Competition 2018: Economists

This year we identify 360 competition economists from 144 firms and institutions across 32 countries considered to be the best consultants, expert witnesses and advisers in the world. They are highlighted for their provision of expert knowledge and testimony in complex antitrust matters, alongside the superb advice they provide to lawyers and clients on intricate matters of competition economics.


Who's Who Legal does not list law firms, only individual lawyers. The leading firms are those in each region whose listed practitioners received the most total nominations in our research. We highlight individuals at other firms who also scored very highly in our research.
The Thought Leaders are those individuals who received the highest number of nominations from peers, corporate counsel and other market sources this year. Our research has identified them as being truly outstanding practitioners and the very best in their field.



Thought Leaders
1. Simon Bishop RBB Economics, Brussels
2. Miguel de la Mano Compass Lexecon, Brussels
3. Adrian Majumdar RBB Economics, London
4. Cristina Caffarra Charles River Associates, Brussels
5. Benoît Durand RBB Economics, Brussels
6. Neil Dryden Compass Lexecon, London
7. Gunnar Niels Oxera Consulting, London
8. Raphaël De Coninck Charles Rivers Associates, Brussels
9. Jorge Padilla Compass Lexecon, Madrid
10. Zoltan Biro Frontier Economics, London

Leading Firms

RBB Economics

A world leading firm in competition economics, with a raft of experts working on the gamut of complex issues across the globe. We recognise 18 names in our research this year.
Simon Bishop is an authority on market definition, mergers and restraints, and bidding markets and has vast experience in advising on cases before competition authorities around the world. One source says, “Simon is a star who is on top of his game” while another notes, “He is very well known and respected within the market.”
The “very experienced and highly intelligent” Adrian Majumdar has in-depth experience from his time at the UK competition authority. He is a widely reputed authority in competition economics and “remarkable at what he does”.
Benoît Durand is an “absolutely fantastic” economist who is praised highly for his work on merger reviews, abuse of dominance cases and horizontal and vertical agreement matters. He frequently advises a range of leading multinational corporations.
Francesco Rosati’s expertise reaches across several industries including financial services and TMT. He is sought after for his advice on merger investigations and anti-competitive agreements and is recommended for his advisory work, where sources say he is “to the point and explains things in a way that is easy for non-specialists to understand”.
Petter Berg has “a good knowledge and experience of how the authorities think and react to various arguments and methods” and is “accessible and delivers on time”. He is praised for his work on mergers and behavioural cases and has in-depth experience in working on complex matters in the field.
Andrea Lofaro is “a big name” in the industry who has significant expertise in EU competition policy including Phase II merger regulation and Article 102 cases. His portfolio includes large-scale and complex investigations in the space.
Derek Ridyard is a long-standing and well-respected practitioner with a strong practice in the field of cartels and restrictive agreements, with particular experience in matters before the European Commission. One source calls him “a fantastic testifying expert”.
Bojana Ignjatovic is a well-known and respected expert with experience in both private and public practice. She has notable expertise in quantitative techniques in transactional matters.
Patrick Smith is praised for his expertise in economics, econometrics and industrial expertise relating to competition policy. He also provides valuable support in competition-related disputes.


Compass Lexecon

Recognised as one of the most dynamic firms operating the field today. It sees 17 names recommended in Europe.
Miguel de la Mano is identified a “leader” in the field by sources. He has unique expertise in European competition policy, having co-drafted the guidelines of the Commission’s analytical framework on merger control, vertical and horizontal agreements and abuse of dominance. He has over 15 years’ experience.
The “extremely knowledgeable and creative” Neil Dryden is frequently involved in complex, high-value cases in the banking and finance, energy, TMT and pharmaceuticals space. He is praised as “a leading voice in international competition economics”.
Jorge Padilla is a go-to name on European competition policy. He regularly provides expert testimony before the authorities on cartels, merger control and abuse of dominance. One source calls him “the leading light on a European level.”
Kirsten Edwards-Warren has 17 years’ experience in economic consulting, with in-depth expertise in mergers on both a UK and European level. One respondent says, “Kirsten is highly strategic, tireless, proactive and very user-friendly."
Respondents “would not hesitate to recommend” Lorenzo Coppi for his expertise on EU, US and UK merger cases and anticompetitive practices. He is recognised as a strong analyst.
Thilo Klein is praised as “a really brilliant economist” recognised within the field for his depth of expertise in merger matters.
Justin Coombs has significant experience in acting on cases before the UK and the European competition authorities. He is a specialist in economic regulation with over 25 years’ experience.
Enrique Andreu is a well-known name in the application of economic and econometric analysis. He is widely praised for his expertise on the market impact of cartels and mergers.
The “extremely good” Boaz Moselle is an experienced testifying expert and is particularly well regarded for his work on international arbitrations concerning competition-related issues.


