For a more theoretical approach, there will also be a study of "aesthetics, semiotics and artistic appreciation" and "codes, symbols and rituals in luxury retailing".

BBC: 'Degree in luxury' to be launched

While the bailout of Cyprus is a fascinating case study and raises interesting theoretical questions about moral hazard for policy wonks and talking heads, here is the reality: It is largely irrelevant to the global economy.

FORBES: Cyprus, Anything But Unique and Why to Worry

Instead, when working alone you can treat the assignment as a theoretical exercise, like a B-school case study to turn in to the professor.

FORBES: Why Smart People Can Be Stupid About Asking For Help

"When you have such a big mass in such a small space you have extremely high gravity, " said Charles Wang, a theoretical physicist at the University of Aberdeen, Scotland, who wasn't involved in the study.

WSJ: Einstein Proved Right on Gravity��Again

In 2005 and 2007, respectively, Systrom and Krieger were awarded Mayfield fellowships. (Only a dozen upperclassmen are chosen each year.) In an intense nine-month work-study program, fellows immerse themselves in the theoretical study of entrepreneurship, innovation, and leadership, and work during the summer in a Valley start-up.

NEWYORKER: Get Rich U.