Richard Marsden

Managing Director


New York City
Tel: +1 212 345 3000
Fax: +1 212 345 4650

Tel: +44 20 7659 8618
Fax: +44 20 7659 8501

Email: richard.marsden@nera.com
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MA in international political economy, with distinction, University of Warwick, United Kingdom
BA in economics and international relations, University of Warwick, United Kingdom


Richard Marsden is a Managing Director in NERA’s Auctions; Communications, Media, and Internet; and Energy Practices. His global practice focuses on market design, including auctions and trading, bidding strategy, and related competition, pricing, regulatory, and public policy issues. He applies this expertise to multiple industries, including broadcasting, energy, mobile telephony, procurement, radio spectrum, and transport, to help his clients create or participate in new marketplaces.

Over the last 20 years, Mr. Marsden has worked for regulators, private companies, and law firms in more than 50 countries. His team at NERA are particularly well known for their work on design and implementation of high-value auctions, and the development of effective bid strategies. To support this work, the team has developed a suite of software tools for running, simulating, and analysing auctions. For example, Mr. Marsden’s team developed software to simulate the 2016 US Incentive Auction, which was used by broadcasters who, in aggregate, accounted for 15% (US$1.5B) of nationwide revenues.

Mr. Marsden has supported clients on a wide range of projects, including auction design and implementation, bid strategy advisory work, and expert witness reports related to spectrum allocation, spectrum pricing, and spectrum valuation, as well as associated litigation. Specifically, he has advised clients on spectrum auction design and implementation for 4G and 5G mobile spectrum in Belgium, Mexico, Singapore, and Saudi Arabia. He has also designed auctions for electricity interconnection capacity, off-shore wind generation sites, and gas pipeline capacity. Mr. Marsden has provided bid strategy advice to mobile operators participating in auctions for 4G and 5G mobile spectrum in more than 20 countries, including recent spectrum auctions in Australia, Canada, Germany, Poland, Spain, the UK, and the US, and to energy companies participating in capacity auctions. This work often includes developing or critiquing valuation models.

Mr. Marsden presents and publishes frequently on topics related to market design, auctions, the communications industry, and spectrum management and allocation. He has also completed major studies for the GSMA on spectrum pricing, and for the European Commission on the transfer of digital dividend spectrum from broadcast to mobile use, and on spectrum trading and spectrum liberalization. He contributed a chapter to the Handbook of Spectrum Auction Design (Cambridge University Press, 2017) and is the co-author of Broadband in Europe: How Brussels Can Wire the Information Society (Springer, 2005).

Title Type Author
Economics of Air Traffic Management in the Drone Era White Paper By Dr. Hector Lopez and Richard Marsden
EECI Industry Economics White Paper Series White Paper
The Role of Economics on the Road to Autonomous Vehicles and Digital Mobility White Paper Daniel Hanson, Richard Eichmann, Richard Marsden, George Anstey, Grant Saggers, Dr. Garrett Glasgow, Dr. C-Philipp Heller, Dr. Hector Lopez, Dr. Bruno Soria, Dr. Will Taylor, and Adam Rhoten
Strategic Bidding in Combinatorial Clock Auctions – A Bidder Perspective Book By Richard Marsden and Dr. Soren Tang Sorensen
The Impact of High Spectrum Costs on Mobile Network Investment and Consumer Prices White Paper By Richard Marsden, Hans-Martin Ihle, and Peter Traber
Effective Spectrum Pricing: Supporting Better Quality and More Affordable Mobile Serv... Report By Richard Marsden, Dr. Bruno Soria, and Hans-Martin Ihle
Mechanisms to Incentivize Shared-Use of Spectrum Report By Richard Marsden and Hans-Martin Ihle
Modelling the GB Renewable Electricity CfD Auctions – the cost of excluding onshore w... Report By Richard Marsden, Alon Carmel, George Anstey, Sam Forrest, Konrad Borkowski, Dr. Clemens Koenig, et. al.
NERA Report on Strategic Bidding in Combinatorial Clock Auctions Regulatory Filing Richard Marsden and Soren Tang Sorensen
The US AWS Auction: The Traditional SMRA – A Long and Winding Road to the Finish Working Paper By Richard Marsden and Jonathan Pike