When does a discount become deceptive? An economic framework for the regulation of reference pricing
The use of ‘reference’ pricing—where a previous (or future) ‘was’ price is displayed alongside the current ‘now’ price to indicate a discount for customers—is a common feature across digital and physical markets. In supermarkets, retailers commonly advertise a headline Recommended Retail Price (RRP), or ‘was’ price, alongside the current… Read More
No water, no growth: tackling inefficient business water demand
Water is not typically thought of as a constraint on economic growth in England. Yet that is precisely what it is becoming. Commercial growth and new developments are being turned away because there is insufficient water to serve them. Some water companies are already exercising their powers to refuse… Read More
Podcasts
Behavioural economics: how does decision-making impact business and policy?
Behavioural economics is all around us — from competition rulings, like the Google Search ruling in the US, to EU regulations targeting online dark patterns. It affects how we combat consumer manipulation, design policy, and even understand the behaviour of music fans. In this latest episode, Helen Jenkins… Read More
Consumer Duty board reports: what is required for the 2026 editions?
The UK Financial Conduct Authority’s (FCA) Consumer Duty has now been in force for over two years. For many firms, the deadline for the next iteration of their annual Consumer Duty board reports will fall later in 2026. The financial services landscape has changed significantly in… Read More
A fast and low-risk solution to the growth problem?
Small innovative companies face a significant equity shortfall. If this shortfall could be reduced substantially, these companies would materially increase national productivity and growth. But the regulations which contributed to the shortfall are well-founded. Simply reducing or reversing these regulations would likely impose high social costs. The regulations are… Read More
The European growth problem and what to do about it
European growth is insufficient to improve lives in the ways that citizens would like. We use the UK as a case study to assess the scale of the growth problem, underlying causes, official responses and what else might be done to improve the situation. We suggest that capital… Read More
Cost–benefit analyses for public policy
Cost–benefit analyses (CBA) are commonly applied to public infrastructure projects where there is a degree of certainty about the physical output of the project and the consequent societal benefits. CBA can also be applied to proposed policy and regulatory changes, but there is less clarity about the outcomes and… Read More
Deceptive patterns: how can we make choices fairer online?
Online, every click and swipe is subtly influenced by how choices are presented to you. In a world where what we watch, listen to, read, and buy is the result of responding to the choices presented to us on a screen, this choice architecture is hugely important. We… Read More
Consumer Duty board reports: are firms prepared for the July 2024 deadline?
The UK Financial Conduct Authority’s (FCA) Consumer Duty, a new outcomes-based regulation for financial services firms, has now been in force for over six months. July 2024 will see the deadline for the first annual Consumer Duty board reports. We share our reflections on the importance of these documents… Read More
Understanding and influencing behaviour: economics vs science
Have you heard the terms behavioural science and behavioural economics floating around? Individuals, corporations and governments are turning to both in the quest to understand and change human behaviour—but does their application add value? And what is the difference between these two similarly named disciplines? With reference to… Read More