Blog
On trust in markets
It was a great pleasure to spend two, sunny, late November days in Melbourne this year (2019) discussing the future of regulatory policy with Australian
December 17, 2019
Markets
Blog
The Nature of Markets: A Primer
Markets have the following characteristics or elements: A. Like all social institutions they are shared sets of rules governing or guiding aspects of human conduct.
May 27, 2018
Documents
Learning from others: Australia: how the energy markets are governed
Delivered as part of ‘The evolution of UK regulatory policy in retrospect: What has worked well? What hasn’t? What can be learned from experience?’, Annual Competition and Regulation Conference 2016
September 16, 2016
Materials from Conferences
Ofgem, the CMA, and the retail energy market: economics or politics?
Delivered as part of ‘The evolution of UK regulatory policy in retrospect: What has worked well? What hasn’t? What can be learned from experience?’, Annual Competition and Regulation Conference 2016
September 12, 2016
Materials from Conferences
Remedies in financial services markets
Delivered as part of ‘Regulation of markets and networks in the UK: the state of play in a period of economic and political insecurity’, Annual Westminster Conference 2015
April 23, 2015
Documents
The political economy of markets
The word market is widely used in contemporary economic and political discourse, but usually without any clear sense of what it means or is meant to refer to. In a literal sense, people do not know what they are talking about. The first part of the essay therefore examines the question: what is a market?
The answer is that a market is an economic institution, i.e. a set/system of rules that structures, regulates or governs a particular set of activities involving exchange of goods and services. It encompasses both the system of rules and the activities governed by them and it serves a specific, particular purpose or function, which is to reduce the costs of exchange transactions
April 1, 2015
Documents
The use of competition and regulatory powers: cross sectoral cooperation between regulators
Delivered as part of ‘Coherence and stability in regulatory practice’, Annual Westminster Conference 2014
April 25, 2014
Materials from Conferences
From vertically integrated monopolies to effectively competitive markets: Lessons in regulatory humility
Delivered as part of ‘Coherence and stability in regulatory practice’, Annual Westminster Conference 2014
April 25, 2014
Contributions to External Events and Publications
Are regulation-driven distortions jeopardising energy markets?
A presentation to the Palanza Seminar, 4-6 October 2012, Sestri, Levante.
October 4, 2012
Documents
Market definition and market power in the airport sector: competition from outside the relevant market
The purpose of this note is to draw attention to a generally neglected aspect of assessing market power in the supply of airport services. It develops a point made en passant in a paper written by the current author and George Yarrow for the UK CAA in 20101. The paper stressed that, although it was the standard practice in competition assessments to define substitution possibilities from within a defined market, sources of constraint on market power also arose from substitutable products defined to lie outside the relevant market and that it was the cumulative effect of all the substitution possibilities that determined the own-price elasticity of demand for a product or service.
December 9, 2011
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