Departmental news

We’re delighted to share that the Department of Economics has achieved an outstanding overall satisfaction score of 95% in the 2025 Postgraduate Taught Experience Survey (PTES) - our highest result in recent years. This places us well above the Russell Group average of 86% for Economics and reflects the continued strength of our postgraduate programmes.

The PTES invited feedback from MSc and second-year MRes students on their experiences of teaching and learning at Warwick. With a response rate of 54%, exceeding the University average of 47%, our students have shown a strong commitment to sharing their experiences and helping us enhance postgraduate education.

Our top-performing areas include:

• Learning Resources – 96%
• Dissertation Supervision – 91%
• Teaching and Learning – 90%
• Organisation and Management – 90%

We’re particularly proud to have scored above the institutional average across all key themes, reaffirming our position as one of Warwick’s leading departments for postgraduate student experience.

At the question level, students highlighted that:

• The course is intellectually stimulating - 95%
• Teaching staff are good at explaining things – 93%
• They have appropriate access to subject specific resources – 97%
• They were given appropriate guidance and support throughout their course – 91%
• Dissertation supervisors have the skills and knowledge to support dissertations – 94%
• They would recommend the Department to others – 97%

While the overall results are highly positive, we recognise that opportunities for interaction among postgraduate taught students scored lower. We’re actively exploring ways to strengthen peer engagement and build a more connected postgraduate community.

Professor Jeremy Smith Head of Department, commented:

“These results highlight the strength of our postgraduate programmes and the dedication of our teaching and professional services staff. We’re proud of the experience we offer to our students and remain committed to enhancing student satisfaction, with a particular emphasis on building meaningful connections and engagement across our student community. We’re grateful to everyone who contributed to this success - and to our students for their thoughtful feedback”

The Department of Economics was delighted to welcome two outstanding female economists as Honorary Graduates during the 2025 Summer Graduation celebrations.

On Friday 18th July Dr Gemma Tetlow received an Honorary Doctor of Science degree; and on Tuesday 22nd July Professor Ekaterina Zhuravskaya received her award.

Dr Tetlow’s longstanding relationship with Warwick began as an undergraduate in the Department of Economics. More recently, she has been a great supporter of the Department’s research agenda, as a member of the advisory board of CAGE, the Centre for Competitive Advantage in the Global Economy, and Chair of the Advisory Board of CenTax, the Centre for the Analysis of Taxation.

Presenting Dr Tetlow for her honorary degree, CenTax Director Professor Arun Advani highlighted her successful career in thinktanks, in journalism and as a media commentator, and also praised her contribution to addressing the under-representation of women in the profession, saying “with her impressive career history and her visibility across the media, Gemma provides a much-needed role model for young economists, whether studying for degrees in the discipline or already embarked on their careers. In this capacity, and as an alumna, Gemma has given up her time to take part in events on campus organised by the Department of Economics to promote a more inclusive environment for women studying economics, and to encourage them to go on to work in jobs in that area.”

Accepting her award, Dr Tetlow said: “Before coming to Warwick I had never studied economics, and so it was a real leap of faith to choose that as my degree subject. But it turned out to be one of the best choices I ever made in my life.

The teaching here at Warwick gave me a great appreciation for the subject and made me realise how economics can be used to understand and improve so many real-world issues. And it was what I learned here that really inspired me to pursue a career in economics, where I could apply that knowledge. And it’s a career that has continued to motivate and challenge me over the years.”

On Tuesday 22nd July Professor Ekaterina Zhuravskaya was presented for her honorary degree by Professor Sascha Becker.

Professor Zhuravskaya took her MSc at LSE and her PhD at Harvard. She has been based at the Paris School of Economics since 2010. She is a frequent visitor to the Department and has co-authored several papers with colleagues.

Professor Becker praised the “breathtaking width” of her research and described her as a “shining light and a role model” for all female academic economists.

