Cameron Grubb outside the Reserve Bank – Te Pūtea Matua, where he now uses all his economics skills as a graduate analyst.
Commerce alumnus Cameron Grubb says it was “a bit of a surprise” to win the 2025 New Zealand Association of Economists (NZAE) Masters Dissertation Prize.
It was nicely surprising for the Department of Economics too, for three of the last four winners have been Otago graduates.
Cameron’s prize includes a purse of $500 from the NZAE Education Trust, an invitation to present at the association’s conference, and the opportunity to submit research to its flagship journal, New Zealand Economic Papers.
Asked how it felt to have his thesis picked out as the top economics dissertation in the country, Cameron says, “There’s so much great work out there, so it was pretty awesome (and a bit unexpected) that mine stood out.”
“I’m proud of the work, and incredibly grateful to everyone who backed me along the way. It’s definitely a good reminder that hard work pays off!”
He explains the scope of his thesis topic (‘Heterogeneous Cost Pass-Through in the New Zealand Retail Electricity Market’) like this:
“My study looked at how much of the rising costs in the electricity supply chain – like generation and transmission – were passed on to households in New Zealand between 2018 and 2023. On average, only about half of these cost increases showed up in retail prices, suggesting retailers don’t always pass on the full impact.
“Vertically integrated firms (those that both generate and sell electricity in the retail market) behaved differently from retailers who don’t generate their own electricity. These patterns help us understand how retailers manage their risk, respond to cost changes, and offer insight into how competitive the market may be.”
Cameron receiving the award. Seen here with NZAE President Evelyn Truong.
Cameron says he first gravitated towards economics because it offers a way to make sense of how the world around us works.
“It’s a highly relevant field that touches on everything from inflation to competition in individual markets. I was also drawn in by the opportunities to contribute to meaningful work that has an impact on people’s lives.”
Given the recent preponderance of Otago graduates winning this prize, does he think the Department of Economics has some sort of special sauce?
“One of the greatest strengths of the department is its staff – they’re not only experts in their fields, but also genuinely committed to supporting students while challenging them. Students are encouraged to explore policy-relevant questions, guided by engaged supervisors and a curriculum that gives you a strong theoretical base with applied skills.”
He has particularly high praise for his supervisor, Dr Peter Gibbard.
“Peter is an excellent supervisor. He was incredibly committed and dedicated throughout the process, always offering thoughtful guidance and timely feedback. His strong background and deep understanding of economic theory adds real value.
“Peter encouraged me to think critically and supported me in developing not only my research paper, but my wider skill set. I really appreciated both his insight and the high standards he set.”
The appreciation is mutual. Peter praises Cameron’s grit and economics-sharp mind.
“Soon after arriving at Otago, Cameron discovered he had both a passion and an aptitude for economics, which he pursued with admirable tenacity,” Peter says.
“His masters thesis displays not only his mathematical and technical skills but also a solid understanding of real world economics.”
Now a graduate analyst in the economic forecasting team at the Reserve Bank – Te Pūtea Matua, Cameron says his current role is pretty close to his dream job.
“It’s been a fantastic opportunity to grow as a young economist. It’s a workplace that gives graduates real responsibility from day one, which creates a great environment for learning and development. The people here are also incredibly supportive and great to work with. I’m really enjoying the work I’m doing and the challenges it brings.”
~ Kōrero by Claire Finlayson, Communications Adviser (Otago Business School)
Study Economics at Otago
Economics is not just a subject; it is a way of thinking that provides a logical approach to examining a variety of issues. That’s why Otago Economics graduates are so well regarded – they are leading problem solvers and think outside the square.
Find out more