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The contribution of asset management to the UK economy

Asset managers are responsible for managing assets for pensions, insurance and other long-term savings products. With over £5trn of assets under management in the UK, asset management makes up a large part of the capital markets.[1] Asset managers also generate significant net exports for the UK, as some £2.2trn of these assets are managed for overseas investors.[2]


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Increasing consumer engagement in the annuities market: can prompts raise shopping around?

The UK Financial Conduct Authority (FCA) commissioned Oxera and the Nuffield Centre for Experimental Social Sciences (CESS) to conduct an experiment to test the impact of prompts on consumers’ propensity to shop around for pensions annuities. The findings of the experiment will be used by the FCA in its proposed remedies for the annuities market. 


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Behavioural insights into Australian retail energy markets

The Australian Energy Market Commission (AEMC) commissioned Oxera to consider how behavioural insights can be applied to retail energy markets in Australia, and in particular the competitive market indicators tracked by the AEMC. To that extent, this report provides recommendations for how behavioural economics could be incorporated into the AEMC’s analysis, although the specific analysis would require additional primary research, which is beyond the scope of this report.


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Critique of CMA direct benchmarking analysis

A note for ScottishPower based on a non-confidential submission to the CMA.


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Brexit: what do prediction markets tell us about its likelihood?

In the run-up to the EU referendum—and all significant political events—the results of opinion polls are closely followed by those seeking to track the likely direction of the vote. However, polls are far from being the only way to estimate the probability of an uncertain event; analysis of bookmakers’ odds suggest that there is currently a 23% chance1 of the UK public voting to leave the EU, suggesting that Brexit is perceived as more likely than Scotland voting for independence was at a comparable moment in the campaign. How can such prediction markets be used to draw inference about how their participants expect these events to unfold.


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Brexit: implications for the GB electricity market

Despite the UK being part of the EU Single Market, trade in electricity between Great Britain and connected markets is significantly affected by differences in CO2 taxes, as well as in transmission and balancing charges. Brexit may give the UK the opportunity to adjust for this effect through import tariffs. If this happens, what would be the impact on the GB electricity market and trade in electricity? To answer this question, Oxera has estimated the likely changes using its electricity market dispatch model.


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When should online platforms be regulated? Oxera’s initial analysis of the European Commission’s thinking

On 25 May 2016, the European Commission published a Communication on online platforms and the Digital Single Market (DSM), accompanied by a staff working document.
 
There will be no single or unified regulatory framework for online platforms. Instead, the Commission is preparing the groundwork for rules aimed at addressing clearly identified problems with specific types of online platform. This problem-driven approach is consistent with the evidence-rich, effects-based analysis that can be applied in this industry, while limiting the negative effects of unintended consequences from introducing broad-brush regulations. It is also consistent with Oxera’s previous published work and thinking on these issues.


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Brexit: implications for competition enforcement in the UK? An economic review

The impact of Brexit on legal services as a whole is uncertain, but consensus is emerging that competition law could be one of the areas most strongly affected. Oxera estimates that competition makes up around 5% of the UK’s top law firms’ service offering.[1] 


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Brexit: implications for the transport sector

Oxera has undertaken an independent review of the likely impact of Brexit on different modes of transport.


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Evaluation of the Competition Commission’s BAA airports market investigation

Gatwick Airport Limited (GAL) commissioned Oxera to undertake an independent evaluation of the impacts of the remedies imposed by the Competition Commission (CC) after its 2009 market investigation into BAA. 

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