Speaking to the economics students graduating alongside her, Professor Zhuravskaya said: “This moment takes me back to my own graduation. It was 1999 and I was a fresh Harvard PhD graduate, with very high aspirations but a lot of doubts. I was convinced that I had mastered the tools and possessed a substantial body of knowledge – but looking back I realise that I had completely misunderstood what education was useful for!

“The frontier of knowledge shifts much faster than we expect. Most of the techniques I learned became outdated within a few years of graduation. But education teaches you how to truly learn. This is the core of what we do as researchers but it is equally useful outside academia.

“In your head you shouldn’t graduate at all. You should always remain in the learning mode of a student. Congratulations to all of you and I wish you a long, surprising and meaningful journey ahead.”

Photo from left to right: Professor Ekaterina Zhuravskaya, Professor Sascha Becker, Professor Arun Advani, Dr Gemma Tetlow, Professor Stuart Croft.

The University of Warwick's Department of Economics has once again demonstrated its commitment to world-class teaching and student experience, securing the top spot in the Russell Group for student satisfaction in the 2025 National Student Survey (NSS), and achieving an average positivity score of 93% for Teaching on my Course.

With a response rate of 76%, final-year undergraduate students rated the Department highly across multiple themes, earning Economics its strongest-ever performance in the survey to date. The Department achieved first place among all Russell Group universities for key categories of the survey with percentage of satisfied students in brackets:

• Teaching on my Course (93%)
• Learning Opportunities (88%)
• Assessment and Feedback (83%)

High scores were also achieved in the following categories:

• Organisation and Management (92%)
• Academic Support (91%)

Professor Jeremy Smith, Head of the Department of Economics, said:

"We are incredibly proud to see our students recognise the dedication and excellence in the quality of teaching of our staff. These results reflect not only the academic rigour of our programmes but also the inclusive and supportive environment we strive to maintain."

Students rated the Department particularly highly on individual questions, including:

• How good are teaching staff at explaining things? (96%)
• How often is the course intellectually stimulating? (97%)
• How well does the course challenge you to achieve your best work? (95%)
• How well does your course introduce subjects and skills in a way that builds on what you have already learned? (92%)
• How often have you received assessment feedback on time? (96%)
• How well organised is your course? (93%)
• I would recommend the University to future students (93%)

While some areas (IT resources and visibility of feedback action) presented opportunities for development, the overall satisfaction remains exceptionally high - outperforming institutional averages and reaffirming Warwick Economics’ status as one of the UK’s leading departments in the field.

The Department's continued success feeds into Warwick’s strong standing in the Teaching Excellence Framework and league tables including the Times and Sunday Times Good University Guide, The Guardian and the Complete University Guide.

Professor Jeremy Smith added:

"These insights are vital not only for internal reflection but also for future students looking for a vibrant, intellectually rewarding place to study. We are grateful to our students for their feedback and proud to champion their voice as part of our teaching journey."

Studying for a Master’s degree in Economics at Warwick is more than attending lectures, submitting coursework, and sitting exams – it’s a transformative experience that shapes careers and lives. For sisters Neharika and Krithika Rajagopalan, who pursued their MSc Economics degrees in 2013 and 2017 respectively, their time at Warwick was more than an academic pursuit; it was a defining chapter that led them to impactful careers in development economics, sustainability, and mental wellness advocacy.

Choosing Warwick Economics: a family decision

Growing up in India (Chennai), Neharika and Krithika developed a passion for economics early on, nurtured by their parents’ discussions about policy and social issues. Their father, a self-made individual who pursued his education through government scholarships, instilled in them the value of giving back to society. Their mother reinforced these ideals, prompting thoughtful conversations about socio-economic challenges.

After completing her undergraduate studies at Ethiraj College for Women in Chennai, Neharika sought global exposure and decided to pursue a Master’s degree abroad. The UK, with its financially viable one-year Master’s programmes, was an attractive option. She chose Warwick after hearing from peers and family about the University’s strong Economics course and student-friendly environment.

