Industrial Economics Research Theme
Our research work deals with the processes and outcomes of imperfectly competitive markets. Our theoretical and empirical research is applied to competition policy, consumer policy, and regulation issues.
The current theoretical research of the group members relates to the areas of advertising, pricing, consumer behaviour, collusion, mergers and research and development. On the empirical side, our research has analysed energy markets, supermarkets and alcohol pricing.
Members of the group have published in some of the leading academic journals in the field, such as the Economic Journal, Journal of Business and Economic Statistics, Journal of Monetary Economics, European Economic Review, Journal of Industrial Economics, International Journal of Industrial Organization, Oxford Economic Papers, Economics Letters, Economica, the Energy Journal, and Energy Economics. Our members have received funding from the EPSRC, ESRC, the Leverhulme Trust, and the Medical Research Council. We have conducted research for the Department of Energy and Climate Change, the Energy Retail Association, Which?, the Office of Fair Trading, and the Department of Trade and Industry.
Members working within the Industrial Economics theme and their research
E: +44 (0)1509 222702
Industrial economics and applied microeconomics; pharmaceutical sector; firm’s growth strategies; the role of patent in the innovation process
- Bennato, A.R. and Valletti, T. (2014), "Pharmaceutical Innovation and Parallel Trade" in International Journal of Industrial Organization, Vol.33, pages 83-92.
- Bennato, A.R. (2015), Book Review: "Pharmaceutical Innovation, Competition and Patent Law. A Trilateral Perspective" (eds. Josef Drexl and Nari Lee), in World Competition. Law and Economics Review, Vol. 38. pages 175-176
T: +44 (0)1509 222712
Globalisation; international trade; foreign direct investment; multinational enterprises; industrial organisation
- “Mergers in Multidimensional Competition” with Carl Davidson, Economica, 2007, 74, pp. 695–712.
- “Wage-Setting Institutions and R&D Collaboration Networks” with Vasileios Zikos, Australian Economic Papers, 2013, 52(2), pp. 61-78.
- “Horizontal Agreements and R&D Complementarities: Merger versus RJV” with J Poyago-Theotoky, International Journal of the Economics of Business, 2016.
T: +44 (0)1509 222736
Industrial organisation; competition policy; consumer policy; behavioural economics
- "Early Settlement in European Merger Control," (2016), Journal of Industrial Economics, 64(1), 27-63 (with Lyons, B.)
- “Default Effects, Transaction Costs and Imperfect Information,” (2013), Economics Letters, 119(2), 213 215 (with Munro, A. and Wilson, C. M.)
- “Collusive Price Rigidity under Price-Matching Punishments,” (2012), International Journal of Industrial Organization, 30(5), 471-482
- “When Are Excessive Prices Unfair?” (2011), Journal of Competition Law and Economics, 7(2), 403-426 (with Akman, P.)
T: +44 (0)1509 223131
The economic analysis of energy consumption and energy markets; competition and regulation issues in energy markets; energy storage technologies; consumers’ adoption of energy efficient technologies
- Giulietti, M., Iregui, A. M. and J. Otero (2015), ‘A pair-wise analysis of the law of one price: evidence from the crude oil market’, Economics Letters, Vol.129, April, pp.39-41.
- Giulietti M, Waterson, M. and M. Wildenbeest (2014), ‘Estimation of search friction in the UK electricity market’, Journal of Industrial Economics, Vol. 62, No.4, December, 555-590.
- Giulietti M, Grossi, L. and Waterson, M. (2012), ‘A Rough evaluation of the cost of gas storage’, Energy Journal, 33, 4, 119-42.
- Wlazlowski, S., Binner J., Giulietti M. and C. Milas (2012), ‘Measurement error in the Price Transmission Analysis’ Journal of Business and Economic Statistic, 30, 2, pp. 165-172.
