On May 12, 2026, the SCOR-PSE Chair awarded Ernest Liu and his co-author, David Yang of Harvard University, the 2025 Junior Research Prize for their paper “International Power.”

Liu is an Associate Professor of Economics at Princeton University and an affiliated faculty member of the Bendheim Center for Finance, the International Economics Section, and the Julis-Rabinowitz Center for Public Policy and Finance. His research focuses on networks, growth, trade, finance, and macro-development.

“An interconnected world increases economic efficiency while giving certain countries leverage over others,” state Liu and Yang in the abstract of “International Power.” In this paper, the authors aim to describe and understand international power stemming from trade.

“This year’s SCOR-PSE Junior Research Prize was awarded to David Yang and Ernest Liu for their paper titled “International Power,” which looks at the structure of trade as a source of national power,” shared Pierre-André Chiappori, Chairman of the SCOR Foundation for Science. “In the current global environment, this work is particularly insightful and timely.”