Krithika, following in her sister’s footsteps, also applied to Warwick, recognising its commitment to academic excellence and student wellbeing. Her journey to Warwick, however, was marked by deep personal loss. Just months before she was due to begin her studies, their father passed away suddenly. Encouraged by their mother’s unwavering support, Krithika decided to continue with her plans, knowing that Warwick would provide both academic rigour and a supportive environment. She recalls:

"Warwick wasn't just a university; it was a place that truly understood the needs of its students. The way the staff supported me after my father's passing - by offering accommodation near a resident tutor and extending kindness beyond policies - made all the difference in helping me settle in."

Making careers choices after graduation

Both sisters took their learnings from Warwick and applied them in impactful roles across development economics, sustainability, climate change, and monitoring and evaluation.

Neharika’s career began with the Indian Council for Research on International Economic Relations (ICRIER), where she worked in sustainable urbanisation under renowned Indian economist Dr Isher Judge Ahluwalia. She later moved into consulting roles at Ernst & Young LLP, Asia Society for Social Improvement and Sustainable Transformation (ASSIST), and IFMR LEAD, specialising in ESG strategy, policy& development, and sustainable development.

Krithika, meanwhile, worked with institutions such as IFMR LEAD, and professors from the University of Pennsylvania, and MIT on behavioural research studies, followed by roles at CLEAR/J-PAL South Asia and CEGIS, where she helped refine monitoring and evaluation frameworks and improve data accuracy in state governance.

The shift to independent consulting

Having gained valuable experience in roles within large international organisations, the sisters felt drawn to independent consulting, which led them to establish their own consultancy, Nivritti Advisory. They recognised that their work – focused on culture, sustainability, and mindset shifts – required an approach beyond traditional deliverable-based structures. Consulting allowed them to work autonomously, blending their complementary skills: Neharika’s expertise in sustainability advisory and writing, and Krithika’s strength in field interactions, data visualisation, and impact measurement.

Their consultancy has led them to meaningful projects such as climate budgeting for Chennai’s municipal governance in collaboration with C40 Cities, a study on establishing a wellness centre at IIT Madras, and policy brief on electronic health records' adoption in India funded by FCDO UK and released by the British High Commissioner and the Chief Economic Advisor in India. Their work brings together data-driven research with human-centred approaches, making an impact across policy, corporate sustainability, and mental wellness.

Sustainability as a core philosophy

For Neharika and Krithika, sustainability is more than environmental responsibility – it’s a way of life that encourages mindfulness, long-term vision, and conscious decision-making. They advocate for a return to India’s traditional philosophy of earning money rather than making money, emphasising that financial stability should coexist with ethical and sustainable practices. Neharika explains:

“Sustainability isn’t just about reducing carbon footprints or setting targets – it’s about making thoughtful decisions every single day. The smallest actions, when done mindfully, shape the future.”

Their work is guided by this ethos, ensuring that economic and environmental goals are integrated rather than treated as separate entities. This belief is central to their consultancy efforts, as they encourage corporations, governments, and individuals to adopt sustainable practices in ways that are practical, adaptable, and culturally relevant.

Giving back through DESHA DHWANI

Among their many initiatives, DESHA DHWANI stands out. The sisters launched this mental wellness platform in 2019, inspired by personal experiences and the realisation that a secure childhood plays a significant role in building resilience. Their workshops, which combine traditional Indian wellness practices with contemporary mental health approaches, are conducted across schools, colleges, and workplaces, helping individuals navigate stress and life challenges. Neharika reflects:

“Our personal experiences made us realise the importance of mental resilience. We were privileged to have a secure childhood, but many do not. With DESHA DHWANI, we hope to create awareness about mental wellness and help others develop inner strength.”

Both sisters are also passionate Carnatic singers, occasionally performing joint concerts. Music, like their work, remains a powerful tool in shaping perspectives, fostering wellbeing, and preserving cultural heritage.

