Scottish Graduate School of Social Science

Sgoil Cheumnaichean Saidheans Sòisealta na h-Alba
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Scottish Graduate School of Social Science

Sgoil Cheumnaichean Saidheans Sòisealta na h-Alba

Studentship opportunity

All Studentship Opportunities

Random Fields in Continuous-Time Overlapping Generations Models: Wealth Inequality and Macroeconomic Dynamics

This studentship is funded by the ESRC through the Scottish Graduate School of Social Science (SGSSS)

Institution
University of Glasgow
Pathway
Securities: Justice, Economies and Conflict
Studentship
Steers – Advanced Quantitative Methods
Mode of study

Full-time / Part-time

Application deadline
4pm, 14 April 2022
Applications are due 24 March 2026, 5 pm GMT and
References are due 26 March 2026, 5 pm GMT

Project details

This PhD project develops a new quantitative framework for analysing how inequality and macroeconomic dynamics interact in modern economies. Classical overlapping generations (OLG) models are central to macroeconomics but typically treat shocks in a simplified way, focusing on aggregate disturbances while ignoring correlations across individuals and cohorts. Meanwhile, random growth models explain the fat-tailed distributions of income and wealth but abstract from intergenerational and macroeconomic feedbacks.

This project unifies these perspectives by introducing random fields—stochastic processes indexed by both time and cohort—into continuous-time OLG models. Random fields enable both idiosyncratic (individual) and systematic (correlated) shocks to be modelled consistently, using stochastic partial differential equations (SPDEs) to describe how economic variables evolve and interact. This provides a richer, data-informed way to understand inequality and aggregate fluctuations.

The research proceeds in four steps: (1) establishing the theoretical framework for random-field-driven OLG models; (2) applying Malliavin calculus and stochastic control to derive behavioural responses; (3) analysing stationary and transitional wealth distributions and the emergence of inequality “tails”; and (4) calibrating the model to UK data to evaluate the effects of taxation, pensions, and macroprudential regulation.

By combining advanced quantitative methods with policy relevance, the project will advance understanding of how correlated shocks shape inequality and macroeconomic stability in the UK and beyond. It will also contribute to training a new generation of researchers fluent in the application of frontier stochastic methods to major social science challenges.

Supervisory Team: 

About the University

Founded in 1451, the University of Glasgow is one of the UK’s most prestigious research-intensive institutions and a member of the Russell Group. The University combines a long-standing intellectual tradition with a strong commitment to methodological innovation and policy engagement. It consistently ranks among the leading UK universities for research power and international outlook, and hosts a vibrant postgraduate research community within a comprehensive collegiate structure.

The University has a distinguished history in economics and political economy. Most notably, Adam Smith served as Professor of Moral Philosophy at Glasgow from 1751 to 1764, where he developed many of the ideas that would later shape The Wealth of Nations. This intellectual heritage continues to inform Glasgow’s emphasis on rigorous analytical thinking combined with real-world relevance.

Economics at Glasgow is housed within the Adam Smith Business School, one of the UK’s leading centres for research and teaching in economics, finance, and management. The Economics subject area has a strong international reputation for high-quality research across macroeconomics, financial economics, econometrics, public economics, political economy, and applied microeconomics.

Research in Economics is embedded within a dynamic seminar culture and international collaboration network. The subject regularly hosts distinguished international scholars and maintains active research clusters in:

  • Macroeconomics and Monetary Economics
  • Financial Economics and Asset Pricing
  • Econometrics and Quantitative Methods
  • Public Policy and Political Economy
  • Development and Applied Microeconomics

Faculty publish in leading international journals and contribute directly to contemporary policy debates, including work related to financial stability, inequality, macroeconomic dynamics, and institutional reform. The quantitative orientation of the subject makes it particularly attractive for students interested in stochastic modelling, dynamic optimisation, and data-driven policy analysis.

Postgraduate researchers are supported through the College of Social Sciences Graduate School, which provides structured doctoral training, professional development, interdisciplinary networking opportunities, and dedicated research skills programmes. Doctoral students benefit from:

  • A formal research training curriculum tailored to methodological and subject-specific needs
  • Access to advanced quantitative and computational training
  • Funding for conference participation and research visits
  • A strong peer cohort across economics and related disciplines

The University offers extensive research infrastructure, including access to secure data facilities, high-performance computing resources, and specialist econometric and statistical software. Glasgow’s location as a major UK city provides proximity to policy institutions, financial services, and governmental bodies, facilitating engagement with applied and policy-relevant research.

