Agenda Archive | Page 2 of 66

Preparing for resilience: analysing and treating risk

December 2020

Resilience of infrastructure is moving up the policy agenda, according to a report published this year by the UK’s National Infrastructure Commission (NIC). The NIC considers resilience to be characterised by an ability to ‘Anticipate, Resist, Absorb, Recover, Adapt and Transform’. Dr Rupert Booth, Oxera Economic Adviser, examines the first element—‘Anticipate’. He considers the role of the economist in working with executives on the analysis and treatment of risk as the first step in creating a resilience strategy

Looking forward to 2021

December 2020

2020 has been a turbulent year in many ways, yet we have seen some incredible advances and positive changes. In our end-of-year video, we reflect on the resilience of our clients and colleagues, and reasons to be optimistic as...

RIIO-2 Final Determinations: how final?

December 2020

Having published its Draft Determinations (DDs) in July 2020,1 on 8 December 2020, Ofgem published its Final Determinations (FDs) for the RIIO-2 price controls for the GB electricity transmission (ET), gas transmission (GT), and gas distribution (GD) sectors, and...

EU pharmaceutical strategy: innovative medicine?

December 2020

The European Commission is setting out a road map of interlinked policies across various sectors, with the stated aims of: (i) improving outcomes for Europeans; (ii) increasing competition and the competitiveness of European businesses; and (iii) supporting European innovation....

Private retreat: are we witnessing the decline of public equity markets?

November 2020

Public equity markets bring substantial benefits. However, in recent years there has been a fall in the number of initial public offerings (IPOs), and an increase in delistings as companies seek to remain or become private. What is driving this decline in listings? Should policymakers be concerned?

Behavioural biases in the judiciary: food for thought?

November 2020

Behavioural economics has taught us that human decision-making is not perfectly ‘rational’; so to what extent can we expect judges to be free from bias? We explore some recent literature on the topic and discuss potential implications. Although—as human beings—we can never be perfectly free from behavioural bias, our judicial processes can adopt measures to bolster fairness and accuracy in the decision-making process

The risks of using algorithms in business: artificial price collusion

November 2020

Increasingly, prices are set by algorithms rather than humans. Many competition authorities have voiced their concerns that this may enable firms (knowingly or otherwise) to avoid competitive pressure and collude. Exactly how would such algorithmic collusion work? And what can businesses and other organisations that use pricing algorithms expect from competition authorities in the future?

Testing times: the UK government’s travel policy

November 2020

The UK’s Global Travel Taskforce, which has been charged with considering how to boost safe travel to and from the UK in light of the COVID-19 pandemic, announced today that from 15 December it will remove the 14-day quarantine...

Here to stay: regression analysis in follow-on cartel damages

October 2020

Regression analysis is a powerful statistical tool that can be used to estimate the damages caused by competition law infringements. In recent years, this type of analysis has increasingly been used to quantify follow-on damages claims in Europe. However, this trend is not yet reflected in final judgments by national courts. Why is this the case, and how might this change in the future?

The risks of using algorithms in business: artificial intelligence and real discrimination

October 2020

Algorithms influence many aspects of our work and social lives. They affect what adverts we see, what shows we watch, and whether we get a job. As these tools become increasingly widespread, they pose new challenges to businesses. We look at concerns regarding the use of algorithms in areas where the role of computer programs and complex modelling has traditionally been limited, and consider whether AI might result in illegal discrimination

What are the CMA’s provisional findings in the PR19 redetermination?

October 2020

On 29 September, the Competition and Markets Authority (CMA) published its Provisional Findings in the redetermination of Ofwat’s PR19 price review for four disputing companies (Anglian Water, Bristol Water, Northumbrian Water and Yorkshire Water), following a reference from Ofwat...

The risks of using algorithms in business: demystifying AI

September 2020

Today algorithms influence all aspects of our lives, from how much we pay for groceries and what adverts we see, to the decisions taken by health professionals. As these tools become increasingly widespread, they pose new challenges to businesses. In order to begin to ‘demystify’ algorithms and AI, we ask: what benefits and risks do they bring to the economy?