Cherished memories from Warwick

Beyond the academic experience, Warwick holds cherished memories for both sisters. Neharika recalls her first experiences of independence – walking to Tesco at Cannon Park, savouring hot chocolate at the Library Café, and seeing snow for the first time. She fondly remembers the kindness of the lady who cleaned their rooms and even gifted her family Christmas presents.

For Krithika, Warwick was a place of community, support, and discovery. She spent time playing badminton and tennis, studying in the Economics Department’s common room, and navigating challenges with the help of university staff.

We are grateful to Neharika and Krithika for sharing their story with us, and we wish them every success in the future.

Top banner: Neharika (left) and Krithika (right)

To connect with Neharika and Krithika, please visit their LinkedIn profiles:

• Neharika Rajagopalan, (MSc Economics 2013), Independent Consultant, Co-founder Nivritti Advisory, Delhi
• Krithika Rajagopalan, (MSc Economics 2017), Independent Consultant, Co-founder Nivritti Advisory, Chennai

Dr Samuel Obeng travelled to Covenant University, Nigeria, last month as an invited panellist for the Covenant University Centre for Economic Policy and Development Research (CEPDeR) 2025 National Budget Roundtable Conference.

Dr Obeng was accompanied by Professor Franklyn Lisk, Warwick University Co-Academic Director for Africa. The Warwick Africa Hub co-organised the conference, which is held annually as a forum for stakeholders to discuss the role of national budgeting in socio-economic development.

The 2025 National Budget Roundtable and Panel Discussion addressed the theme of “National Budgeting as a critical tool for reducing poverty and Inequalities in the era of energy transitions.”

Attendees in-person and online included students, faculty, and policymakers within and outside Africa, including Nigeria’s Minister of Humanitarian Affairs and Poverty Reduction, Professor Nentawe Yilwatda, who delivered the keynote address.

Professor Lisk and Dr. Obeng both spoke at the conference. In his remarks, Dr Obeng argued that the national budget provided a twin opportunity to deal with poverty and inequality through energy transitions. He suggested that a bottom-up incentive model where States that hit energy or poverty reduction targets receive increased funding should be considered.

During the visit Dr. Obeng was inducted as Senior Research Fellow of the Centre for Economic Policy and Development Research (CEPDeR), Covenant University, Nigeria.

Other highlights of the visit included a meeting with Covenant’s Vice-Chancellor, Professor Timothy Anake, and executives of Covenant University to discuss areas of possible collaboration, and a meeting with Professor (Mrs.) Augustina Oluwatotin Matthew, Head of the Department of Economics.

Reflecting on the visit, Dr Obeng said: “It was a truly exciting experience to be part of the policy-making conversations in Nigeria. I was especially encouraged when the Federal Minister highlighted my suggestions as valuable and even noted that some current government actions are already in line with them. I’m really looking forward to more opportunities to collaborate in my new role as Senior Research Fellow at CEPDeR.”

External reports:

· FG Targets Five Million Nigerians To Access Solar, Wind, Hydro, Coal-based Energy Systems – Independent Newspaper Nigeria

· University of Warwick Seeks Deeper Collaboration with Covenant University

· DIaDeRC-ASMN at Covenant Varsity’s CEPDeR NBR 2025 - DIaDerc

· CEPDeR’s National Budget Roundtable & Panel Discussion (NBR2025): – Center for Economic Policy and Development Research

Professor Roger Farmer, Emeritus Professor Michael Waterson and former Dean of Warwick in London Professor Abhinay Muthoo are among the 58 Founding Fellows announced by the Royal Economic Society this week.

The Fellowship is a new initiative from the Royal Economic Society and recognises economists who have made a significant contribution to the discipline and to society beyond academia, in the judgement of an expert panel. The new Fellows are entitled to use FREcon as a postnomial.