Charles River Associates

Thirteen practitioners are listed across the European offices of this internationally renowned consulting firm.
Cristina Caffarra is one of Europe’s foremost competition economists. She is highly skilled in her application of industrial economics to competition law and market analysis. Her economic advice is widely renowned, with one source noting, “Cristina is an obvious inclusion on the list.”
Raphaël De Coninck is a go-to expert witness with in-depth expertise in mergers and Phase II merger investigations, IP and quantum of damages matters. He is recognised as a key adviser for clients thanks to his Europe-wide practice.
Lars Wiethaus frequently advises on complex transactions, big data issues and platform markets. Sources state, “Lars understands business logic and provides very sound economic advice," also and also note that “he has strong analytical skills and his advice is crystal clear”.
Matthew Bennett is respected for his work in financial statistics and econometrics and his abilities to build and develop relationships with his clients.
Kai-Uwe Kühn is a known authority on merger matters, state aid and competition policy at the European level. He also has an in-depth knowledge of the Directorate-General for Competition’s analytical methods from his time there as chief economist.
Diana Jackson is widely respected for her work on European Commission investigations and mergers before the UK courts. One source says, “Diana is a very smart economist.”



A top economic consulting firm that achieves eight listings this year.
Gunnar Niels has over 20 years’ experience in competition policy and litigation support. He is an authority on state aid, mergers, abuse of dominance and damages resulting from such matters.
Helen Jenkins is praised as a key strategist with an in-depth knowledge of competition investigations and disputes in a range of sectors including energy, financial services, TMT and life sciences.
Pascale Déchamps is a well-respected economist with significant expertise handling merger investigations at the European level. She receives praise as “a great economist”.
Enno Eilts is “one of the best” in the field of competition economics, with a focus on litigation, in which he advises both claimants and defendants.


Frontier Economics

Seven leading names are recognised at the firm.
Thought Leader Zoltan Biro is a standout name in competition inquiries at both the UK and European level. He has in-depth expertise in Article 101 and 102 matters including IP and tax disputes. One respondent says, “Zoltan is one of the fathers of competition economics.”
David Foster is recognised as “an outstanding economist and very gifted communicator” with a significant expertise in the TMT space. He has over 10 years of experience in the field.
The “excellent” David Parker is well regarded for his work in complex competition investigations involving mergers, abuse of dominance and sectoral enquiries.
Rachel Webster is a widely respected economist with experience acting on EC and UK merger control matters and UK market investigations. One respondent says, “Rachel is extremely impressive on mergers and is very client-friendly.”


KPMG Economics

The firm achieves seven listings in this edition.
Nicola Mazzarotto has in-depth experience of providing advice in both the public and private sector. He is a widely reputed expert on competition policy analysis and is praised for his “great grasp of detail”. Sources say, “Nicola has a good ability to communicate complex matters in a simple yet compelling way.”
David Spector is a go-to name on mergers and is also a recognised authority on efficiency defences, buyer power and the impact of non-coordinated effects.
Anne Perrot has significant expertise in policy matters on a European level and uses her experience at the Competition Authority when advising clients.
Laurent Eymard is a leading mind on merger, antitrust and state aid cases. He frequently acts before the European Commission and on cases across Europe.
Bruce Lyons focuses on the economics of market structure and analysis of competition policy, where he is a recognised authority.



Four leading practitioners are recommended at this superb firm.
Mat Hughes has over 25 years’ experience in the field, with significant knowledge of how to handle cases before both the UK and EU authorities. One respondent says, “Mat is able to work to tight deadlines and gives good sensible advice on how clients should approach the CMA.”
Liam Colley is a well-regarded expert in the field of follow-on damages. He is also an experienced testifying expert and has a practice that encompasses Europe, the Middle East and Africa.


E.CA Economics

Four go-to practitioners are listed here.
Vincent Verouden is an expert in merger control and state aid matters. He has significant experience of European competition policy from his time working at the Directorate-General for Competition, which he adeptly deploys to aid clients across the continent.
Rainer Nitsche is a key adviser on economic matters and litigation. He is a well-respected name in merger control, enforcement and cartel matters, and abuse of dominance cases.


