The Royal Economic Society has announced the recipients of the 2025 Royal Economic Society Prize, recognizing outstanding research published in The Economic Journal.
The award goes to Grischa Perino, Robert Ritz, and Arthur van Benthem for their article “Overlapping Climate Policies,” which appeared in the October 2025 issue of the journal.
Research Focus: How Climate Policies Interact
The winning study develops an analytical framework to examine how national or regional climate policies interact with broader multi-jurisdictional systems, such as emissions trading schemes.
The authors analyze the relationship between policies like coal phase-outs, renewable energy support, and other demand-side interventions, and how they function alongside wider carbon markets such as the EU Emissions Trading System.
According to the prize committee, the paper offers a structured way to evaluate whether combinations of climate policies reinforce one another or generate unintended consequences. By identifying when policy mixes are complementary — and when they risk undermining emissions reductions — the research contributes to ongoing debates about the design of effective climate policy portfolios.
Policy Relevance and Research Contribution
The RES Prize Committee highlighted the study’s ability to provide clear insights into a complex and highly relevant policy challenge. In particular, the framework helps policymakers assess how overlapping regulatory instruments may influence emissions outcomes in integrated policy environments.
The authors noted that small design choices in climate policy can significantly affect overall effectiveness. Their work aims to support policymakers as governments increasingly rely on multiple policy tools to address emissions and energy transitions.
About the Royal Economic Society Prize
The Royal Economic Society Prize is awarded annually to the best paper published in The Economic Journal. The selection committee includes the RES President, the journal’s Editor-in-Chief, and a member of the Society’s governing council.
The 2025 prize will be formally presented during the gala dinner at the Royal Economic Society Annual Conference, hosted this year at Newcastle University.