Warwick Economics works closely with RES on several initiatives, including the hosting of their flagship event - RES annual conference at Warwick in 2019. Many of our academics, alumni and current students of the Department engage in the work of RES networks like UK Women in Economics Network, Diversity & Inclusion Network and Discover Economics campaign.

Roger Farmer is Professor of Economics at the University of Warwick, Emeritus Distinguished Professor of Economics at UCLA and a Visiting Scholar at the University of Virginia. His research examines the connection between market psychology and macroeconomics, and the implications for fiscal policy. He said:

“I am honoured to be nominated as a Founding Fellow of the Royal Economic Society and I look forward to contributing to the success of the organization in the years to come.”

Mike Waterson is Emeritus Professor of Economics at Warwick and was Head of Department of Economics at Warwick between 1999 and 2002. He retired from academia in 2020 but maintains close links with the Department through his involvement with the CAGE research centre. Mike commented:

“I am very pleased to be included in the group of founding fellows of the RES. I have always believed that economics should be applied for the good of society and I have been engaged, over the years, in many diverse policy activities alongside my academic career, particularly in the competition sphere.”

Abhinay Muthoo was Professor of Economics at the University of Warwick until 2022 and Head of the Department of Economics between 2008 and 2016. During his time as Head of Department, CAGE Research Centre was established and the Department affirmed its reputation for research quality in the Research Excellence Framework 2014.

Head of Department Professor Jeremy Smith said:

“Many congratulations to Roger, Mike and Abhinay. It is an indication of the standing of the Department that the RES awards fellowships to 3 individuals who are closely tied to the Department. We look forward to building upon our existing relationship with the RES.”

RES President Prof Sir Chris Pissarides, who chaired the judging panel, said:

“The panel was impressed by the depth and breadth of the applications it considered, with representation from academia, the public and private sectors and those working in schools. Through their applications our new Fellows demonstrated the impact they have made not just in their roles, but to the wider economics profession. We congratulate them and look forward to working with them to advance the RES vision: that economics be understood, advanced and applied for the good of society and the world around us.”

We are delighted that Josef Chen, a former student of the Department of Economics has been listed in the 10th edition of Forbes Europe 30 under 30 List for 2025. The list, published by Forbes annually, recognises exceptional achievements of 30 individuals under 30 years old, in 19 different categories.

Josef, who graduated with a BSc Economics, Politics and International Studies in 2023, has been listed in the Manufacturing & Industry category alongside his business partners, Piers Millar and Ivan Tregear, for creating Kaikaku, a robotics and AI startup that raised $4 million to scale the next generation of restaurants where repetitive tasks are automated so that humans can focus on the hospitality part.

The Forbes profile gives praise to Josef and his co-founders of Kaikaku for pioneering food-safe 3D-printed plastic components and manufacturing all of their hardware and software in-house at a central London lab behind its robotics-powered restaurant.

We asked Josef to tell us more about his career to date and his innovative business venture and here is what he said:

What was your career ambition after graduating from Warwick in July 2023?

"After graduating from Warwick, I was offered a place on the MSc programme at Imperial College London. But by then, I had already experienced investment banking, private equity, and venture capital through internships, and realised I wasn’t built to just analyse other people’s companies. I wanted to build, not watch. I felt a deep urgency to create something that could reshape the world. So, I decided to channel my creative energy into setting up Kaikaku rather than doing the MSc course.

In under a year, we launched the UK’s first robotics-powered restaurant with a fully operational site in London, open to the public, where our engineers work behind a one-way mirror. We call this our “living laboratory” because it allows us to iterate daily and gather feedback from paying customers in real time. That speed and obsessive execution earned me a spot on Forbes 30 Under 30, but the real credit goes to the entire team for their tenacity and true grit.

What is Kaikaku?

"Kaikaku is building the next generation operation system for restaurant chains, powered by robotics and AI but defined by customer experience. Our mission is to create the best restaurant experiences by building the world’s most vertically integrated restaurant hardware, software and AI.