- Giulietti, M., Otero J. and M. Waterson (2010), ‘Supply competition and price behaviour in the UK electricity supply industry’, Oxford Economic Papers, 62, July, 478-503.
- Giulietti M., Waddams Price C. and M. Waterson (2005), ‘Consumer Choice and Competition Policy: a study of the UK Energy Markets’, Economic Journal, N.115, October, 949-968.
- 2015, EPSRC Supergen Energy Storage, Centre for Modelling and Analysis of Decentralised energy storage, joint application with University of Leeds, University of Birmingham and Warwick Manufacturing Group, led by Prof Peter Taylor (university of Leeds) £3.1m, started 1/10/2015 (EP/N001745/1)
- Panel of technical experts Department of Energy and Climate Change
- Member of Advisory Board Council of European Energy Regulator’s training academy
- Associate editor of the Journal of Industrial and Business Economics
- Member of management committee Network of Industrial Economists
- Associate Fellow, Centre for Competition and Regulation, University of East Anglia and Energy Policy Research Group, University of Cambridge
T: +44 (0)1509 222704
Transport economics; environmental economics; energy economics
- Glass, AJ, Adetutu, M, Weyman-Jones, T (Accepted for publication) Decomposing energy demand across BRIIC countries, Energy Economics, ISSN: 1873-6181.
- Glass, AJ, Kenjegalieva, K, Sickles, R (2015) Returns to scale and curvature in the presence of spillovers: Evidence from European countries, Oxford Economic Papers, 68(1), pp.40-63, DOI: 10.1093/oep/gpv052.
- Glass, AJ, Adetutu, M, Weyman-Jones, T (Accepted for publication) Economy-wide Estimates of Rebound Effects: Evidence from Panel Data, The Energy Journal.
- Glass, AJ, Kenjegalieva, K, Sickles, R (2015) A Spatial Autoregressive Stochastic Frontier Model for Panel Data with Asymmetric Efficiency Spillovers, Journal of Econometrics, ISSN: 1872-6895. DOI: 10.1016/j.jeconom.2015.06.011.
- Adetutu, M, Glass, AJ, Kenjegalieva, K, Sickles, RC (2014) The effects of efficiency and TFP growth on pollution in Europe: a multistage spatial analysis, Journal of Productivity Analysis, ISSN: 0895-562X. DOI: 10.1007/s11123-014-0426-7.
- Glass, AJ, Kenjegalieva, K, Taylor, J (2014) Game, Set and Match: Evaluating the Efficiency of Male Professional Tennis Players, Journal of Productivity Analysis, forthcoming, p.0, DOI: 10.1007/s11123-014-0401-3.
- Glass, K, Glass, AJ, Sickles, R (2014) Estimating Efficiency Spillovers with State Level Evidence for Manufacturing in the U.S., Economics Letters, 123, pp.154-159, DOI: 10.1016/j.econlet.2014.01.037.
T: +44 (0)1509 222713
Applied microeconomics and industrial economics (diffusion of new technology and firm diversification)
- Gourlay, AR, Cravo, T, Becker, B (2014) Regional Growth and SMEs in Brazil: A Spatial Panel Approach, Regional Studies, 1, pp.1-22, DOI: 10.1080/00343404.2014.890704
- Cravo, TA, Gourlay, A, Becker, B (2012) SMEs and regional economic growth in Brazil, SMALL BUSINESS ECONOMICS, 38(2), pp.217-230, ISSN: 0921-898X. DOI: 10.1007/s11187-010-9261-z
- Gourlay, AR and Seaton, JS (2010) Modelling product and foreign market diversification decisions for UK firms, Applied Economics Letters, 17(2), pp.117-120, ISSN: 1350-4851. DOI: 10.1080/13504850701719918
T: +44 (0)1509 227123
Microeconomics; profit, productivity and price performance
- Price-cap regulation in the English and Welsh water industry: a proposal for measuring productivity performance Maziotis, A., Saal, D., Thanassoulis, E. & Molinos-Senante, M. 31 May 2016 In : Utilities Policy. In press
- Profit, productivity and price performance changes in the water and sewerage industry: an empirical application for England and Wales Maziotis, A., Saal, D. S., Thanassoulis, E. & Molinos-Senante, M. Apr 2015 In : Clean Technologies and Environmental Policy. 17, 4, p. 1005-1018 14 p.
