PhD stipend in Mathematics with focus on Optimal switching problems and their applications in economics and finance

Umeå University - with its 33,500 students and over 4,000 employees – is an organisation in constant change and development. Umeå University conducts groundbreaking research within several areas – several in which we are among the best in the world – within others regarded as the leaders in Sweden. We are one of Sweden’s largest providers of education and offer a broad and attractive range of courses and programmes. Our campus constitutes an inspiring environment for everyone that studies and works here. We wish to co-operate with companies and organisations throughout the Umeå region and all over the world.

Applications are invited for a fully funded PhD position in the Department of Mathematics and Mathematical Statistics at Umeå University, Sweden. The position is funded by Umeå University and the research foundations of Handelsbanken. The general aim of a graduate student position is to provide its holder with a possibility to earn a PhD degree.

The Ph.D. candidate will pursue research within a project focused on optimal switching problems and the research will contain theoretical as well as numerical components. Optimal switching problems are important problems in economics and finance and general optimal switching problems have many applications in energy markets, for production facility problems, for general resource extraction problems as well as for reversible investment problems. The purpose of this project is to develop certain theoretical aspects of optimal switching problems, to develop computationally robust methods for solving general optimal switching problems based on numerical techniques for partial differential equations and Monte Carlo simulations and to apply these methods in the context of several important economic problems including the optimal management of hydropower plants. The successful candidate should have a solid background in mathematics, mathematical statistics or computer science. A genuine interest in economics and finance is an advantage. The Ph.D. student needs to be skilled in both oral and written communication in English, be able to work independently as well as in collaboration with others. The candidate also needs to have a genuine interest, not necessarily documented knowledge, in working with computers and programming, e.g. in Matlab or C.

Prerequisites: Prerequisites include either i) 240 ECTScredits (swe. högskolepoäng) of higher education studies of which 60 should be on an advanced level (Master level), or ii) 120 Swedish (old) credits (swe. poäng; corresponding to 180 ECTS-credits of these) of higher education studies if they were taken before July 1, 2007. In addition to these general requirements, 90 ECTS credits need to be in the area of computational science (mathematics, mathematical statistics and computer science) of which 30 should be on an advanced level (Master level). Competent is also applicants that otherwise, within or outside the country, acquired essentially equivalent knowledge.

Application: The application should contain a CV, including academic grades and relevant documentation, and a personal letter of one A4 sheet describing yourself and your reasons for applying to this position and also provide two references, familiar with the applicant’s qualifications.

Since we strive for a more equal gender distribution within our department, we especially encourage female applicants.

For more information: contact Prof. Kaj Nyström, +46-(0)90-786 59 78, or Head of the Department Robert Johansson, 090-786 93 65,

Union information is available from SACO, +46-(0)90-786 53, SEKO, +46-(0)90-786 52 96 and ST, +46-(0)90-786 54 31

Applications will be discarded or, if the applicant so wishes, returned two years after the position has been filled. Documents sent electronically should be in MS Word or PDF format.

Your complete application, marked with reference number 223-2760-10, should be sent to (state the reference number as subject) or to the Registrar, Umeå University, SE-901 87 Umeå, Sweden to arrive November 22, 2010 at the latest.

We look forward to receiving your application!

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