As some of you may be aware, SSHRC (the main funding agency for graduate studies in economics), divides funding into two parts: Cash for master's degrees, and cash for doctorates. One is prohibited from applying to both, which places me in a dilemma.
One. I am effectively a "lock" for a master's scholarship, worth $17,500 for one year of study in an MA program.
Two. My odds are unknown for a doctoral fellowship, which takes a wide range of values (between $20,000 and $105,000).
Three. Not applying to a doctoral fellowship would negatively affect my chances of being accepted to a US PhD.
Four. Most importantly, I don't know the rules of the game. I am unsure of what sort of negotiation is allowed, say if I won a Master's and went to Brown, or won a doctoral, and went to Queen's.
My instinct is to apply to the doctoral awards. Will keep you posted.
EDIT: Here's the list of schools currently on my application list:
MA: UBC, Toronto, Queen's.
PhD: Brown, Minnesota, Yale, Princeton, Berkeley.