The 2016 Eesti Pank research award of 2300 euros for doctoral studies went to Tarvo Vaarmets, Kristjan Liivamägi and Tõnn Talpsepp for their work on behavioural finance. The master’s studies category research award of 1300 euros went to Marianna Rõbinskaja for her work on short-term forecasting of Estonian GDP using factor model.

The research work How Does Learning and Education Help to Overcome the Disposition Effect, which won the prize in the doctoral category, provide empirical insights into how education, intelligence and certain mental abilities affect the disposition effect. Two of the authors, Kristjan Liivamägi and Tarvo Vaarmets, are studying for doctorates in economics at Tallinn University of Technology, and the third, Tõnn Talpsepp, holds a doctorate from the same university.

The winning work in the master’s category, Short-term Forecasting of Estonian GDP Using Factor Models, constructed a small-scale factor model for forecasting Estonian quarterly GDP year-on-year growth rate and discussed whether survey data can help to improve the forecasting performance of the factor model. Marianna Rõbinskaja was awarded a master’s degree in economics by the Tallinn University of Technology in 2016.

The Eesti Pank research award in memory of Urmas Sepp is being granted for the fourteenth time in 2016. The research competition is designed to promote research in economics, recognise outstanding research work and enhance studies for academic degrees. Since 2011 the award has been granted in two categories, one for research leading to a PhD thesis or done as part of doctoral studies, and the other for research leading to a master’s dissertation or done as part of a master’s course. For more information on the research work, please contact Eesti Pank as detailed below.

Urmas Sepp was the head of the Eesti Pank macroeconomics department, later the economic research department, from 1993.