NERA Economic Consulting

Four top economists are listed from the firm’s offices in Germany, France, the UK and Italy.
The “highly experienced” Frank Maier-Rigaud is esteemed for his knowledge of EU competition policy and his expertise in mergers, cartels and mandates involving abuse of dominance, state aid, and quantum of damages issues.
Marc Ivaldi is well known for his proficiency in policy matters. He is one of Europe’s go-to economic analysts with a focus on the delineation of markets, measurement of unilateral and coordinated effects and the impact of cartels.


Institute for Industrial Economics

Four members of the institute’s faculty are listed.
Jean Tirole is a distinguished name in competition economics. He is recognised for his expertise in industrial organisation, regulation, macroeconomics and banking.
Patrick Rey receives widespread praise for his work in industrial organisation and the economics of information. He is one of France’s premier minds on matters of economics.


University of Oxford

Three leading academic economists are listed this year.
John Vickers is recognised as “a superstar academic” in the field. His areas of expertise include regulation and the combination of theory and policy, an area which is greatly informed by his time as Chief Economist at the Bank of England.
Mark Armstrong is a widely respected figure with in-depth expertise in microeconomic theory and behavioural economics.
Paul Klemperer draws praise for his work on EU, US and UK competition policy. He is well known as a leading figure on auctions in relation to climate change and the economic challenges arising out of such matters.


University of East Anglia

Two consultants from the university’s economics department are listed.
Amelia Fletcher is a well-known presence in the field who is widely respected for the depth and breadth of her expertise. With experience in both the public and private sector, she frequently advises on matters of competition and consumer policy and behavioural economics.
Stephen Davies is praised for his work on cartels, mergers including remedies and issues relating to the European single market.


Lademann & Associates

Two of the firm’s practitioners are listed this year.
Rainer P Lademann is one of Germany’s foremost experts in competition economics. He deals particularly with the operation and analysis of mechanisms for market stimulation.
Niels Frank has over a decade of experience working on antitrust matters including cartel damages, the effects of mergers and abuse of dominance cases.


Other Leading Individuals

John Fingleton of Fingleton Associates draws praise as a “well-regarded” and “extremely respected and senior member of the competition field”. He is a trusted adviser on issues of merger regulation, enforcement and consumer protection.

Peter Davis of Cornerstone Research is esteemed for his expertise in competition economics, follow-on damages and regulatory matters at a European level. He is also highly skilled in handling international disputes.


Deloitte sees François Lévêque recognised for his stellar work in the field of competition economics. He also has in-depth knowledge of energy and power-related matters.

Frédéric Jenny at the Essec Business School is a go-to name on competition economics and law. He has significant experience on international competition matters including those relating to the World Trade Organisation.


Justus Haucap at the Düsseldorf Institute For Competition Economics is a well-known name in German competition policy and is recognised as a national authority on infrastructure-heavy markets.


North America

Thought Leaders
1. Dennis W Carlton Compass Lexecon, Chicago
2. Janusz A Ordover Compass Lexecon, Washington DC
3. Carl Shapiro University of California at Berkeley – Haas School of Business, San Francisco
4. Jonathan M Orszag Compass Lexecon, Washington DC
5. Jerry Hausman Massachusetts Institute of Technology, Cambridge

Leading Firms

Compass Lexecon

A joint-leader in North America in terms of listings, with 19 practitioners recognised across its offices in the United States.
Dennis Carlton is widely regarded as a star in the field of competition economics. He advises on matters of microeconomics and industrial organisation and is a longstanding figure in the field. One source says, “Dennis is a brilliant economist who is very good at explaining complex issues.”
Janusz Ordover draws high praise for his expertise in antitrust enforcement, privatisation and international trade and competition policy. He is recommended as “the number-one pick” in the market by sources as well as “a great jury witness” who is “still innovative and hardworking”.
Jonathan Orszag is a go-to name on complex antitrust matters that require acute economic and financial analysis. He is also a seasoned testifier before US and international courts and is praised as “a commercial, smart, accessible economist” who is “great to work with”.
Daniel Rubinfeld is “an excellent economist” who is recommended for his user-friendly approach. He has over 20 years of experience in the field and has a distinguished history of acting for private parties and public agencies on issues of economics and econometric models.
The “brilliant” Robert Willig specialises in industrial organisation, government-to-business relations and welfare theory. He is regarded as one of the leading consultants in the US.
Richard Gilbert is a widely known name in the field of antitrust, IP and US competition policy. He has a strong reputation founded on decades of experience in the field.
The “superb” Jonathan Baker has experience serving both at the FTC and on the President’s Council of Economic Advisors. He brings this experience to the private sector where he advises on antitrust policy and industrial organisation economics.
Margaret Guerin-Calvert is well recognised for her expertise on market definition and power, class certification and damages in numerous industry sectors. One source says, “Margaret is very smart, commercial and easy to work with.”
Mark Israel is recognised as “a leader in every respect” who is widely reputed for his prowess in economic analysis and applying econometric tools to complex antitrust matters.


