Oxera

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Depiction of Different plans, common challenges: national recovery and resilience plans in the EU
7 minute read

Different plans, common challenges: national recovery and resilience plans in the EU

Through their national recovery and resilience plans, EU member states have allocated funding to renewables, hydrogen fuel, energy networks, and innovation in the context of energy supply. While the largest countries are taking different approaches to funding, the approval and implementation phase set out by the EU’s Recovery and… Read More

Articles
Depiction of Tipping: should regulators intervene before or after? A policy dilemma
11 minute read

Tipping: should regulators intervene before or after? A policy dilemma

In digital markets, platforms often reach a tipping point. When network effects are sufficiently strong, users are drawn towards the network with the highest number of other users, making it more attractive, until the market eventually tips in its favour. While there are benefits to market tipping, concerns regarding abuse of dominance may also arise, which, as discussed in this article, can present a dilemma for policymakers. Read More

Articles
Depiction of Danger mouse: the opportunities and risks of digital distribution
9 minute read

Danger mouse: the opportunities and risks of digital distribution

Digital channels create new commercial opportunities and conduct risks (as well as commercial risks) for providers of financial services. There are important questions about the extent of provider responsibility and the nature of liability in a digital environment. But what is different about conduct risk in this context? And how should digital conduct risks be managed? In our experience, providers can manage these risks effectively using a new toolkit of data science and behavioural economics. Read More

Articles
Depiction of Green derivatives? Trading for a low-carbon future
8 minute read

Green derivatives? Trading for a low-carbon future

Financial markets facilitate economic growth, which contributes to global prosperity and wellbeing. The political recognition that addressing climate change is also integral to these has seen financial markets adapt by providing a way to value the externality of pollution. Markets need reliable and liquid carbon and energy benchmarks to deliver an efficient transition from high- to low-carbon energy generation. Gordon Bennett, Managing Director of Utility Markets at ICE, considers the role of derivatives markets. Read More

Articles
Depiction of The role of sustainability in merger control
5 minute read

The role of sustainability in merger control

The recent focus on sustainability in the context of coordination agreements and in state aid cases1 has now spread to merger control.2 This article addresses how sustainability fits into the merger assessment framework and what we can learn from environmental economics and the economics of climate change… Read More

Articles
Depiction of Data-enabled learning: policy implications
8 minute read

Data-enabled learning: policy implications

Despite superficial similarities, data-enabled learning does not necessarily create network effects, and when it does, data network effects are usually weaker and less conducive to lock-in than standard network effects. In this article, Andrei Hagiu, Associate Professor of Information Systems at Boston University, and Julian Wright, Oxera Associate and… Read More

Articles
Depiction of Trade-offs for take-off: domestic aviation in a post-pandemic world
6 minute read

Trade-offs for take-off: domestic aviation in a post-pandemic world

Several European governments have provided support to their national airlines and airports amid the COVID-19 pandemic. At the same time, they have committed to a green recovery, pledging to decarbonise their domestic transport sectors in order to reach their net-zero goals. What decisions and trade-offs might governments need to… Read More

Articles
Depiction of Working from home: shove or nudge?
4 minute read

Working from home: shove or nudge?

Three letters alone can describe the last 12 months for millions of people: W-F-H. Working from home is no longer a niche arrangement. Overnight, whole sectors of the economy abandoned the office in favour of the kitchen table, sofa or garage. There are, of course, pros and cons to… Read More

Articles
Depiction of When regulators innovate, does innovation prosper?
9 minute read

When regulators innovate, does innovation prosper?

In the third of a series of articles about digital markets,1 we look at the potential impact of proposed digital regulation on innovation. The European Commission’s proposals for the Digital Markets Act (DMA) aim to promote innovation by making markets more contestable. Contestability is an important driver of… Read More

Articles
Depiction of Shining the light: the merits of on- vs off-exchange trading
8 minute read

Shining the light: the merits of on- vs off-exchange trading

Many financial assets trade away from exchanges in over-the-counter (OTC) markets. The academic literature has highlighted the value of both the OTC and exchange trading models but also notes some inefficiencies of the OTC model from an overall market design perspective. Getting the right balance between OTC and exchange… Read More

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