Perse student set for International Economics Olympiad
Octavian (Upper Sixth) has done the business to earn a place representing the UK at this year’s International Economics Olympiad (IEO).
Along with fellow Perse students Varun (Upper Sixth) and Ashvik (Lower Sixth), Octavian took part in the Great British Economics Olympiad (GBEO) national finals at Rochester Independent College.
They were among 25 students from across the country who made it to the national finals after successfully navigating two rounds of online tests featuring multiple choice questions based on economics and financial literacy.
Finalists were formed into five randomised teams of five with the task of putting together a business case for reducing carbon emissions in the aviation industry in little more than two hours before giving a 10-minute pitch to a panel of judges.
Participants also received help and advice from economics and public speaking experts while working on their presentations.
Octavian’s team emerged as the winners, and they will now go on to represent the UK at the IEO in Azerbaijan in July.
He said: “It was so intense. Each group was an economic consultancy company for the aviation industry and had to produce a full business case including everything from how it would be financed to how it would work, plus a risk analysis.
“Our group started by looking at case studies of what other countries had been doing and we started putting together a presentation looking at areas such as carbon capture and electric aviation and we just about finished in time.
“We were all happy because we had ticked everything off the checklist, but we didn’t know if it would take longer than 10 minutes to present it, but thankfully it went well.
“I felt we had a good presentation because we focused on making as much profit as possible while still being sustainable. We accepted the industry isn’t going to want to limit some things, so we didn’t want regulation or to reduce the number of customers.”
Octavian, who plans to study economics at university, was elated with his team’s success and is now looking forward to heading to Baku for the IEO this summer.
He said “We worked well as a team and got on together, so it should be good fun. As individuals, we’ll have 50 multiple choice questions in 1hr 30 min and then we have to write four essays in 2hr 30 min.
“We then get together as a team to make a business case, which we’ll have 24 hours for rather than two, so it won’t be as time pressured.
“However, the solution needs to be a lot more complex and realistic, as well as being backed up by data, so it will be a challenge, but I’m looking forward to it.”