- Spillovers from FDI and local networks: the importance of transactional linkages and vertical keiretsu in Japan Kimino, S., Driffield, N. & Saal, D. 2014 In : Multinational Business Review. 22, 2, p. 176-193 18
Dr David Saal is a Professor of Microeconomics, Head of the Economics discipline group and Co-Director of the newly established Centre for Productivity and Performance at Loughborough University. He is also a Research Professor at the German Institute for Economic Research (DIW Berlin)
T: +44 (0)1509 228838
Business and consumer behaviour
- Chakraborty, R, Dobson, PW, Seaton, JS, Waterson, M (2015) Pricing in inflationary times: The penny drops, JOURNAL OF MONETARY ECONOMICS, 76, pp.71-86, ISSN: 0304-3932. DOI: 10.1016/j.jmoneco.2015.08.002.
- Ally, AK, Meng, Y, Chakraborty, R, Dobson, PW, Seaton, JS, Holmes, J, Angus, C, Guo, Y, Hill-McManus, D, Brennan, A, Meier, PS (2014) Alcohol tax pass-through across the product and price range: do retailers treat cheap alcohol differently?, ADDICTION, 109(12), pp.1994-2002, ISSN: 0965-2140. DOI: 10.1111/add.12590.
- Seaton, JS and Waterson, M (2013) Identifying and characterising price leadership in British supermarkets, International Journal of Industrial Organization, 31(5), pp.392-403, ISSN: 0167-7187. DOI: 10.1016/j.ijindorg.2013.07.002.
- Gourlay, AR and Seaton, JS (2010) Modelling product and foreign market diversification decisions for UK firms, Applied Economics Letters, 17(2), pp.117-120, ISSN: 1350-4851. DOI: 10.1080/13504850701719918.
- Seaton, JS (2009) A nonparametric revealed preference test of optimal intra-firm resource allocation, Applied Economics, 41(27), pp.3463-3476, ISSN: 0003-6846. DOI: 10.1080/00036840701537836.
- Daniels, KJ, Tregaskis, O, Seaton, JS (2006) Job Control and Occupational Health: The Moderating Role of National R&D Activity, Journal of Organizational Behavior, 28(1), pp.1-19, ISSN: 0894-3796. DOI: 10.1002/job.390.
- Gourlay, AR, Seaton, JS, Suppakitjarak, J (2005) The Determinants of Export Behaviour in UK Service Firms, The Service Industries Journal, 25(7), pp.879-889, ISSN: 0264-2069. DOI: 10.1080/02642060500134154.
- Alcohol modelling and evaluation November 2010 led by Professor Petra Meier (University of Sheffield) £1.2million, Medical Research Council. Co-investigator with Professor Paul Dobson (UEA) and Ratula Chakraborty (UEA).
- Impact of Retail Pricing on Overeating and Food Waste, ESRC award RES-000-22-3524 (totalling about £100,000), with investigators Professor Eitan Gerstner (Technion), Professor Paul Dobson (UEA).
- Price Dynamics in Food Retailing in Great Britain, ESRC award RES-062-23-1962 (totalling about £200,000), with investigators Professor Michael Waterson (Warwick), Professor Paul Dobson (UEA) and Ratula Chakraborty (UEA).
Econometrics; efficiency spill-overs
- "Competition and Market Power in Physician Private Practices," with Timothy Gunning, Empirical Economics, 44, 1005-1029, 2013.
