There are many problems which may be tackled using different kinds of expertise -economic, legal, technical, engineering, accounting, managerial and political insights are all valuable.
The reasons why economic analysis of the sorts in which we specialise may be essential include:
- Some problems are purely and exclusively economic, for example:
- How much profit should a regulator allow a monopolist to earn?
- Would this merger reduce competition significantly?
- Would the benefits from this proposal exceed the costs?
- Some problems require strong inputs of economic theory, for example:
- Why would reducing entry barriers to this market improve welfare?
- How can we provide incentives for efficient behaviour?
- How can we put a value on the risk of accidents or ill health?
- Why did rating agencies fail to identify financial risks endemic in the financial system?
- And many other problems require professional application of economic techniques, for example:
- What do these data tell us – is the pattern significant, or a fluke?
- How do we allow for inflation/ time differences /risk in our assessment of the options?
- How big a sample do we need to reach a reliable conclusion?
- How can we model alternative scenarios?
All our staff are highly trained economists, expert according to their ages, and experienced in the different forms of economic analysis used to address the problems identified by our clients.
Primary contact: Andrew Lilico.