjorie Rosenberg FSA - Professor

Assurant Health Professor in Actuarial Science Applications of statistics and actuarial Science. Bayesian methodology related to health insurance.

Dan Sacks - Associate Professor Social insurance, including Social Security and the Affordable Care Act. Health insurance, moral hazard, and adverse selection. Applied Econometrics. Industrial organization.

Peng Shi ACAS, FSA - Professor Charles & Laura Albright Professor in Business and Finance Predictive modeling. Multivariate regression models. Longitudinal/panel data. Asymmetric information in insurance.

Justin Sydnor - Professor Leslie P. Schultz Professor in Risk Management and Insurance Psychology and economics. Applied Microeconomics. Behavioral industrial Organization. Insurance markets. Decisionmaking under risk.

Yang Wang - Associate Professor Health economics. Applied microeconomics.

Health outcomes of public policy. Risky health behaviors. Economics of aging.

Ph.D. Study & Placement The Wisconsin Ph.D. Program offered by the Department of Risk and Insurance focuses on our core areas of research in insurance economics, actuarial science, risk management, and applied econometrics/statistics.

Program Structure

Full funding typically available Core courses include microeconomics, econometrics sequence, panel data analysis, and seminar courses Additional coursework customized to individual background and research interests Access to applied, data-driven research Ph.D. earned following a completed dissertation, typically in fifth year Academic Requirements BA in business, actuarial science, economics, statistics, or related field Strong math background: coursework in multivariate calculus, linear algebra strongly encouraged Research and/or work experience in area of interest within actuarial science, risk management, or insurance valued 2018-2023 Ph.D. Graduate Placement  Appalachian State University  Florida State University  St. John’s University  Tsinghua University  University of Alabama  University of Calgary  University of Illinois Urbana-Champaign  University of Sydney  University of Waterloo

BUSINESS: INSURANCE ECONOMICS AND ACTUARIAL ANALYTICS, PH.D. A Passionate Community for Inspired Learning The Risk and Insurance Department aims for depth, breadth, and innovation through academic and extracurricular activities. These activities reach more than 500 students annually.

Academic Programs BBA in Actuarial Science BBA in Risk Management & Insurance Capstone Certificate in Actuarial Science MBA in Risk Management & Insurance MS in Business Analytics Digital Risk & Insurance Technology Track Ph.D., Business: Insurance Economics and Actuarial Analytics Extracurricular Activities Actuarial Club Risk Management & Insurance Society Co-Curricular Learning Board Innovations and Achievements Society of Actuaries Center of Actuarial Excellence, Certified for University Earned Credit Inspired Learning Chair Appointments Global Center of Insurance Excellence Home of Creative Destruction Lab Risk and Health/Wellness Tracks 975 University Avenue Madison, WI 53706 (608) 262-8714 risk.insurance@wsb.wisc.edu go.wisc.edu/risk-insurance

WISCONSIN SCHOOL OF BUSINESS RISK & INSURANCE DEPARTMENT Contribute to innovative research with world-renowned faculty