Our first product is Fusion, a robot that can assemble more than 360 customised bowls per hour on autopilot, increasing throughput compared to a traditional operation by more than 300%. The goal isn’t to remove humans, but to automate repetitive processes so they can spend all their time delivering unique hospitality to our customers.

How did you come up with this idea?

"My parents opened a Chinese restaurant in a small Austrian town after immigrating from China. Growing up in that household meant 14-hour shifts stacking used dishes and translating stacks of German documents into Chinese starting when I was just 6 years old. That kind of trauma stays with you. Especially a hatred towards your parents for making you work while all your friends are spending their childhoods playing video games.

So, as a teenager, I swore I would never follow my parents and set foot in the restaurant industry again. But then, my mom said something that turned all my hatred into a lifelong challenge: “Making you work in the restaurant was the only time me and your dad as restaurant owners got to spend time with you.” Few weeks later, Kaikaku was born.

What does ‘Kaikaku’ mean?

“Kaikaku” means radical change in Japanese. While most of the food industry embraces Kaizen, the philosophy of continuous, incremental improvement popularised by Toyota, we take a different path. We’re fundamentally rethinking the entire system.

What’s your key business goal and how are you going about it?

"I want to be synonymous with restaurants just like Bernard Arnault is synonymous with luxury goods. While still very early, we’ve already proven our ability as an extremely lean but top-tier team, to consistently ship technology 10 times faster and cheaper than most of our competitors. We are excited to announce a string of significant partnerships very soon!

What’s your vision for the restaurant of the future?

"I imagine it to be an extremely personal and human experience with technology handling everything that’s transactional. By removing the repetitive grind, our team can focus on what truly matters: the customer. Robotics doesn’t replace the human touch but enables it.

What Warwick skills and experiences shaped you?

"For me it’s time management. Warwick’s community gave me the motivation and energy to achieve more. For example, during COVID, I launched a nonprofit alongside 15 other Warwick students where we digitised 250+ restaurant menus across the Midlands to allow for digital ordering.

What was the most valuable part of your BSc in Economics, Politics & International Studies?

"The most important aspect of my degree was learning to think in an interdisciplinary way. Economics and Politics may seem like separate fields, but in the real world, they’re deeply interconnected. For example, economics taught me how to dissect market behaviours and incentives, while politics helped me understand the power structures and institutions that influence those behaviours.

This combination has been key in shaping how I approach real-world challenges like incentive structures behind restaurant operations and how technology can reshape that. It’s helped me design solutions that are not just innovative, but practical, by considering the entire ecosystem, from people to processes to technology."

We thank Josef for this interview and congratulate him on his success.

We are delighted to report that two MSc Economics students from Warwick and three Monash University student's dissertations have been added to the Warwick Monash Economics Student Papers (WM-ESP) series portal:

• Jiping Shi, MSc Economics, Warwick: "News Uncertainty and Signaling Effects of Monetary Policy"

• Elibeth Cirilo Mendoza, MSc Economics, Warwick: "Does subsidised promotion of LPG affect health outcomes? A revision of evidence"

The WM-ESP portal showcases the top innovative and original research papers written by Warwick and Monash undergraduate and postgraduate students. Since its launch in September 2021 the WM-ESP portal has acknowledged 85 undergraduate and postgraduate students for their exemplary work and contribution to the research environments in both departments.

The scheme aims to shine a spotlight on the issues that young economists are studying to understand and solve through their academic research. The choice of topics varies widely, and so far, have included topics in the areas of monetary policy, sustainable economic growth, labour supply and immigration, education, climate change, gender inequality and healthcare.

We congratulate our students for this fantastic achievement and for the fascinating research that they have conducted; we wish them all the best in their future endeavours.