Why Glasgow for a Quantitative Economics PhD?

  • Intellectual heritage rooted in Adam Smith’s tradition of combining theory and policy relevance.
  • Research-intensive environment within a Russell Group university.
  • Strength in quantitative macro-finance and stochastic modelling, aligning closely with frontier developments in continuous-time methods and dynamic general equilibrium modelling.
  • Supportive doctoral community with structured training and interdisciplinary opportunities.
  • International outlook, attracting doctoral researchers from across Europe, North America, and Asia.

Overall, the University of Glasgow provides an intellectually rigorous and internationally visible environment for doctoral research in advanced quantitative economics. It is particularly well suited for candidates seeking to combine mathematical sophistication, empirical calibration, and policy relevance within a historically distinguished and forward-looking academic setting.

Eligibility

Applicants must meet the following eligibility criteria:

  • Applicants must hold or be predicted a First or a good 2:1 undergraduate degree in the social sciences, or have relevant comparable experience.
  • Applicants can have a Masters degree, however this is not a requirement.
  • The applicant must also show demonstrable interest in the topic area under investigation.
  • Applicants can study part-time or full-time

Funding

As per guidance published by UKRI in October 2020, a maximum of 30% of all studentships awarded can be made to international students, with the remaining 70% going to home students. 

Residential Criteria

To be classed as a home student, applicants must meet the following criteria:

  • Be a UK national (meeting residency requirements), or
  • Have settled status, or
  • Have pre-settled status (meeting residency requirements), or
  • Have indefinite leave to remain or enter.

For more on the UKRI eligibility guidance, click here

As per guidance published by UKRI in October 2020, a maximum of 30% of all studentships awarded can be made to international students, of which SGSSS has now awarded for the 2021/22 round of studentship awards. As such, this opportunity is only open to home students.

Residential Criteria

To be classed as a home student, applicants must meet the following criteria:

  • Be a UK national (meeting residency requirements), or
  • Have settled status, or
  • Have pre-settled status (meeting residency requirements), or
  • Have indefinite leave to remain or enter.

If you do not meet the criteria above, you will be classed as an international student and will not be eligible to apply. To establish if you would be classed as a home student, please see pages 4 and 5 of the UKRI eligibility guidance here.

Award details

The scholarship is available as a +3.5 (3 year PhD and placement) or a 1+3.5 (Masters year, 3 year PhD, and a placement) studentship depending on prior research training. This will be assessed as part of the recruitment process, however you can access guidance here to help you decide on which to apply for. The programme will commence in October 2026. The full ESRC studentship package includes, as advised by ESRC:

  • An annual maintenance grant (stipend)
  • Fees at the standard institutional home rate
  • Students can also draw on a pooled Research Training Support Grant (RTSG)

Other information

Shortlisted candidates will be invited to attend an online interview at the end of April. As part of the selection process, candidates will be asked to prepare a 15-minute presentation outlining their academic background, quantitative and research skills, and how their training and interests prepare them to undertake the proposed PhD project. The presentation will be followed by approximately 15 minutes of questions and discussion with the supervisory panel.

How to apply

  1. Applicants must register on SGSSS Apply, completing their Equal Opportunities data.
  2. Applicants must apply via SGSSS Apply, uploading the following documentation:

    • Application Questions (answered within SGSSS Apply, no upload needed)
    • Academic transcripts
    • Academic prizes
    • Referee information
    • CV
    • Other information (if required by the advert)
We strongly encourage applicants review the applicant guidance document for more on the process. 

Please Note:

  • This is not an application to the relevant University, this is an application for SGSSS (ESRC) funding.
  • Students do not need a Masters/PhD offer from the relevant University before they can apply for funding, i.e. this studentship.
  • If successful in obtaining the SGSSS (ESRC) studentship, students can only start the funded studentship once they have an unconditional Masters/PhD degree offer from the relevant University. It is your responsibility to find out the University’s application process, including when you need to secure your offer, as SGSSS plays no role in this process.

This studentship opportunity will open for applications on 9th June.

Apply now via SGSSS Apply

Selection process

Applications will be ranked by an internal institutional selection panel, and you will be notified if you have been shortlisted for interview on 6 April. Interviews will take place on 23 or 24 April.

This studentship award is subject to the successful candidate securing admission to a PhD programme within the University of Glasgow. The successful candidate will be invited to apply for admission to the relevant PhD programme.

Contact details

Name
Team SGSSS
Email
SGSSS Team (for questions on the application portal, only), for any questions on the project, email the supervisory team (see details in abstract above)

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