- “Estimating Consumer Surplus in e-Bay Computer Monitor Auctions,” with K. Hasker, and Bibo Jiang, Chapter 4 of Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications. RC Sickles and WC Horrace (eds.) Springer Science & Business Media, New York, NY, 83-102, 2014.
- “Estimating Efficiency Spillovers with State Level Evidence for Manufacturing in the U.S.,” with Anthony Glass and Karligash Glass, Economics Letters, 123, 154-159, 2014.
- “Analyzing Bank Efficiency: Are “too-big-to-fail” Banks Efficient?,” with H. Inanoglu, M. Jacobs, Jr., and Junrong Liu, submission (requested) to Handbook of Post-Crisis Financial Modeling, Emmanuel Haven, John Wilson, Phil Molyneux, Sergei Fedotov, Meryem Duygun (Eds.), London: Palgrave MacMillan Handbook, 2016.
- “How Regulatory Capital Requirement Affects Banks’ Productivity: An Application on Emerging Economies Banks,” with Meryem Duygun, Mohamed Shaban, and Thomas Weyman-Jones, Journal of Productivity Analysis 44, 237-248, 2015.
- “Banking Crises, Early Warning Models, and Efficiency,” with Pavlos Almanidis, Rice University, Rice University, forthcoming in Advances in Efficiency and Productivity, International Series in Operations Research & Management Science, Springer, New York, forthcoming, 2016.
- “Pricing Characteristics: An Application of Shephard’s Dual Lemma,” with Rolf Fare, Shawna Grosskopf, Chenjun Shang, Rice University, 2015.
- Associate Editor: Journal of Chinese Economic and Business Studies, 2014-present
T: +44 (0)1509 222710
Efficiency and productivity analysis; economic regulation; energy economics
- Duygun, Meryem, Mohamed Shaban, and Thomas Weyman-Jones. "Measuring competition using the Boone relative profit difference indicator." Economics Letters 132 (2015): 117-120. http://dx.doi.org/10.1016/j.econlet.2015.04.022
- Adetutu, Morakinyo O., Anthony J. Glass, and Thomas G. Weyman-Jones, "Decomposing energy demand across BRIIC countries." Energy Economics 54 (2016) 396–404, http://dx.doi.org/10.1016/j.eneco.2016.01.001
- Adetutu, Morakinyo O., Anthony J. Glass, and Thomas G. Weyman-Jones, Economy-wide Estimates of Rebound Effects: Evidence from Panel Data, The Energy Journal, Vol. 37, No. 3. 2016, http://dx.doi.org/10.5547/01956574.37.3
- Associate Editor of the Journal of Productivity Analysis
- External links include Academic Technical Adviser to National Grid UK
- Recent conference presentations include Energy Economics Iberian Conference, Lisbon February 2016
T: +44 (0)1509 222733
Industrial economics; consumer behaviour
- "Nonlinear Pricing and Tariff Differentiation: Evidence from the British Electricity Market" (2014) with Steve Davies and Catherine Waddams Price, Energy Journal, vol.35 (1) p.55-77
- "Default Effects, Transaction Costs and Imperfect Information" (2013) with Luke Garrod and Alistair Munro, Economics Letters, vol. 119(2) p.213-215
- “Market Frictions: A Unified Model of Search and Switching Costs” (2012) European Economic Review, vol. 56(6) p.1070-1086
- “Advertising, Search and Intermediaries on the Internet: Introduction” (2011) Economic Journal (Feature Introduction), vol.121 p.F291-F296
- “Do Consumers Switch to the Best Supplier?” (2010) with Catherine Waddams Price, Oxford Economic Papers, vol.62 p.647-668
- “Ordered Search and Equilibrium Obfuscation” (2010) International Journal of Industrial Organization, vol.28 p.496-506
- Leverhulme Trust Research Grant, “Price Discrimination and Competition: New Evidence from European Airlines”, 2011, co-investigator with Claudio Piga, £37,161