Related Links

Top Economics student research showcased on Warwick Monash portal for the third year running, 23 October 2024

Sixth suite of top Economics student research papers showcased on Warwick Monash portal, 21 February 2024

“Under the market, both the efficiency of the trading platform and the higher level of compliance allowed regulators to reach their environmental goals, while lowering abatement costs for plants,” says study co-author Dr Anant Sudarshan. “The market is a win for both government and industry, as well as for the public by reducing air pollution.”

Particulate air pollution is causing a public health crisis in many lower-income countries, with the average person in India losing more than 3 years of life expectancy according to research. Lower-income countries tend to rely on command-and-control approaches to regulating pollution, which are difficult to enforce, even though pollution markets, also known as cap-and-trade programs, have a strong track record of reducing pollution at low costs in the United States and Europe.

A new study, Can Pollution Markets Work in Developing Countries? Experimental Evidence from India published in the May issue of The Quarterly Journal of Economics, describes the design of, and experimentally evaluates, the world’s first cap-and-trade market for particulate pollution. The market has been operating for more than five years in Gujarat, India. Its success demonstrates that pollution markets can work in low- and middle-income countries where pollution is frequently very high and state capacity is often low.

The study finds:

• The plants that participated in the market reduced particulate emissions by 20 to 30 percent overall relative to plants that did not participate in the market.
• It cost plants that participated in the market 11 percent less to abate emissions compared to those plants under the command-and-control regulations.
• The emissions trading system (ETS) functioned well: plants held enough permits to cover their emissions 99 percent of the time, while those plants outside of the market met their pollution limit at most 66 percent of the time.
• In total, the benefits of the market exceed its costs by at least 25 times.

“The market delivered a rare win-win-win by reducing pollution, decreasing abatement costs, and raising government’s success at enforcing the law. And, it did all this in a setting where there was great skepticism that pollution markets could work,” says study co-author Michael Greenstone, the Milton Friedman Distinguished Service Professor in Economics at the University of Chicago. “This success of pollution markets is generating a great deal of interest from other governments that are trying to balance the goals of economic growth and environmental quality. In addition to our continuing collaboration with the Gujarat Pollution Control Board, we’re now working with other states in India and governments in other countries to scale-up the use of pollution markets.”

Greenstone and his co-authors Anant Sudarshan of the University of Warwick, and Rohini Pande and Nicholas Ryan, both of Yale University, worked with the Indian state of Gujarat to launch and evaluate the market in the city of Surat. The government mandated 317 large, coal-burning plants to install pollution monitors. From there, half the plants were randomly assigned to the market while the rest were kept under traditional regulations. The plants in the market were given a cap on the total amount of pollution they could emit. Those that easily met the cap traded permits with those who could not meet the cap, with both buyers and sellers benefiting.

“We have worked with the Gujarat Pollution Control Board for over a decade on testing policy interventions such as altering the incentives of third-party pollution monitoring and sharing emissions information with the public,” Nicholas Ryan says. “This collaboration is setting a path for environmental policy across India.”

The plants that participated in the market reduced particulate emissions by 20 to 30 percent overall, relative to plants that were experimentally assigned to continue with the status quo form of regulation. Further, plants that participated in the market benefited from 11 percent lower pollution abatement costs that increased their profits.

From a legal or regulatory perspective, the market also functioned almost perfectly—with plants holding enough permits to cover their remaining emissions 99 percent of the time. By contrast, those plants outside of the market were in violation of their pollution limits at least a third of the time.

When the researchers put it all together, the benefits of the market exceeded the costs by at least 25 times. It is usually a cause for celebration when a program has a benefit-to-cost ratio of 1.2, so this finding suggests there is a tremendous opportunity to be had in using pollution markets. The high benefits come from the large mortality costs of air pollution and the low costs of abatement in the market.

