The University of Pennsylvania (UPenn) Wharton School of Business located in Philadelphia, Pennsylvania offers a fully funded PhD program in Applied Economics. Students can focus on a variety of areas including Behavioral Economics, Development Economics, Energy and Environmental Economics, Industrial Organization, Market Design, Public Economics, Risk Management, and Urban Economics and Real Estate. Students may also develop an inter-disciplinary focus by taking courses and working with faculty in some of the other departments at Wharton such as Finance, Health Care Management, Management, and Marketing. All accepted students receive a fellowship including tuition, fees, and a stipend.