
From NHH to a prestigious postdoc in economics
PhD candidate Paula Navarro Sarmiento has secured a postdoctoral position at CEMFI in Madrid, one of Europe’s top research institutes in economics.
AS PART OF OUR PHD SERIES INTRODUCING CANDIDATES AT NHH, MEET PAULA N. SARMIENTO!
Name: Paula Sarmiento Navarro
From: Spain
Department: Department of Economics
Research interest: Industrial organization and environmental economics
Started: 2020
Main supervisor: Associate Professor Morten Sæthre
Paula Navarro Sarmiento started her PhD in 2020.
Moving to Norway during the height of the Covid-19 pandemic came with unique challenges.
Europe closed
`Everything was closed across Europe, so in some ways, Norway was a better place to be,´ Sarmiento recalls.
`Even here, many things were uncertain, and we faced frequent lockdowns. It was a bit harder for us than others—especially as PhDs—we couldn’t meet research groups, and we had to work from home without regular seminars. ´
While she didn’t feel isolated, it was a tough adjustment.
`I chose not to go back to Spain during the pandemic because I was afraid I would end up in quarantine at a Bergen hotel, ´ she says.
`So, I stayed in Norway the whole time´.
Climate Mitigation and Market Power
Sarmiento’s PhD project is centered around mitigating climate change in markets dominated by a few powerful firms.

`The theme of my thesis is how to reduce emissions in sectors where there’s limited competition. I look at how market power affects prices and outcomes compared to highly competitive markets. I’m especially focused on the transport sector, where this happens a lot, ´ Sarmiento explains.
One part of her research focuses on aviation markets in the U.S. and Europe, analyzing different taxation schemes to reduce emissions. Another project investigates electric vehicle markets in Norway, studying market dynamics and the impact of policy incentives.
`I also have a paper on the grounding of the Boeing 737 Max, which was grounded worldwide between March 2019 and December 2020 after two tragic crashes. We studied how this grounding affected U.S. firms and the broader aviation market. ´
Top placement in Madrid
Sarmiento plans to defend her thesis in August 2025. And after that? She has already been offered a top international placement as a postdoctoral fellow at CEMFI in Madrid.
`Center for Monetary and Financial Studies is a very prestigious research institute´, she explains.
`Research was, of course, my first choice. I was open to moving anywhere in Europe, as long as there is a strong research group in my field. Nice colleagues are also important,” she adds with a smile.
Balancing Work and Well-being
`When I moved here in 2020, I was surprised to experience summer in Norway. It rained a lot more than I expected, but I love being outdoors. I’ve done a lot of hiking—Gullfjellet is one of my favorites—and recently, I started winter swimming near Bergen’s city center. ´

Sarmiento has learned a lot during her PhD, especially about managing time and staying patient.
`When you start as a PhD, it’s difficult. You realize there’s so much to do, and it’s hard to get a grip on everything. But over time, things get better. You start learning, and you gain more control. Finding the right research questions takes time, but you improve little by little´.
Maintaining a healthy work-life balance is essential, she emphasizes.
`I don’t think working 12-hour days is a good idea. I prefer a fixed schedule—starting at 9 in the morning and finishing around 5. Even when it’s busy, I try to keep it normal. I need to do sports, that’s important to me. I climb, hike, and do other activities to stay happy and mentally healthy. A PhD is a long process, so you need to take that into consideration´.

Leaving the business world behind for a PhD in finance
Travelling researcher
Life as a traveling researcher comes with excitement and challenges.
`You meet people from all over the world, and when you travel, you get to reconnect with them. I have friends in many places. But, of course, starting over again has its costs. It can be hard sometimes, but overall, I find it exciting´.
Starting on a PhD degree may be tough, at first.
`The work feels abstract, and there’s a lot of reading and uncertainty. But you make progress and gain confidence. My advice is to be patient and stay optimistic—it will work out in the end´, Sarmiento ends.