Because of the success of the market, the Gujarat government expanded it to include those plants originally left out of the pilot experiment. It also launched a second market in the city of Ahmedabad—Gujarat’s largest city and a major industrial hub—and is exploring expanding the market regime to additional industry clusters and pollutants, as well as additional cities. Meanwhile, the research team is working with another Indian state to develop a statewide market for sulfur dioxide emissions. The research team is providing strategic advice to several other Indian state governments and beginning conversations with other countries on how to use markets to meet their environmental and climate goals.

“The exciting part of the emissions trading scheme that we did for particulate matter,” Rohini Pande says, “aside from reducing emissions, is that it provides a proof of concept that even in a setting with lower state capacity, a compliance market can work, and often will outperform the command-and-control approach.”

• Can Pollution Markets Work in Developing Countries? Experimental Evidence from India Michael Greenstone, Rohini Pande, Nicholas Ryan, Anant Sudarshan The Quarterly Journal of Economics, Volume 140, Issue 2, May 2025, Pages 1003–1060, https://doi.org/10.1093/qje/qjaf009
• Read the research summary
• The research team behind this work is affiliated with the Energy Policy Institute at the University of Chicago’s India program (EPIC-India), J-PAL South Asia, and the Economic Growth Center at Yale University.
• The research team was awarded funding to scale the market by J-PAL’s King Climate Action Initiative (K-CAI), and J-PAL South Asia's Solutions and Advancements through Research for Water, and Air (SARWA) and Alliance for Scaling Policy Impact through Research and Evidence (ASPIRE)..

We caught up with Simon Huss, a former student of the Department of Economics, who tells us about how his career path has developed and evolved since graduating with a MSc in Economics in 2011.

What career path did you decide on when you completed your Master's in Economics at Warwick?

I graduated with a Master’s in Economics from Warwick in 2011 and my career has taken a few turns, each one bringing me closer to a life that feels more aligned. From management consulting to a tech start-up, I have now found my home in Executive and Life Coaching.

After university I found a natural fit in management consulting, where I could explore different industries and solve diverse problems. I joined the strategy consulting firm L.E.K. Consulting and thrived in the fast-paced, demanding environment surrounded by brilliant people. But after two years, the lack of work-life balance took its toll, and I knew it was time for a change.

Did you manage to achieve a better work-life balance in your next career move?

I moved into independent consulting, which gave me the freedom to choose my projects and work directly with leadership teams. This included work on global strategy and transformation projects with John Lewis, BT, and Coca-Cola. It was intellectually stimulating, financially rewarding, and I had my evenings back. But after a few years, I began to long for something more meaningful.

This led me to a rapidly growing tech start-up, where my work had a direct and immediate impact. In the intensity of the start-up environment I found myself informally coaching other senior executives, helping them to grow as leaders. When I was tasked with building a coaching team to support the company’s growth, I discovered an approach that made personal development both accessible and transformative. Something clicked.

This wasn’t just a solution for the business. It connected to something much deeper in me.

What did you do next to align your personal and professional goals?

For almost two decades I’d been on a personal development journey, exploring meditation, embodiment, spirituality, and building community around these practices. These experiences have enriched every area of my life. Over time, I led workshops and retreats to share this with others, simply because I loved the work. And now I saw a path to turn my passion into a profession.

"Either you take the lead in shaping your life, or someone else’s expectations will do it for you."

What kind of training did you have to undertake to become a life coach?

I trained extensively with leading coaching schools, deepening my expertise and refining my approach. Now, I work with founders, directors, and high-performing professionals who are looking for more, not just success, but fulfilment. I help them to get clear on the life they long for, even the one they may not yet feel they deserve, and I support them to make it real.

After years of following a path, there comes a moment to ask if it’s still yours. Then, taking the lead in shaping your life becomes not just important, but essential.

How can the Warwick Economics alumni community reach you?

I'd love to hear from you if anything in my story resonated. You can reach me at Explore@SimonHuss.com or at https://www.linkedin.com/in/simonhuss/. I’m always happy to connect with fellow Warwick alumni.

We thank you, Simon, for getting in touch with us, and wish you the best for the future.