Dennis Egger Awarded the Frisch Medal

Dennis Egger Awarded Frisch Medal for Study on Economic Impact of Cash Transfers in Kenya

Dennis Egger has been awarded the prestigious Frisch Medal for his study on the economic impact of cash transfers in Kenya. Alongside co-authors Johannes Haushofer, Edward Miguel, Paul Niehaus, and Michael Walker, Egger conducted a large-scale randomised controlled trial involving over 10,500 households in Kenya.

The Frisch Medal is awarded for the best applied (empirical or theoretical) paper published in Econometrica in the preceding four years.

The study, which provided around $1,000 in transfers to each household, aimed to evaluate the effects of these cash transfers. By analysing randomised variations in transfer distribution, the research uncovered significant effects on both recipient and non-recipient households, as well as local businesses.

Key findings include:

  • The cash transfers significantly boosted consumption of durable assets (such as furniture and appliances) among recipient households.
  • They were a stimulus for business growth, with businesses in transfer-receiving areas experiencing substantial revenue and profit increases.
  • Non-recipient households also enjoyed significant spending gains, comparable to those experienced by recipient households.
  • Importantly, the study also found minimal economic impact on prices.

Dennis Egger's award of the Frisch Medal highlights the importance of understanding the economic dynamics of cash transfer programmes and their potential to alleviate poverty and stimulate growth in low-income regions.

Access the paper here: General Equilibrium Effects of Cash Transfers: Experimental Evidence from Kenya

Find out more about the award: Frisch medal citation 2024.pdf (

Dennis will be presenting our next 'What Economists Really Do' webinar on May 20th. His talk titled 'The Economics of Refugees and Migration' is free, online, and open to all. Register to attend here: 'What Economists Really Do' | Department of Economics (