The Use and Interpretation of Economic Evidence
Oxford, England
30 March 2012
Hosted By: the Regulatory Policy Institute, Oxford
NERA Director Dr. Mark Williams spoke as a panelist at the Hertford Seminar in Regulation on the use and interpretation of economic evidence in competition policy and regulatory policy.
Economic evidence can take the form of the application of microeconomic principles and/or the statistical or econometric analysis of the factual matrix of a given market or situation, and then seek, according to the type of antitrust case, to provide ex ante prediction of future developments (as in merger cases), ex post explanations and normative evaluation of past conduct (as in abuse cases), or appraisal of the efficiency of the market design (as in market investigation cases).
Drawing on his experience in competition analysis, Dr. Williams set out the case for why economic analysis is in principle essential to competition evaluation, while at the same time outlining some of the practical limitations and weaknesses of economic evidence as conducted and evaluated in practice.
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