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Best Doctoral Thesis Award 2025

Kajsa Ganhammar

Kajsa Ganhammar did her research at the Department of Economics at LUSEM, earning the prize for best thesis with "Essays on Policy and Market Imperfections in Electricity and Auction Markets". Congratulations Kajsa!

"I feel incredibly grateful and honoured to have been nominated for this award, and even more so to win it! I would like to thank the Research Education Council and also take the opportunity to express my gratitude to my advisors, Tommy Andersson and Pär Holmberg, for their guidance and support throughout my PhD journey", says Kajsa.

She is just about to start working as an analyst at a major energy company in Malmö, something that fits perfectly with her research. 

"I am very excited to join the industry that has been at the centre of most of my research and to contribute to the green energy transition in a more practical way", she adds.

What was your thesis about and what were the main findings?

"My thesis focuses on how policy imperfections or deviations from the theoretical market ideal affect outcomes in electricity markets, including those for green electricity certificates, and in decentralised auction markets more broadly. Green certificates are used to track the origin of electricity generated from renewable sources and to provide financial incentives for renewable energy investments. Using a combination of empirical and theoretical methods, I study how factors such as policy uncertainty, market power, asymmetric information, and search frictions influence market behaviour and outcomes. Overall, the findings contribute to our understanding of how real-world imperfections affect the functioning of electricity and auction markets, as well as the cost-effectiveness of climate policy, with implications for the regulation and design of such markets", Kajsa explains.

When looking back, Kajsa acknowledges that she had always been interested in science and research and attributes some of the inspiration to her father who is an engineer and inventor. Once she learned more about PhD studies during her first year at university, she set that as a goal. Figuring out that Economics was to be her field came a bit later though.

Once again, congratulations Kajsa and we wish you all the best with the new job!