Charles River Associates

One of the premier consulting outfits on the continent which sees 19 stellar practitioners listed.
Steven Salop is “a leading name” in competition economics whose experience spans over 40 years. He is a respected authority on issues of microeconomics, antitrust and regulation and has in-depth knowledge of market power and exclusionary conduct.
Andrew Dick is a standout consultant when it comes to M&A antitrust litigation. He frequently advises on pre-transaction litigation risks and aids clients in seeing the deal through to the end. He is also a seasoned testifying expert.
Peter Boberg is an expert on mergers in various industries including telecoms and life sciences. He has significant knowledge of IP rights in relation to competition matters and is praised as “a clear communicator with great technical skills”.
Michael Salinger acts for both the private and public sector and is highly praised for his consistently superb output. One source says, “We always look for an excuse to work with him.”
Gregory Vistnes is a widely respected name in the economic analysis of antitrust matters. He is frequently retained by the DOJ as an expert witness, where he has significant experience.
Michelle Burtis is a top name for economic analysis, antitrust litigation and damages matters and is a highly distinguished figure in the US market.
Gary Roberts is also recognised for his expertise in regulatory matters and his superb analysis on a range of complex antitrust matters.


NERA Economic Consulting

An outstanding consulting firm that achieves 11 listings in this year’s research.
The “terrific” Lauren Stiroh is a standout name for her expertise in antitrust, IP matters and commercial damages. She is widely respected for her work on damage calculations and impact assessments.
Lawrence Wu is a seasoned testifying expert and is well known for his in-depth knowledge of IP economics, transactions and mergers. He is a specialist in matters of class certification.
Thomas McCarthy is a national authority on competition matters within the healthcare sector. This includes mergers, regulation, economic analysis and litigation where he draws widespread praise for his work.
Ramsey Shehadeh is an authority on economic policy, mergers and enforcement matters. He is considered “definitely one of New York’s leading economists” and his research has been presented t agencies including the DOJ and FTC several times.
Sumanth Addanki is also recommended for his expert analysis of numerous matters relating to mergers and competitive consequences in a range of industry sectors.


Bates White

Eight standout economists are recognised.
Douglas Bernheim is a national authority on mergers and regulatory matters. He frequently advises clients on high-stakes competition litigation, market definition and antitrust liability and is recommended by sources as “a very good economist and testifier”.
Cory Capps draws high praise for his work in the healthcare industry where he has in-depth expertise of mergers, price fixing and market allocation. He is regarded as “an excellent economist”.
Joseph Farrell is regularly retained by national and international clients in both the public and private sector for his superb counsel and testifying prowess on numerous competition matters including mergers and network effects.
Michael Whinston is a well-known figure in the fields of regulation, industrial organisation and microeconomics. He has a distinguished record and regularly advises at the highest levels of the US trade and competition authorities.


Stanford University

Six superb economists are recommended.
Jonathan Levin is one of the market’s most eminent competition economists. He is an authority on industrial organisation in areas such as sub-prime lending and health insurance.
Susan Carleton Athey is an expert on industrial organisation, microeconomic theory and applied econometrics, where she is a noted and distinguished voice.
Timothy F Bresnahan is a well-respected name in competition economics relating to technological change and is recommended as “an excellent testifier”. He also acts as a senior adviser to Cornerstone Research.


Cornerstone Research

Achieves six listings, five of whom are based in its California offices.
The “highly accomplished” Andrea Shepard is a leading name on antitrust matters including price fixing, horizontal conduct and monopolisation. Her presence in the field is longstanding, spanning over 20 years.
Michael Topper is recognised for his expertise on numerous issues surrounding liability and damages in relation to competition issues. He has industry-specific expertise in the telecoms, IT, energy and finance spaces.


Berkeley Research Group

Has a strong showing with six listings across the US and two top names in California.
David Teece is “extremely highly regarded” for his long-standing prowess in the field of competition economics. He focuses on the global marketplace, technology and IP policy and strategic management in relation to antitrust matters.
David Scheffman has decades of experience working with the public sector and is a seasoned testifying expert. He is widely praised for his superb consulting on matters of competition policy.


Yale School of Management

Six outstanding figures are recognised.
Fiona Scott Morton is a distinguished figure in competition economics. She advises on issues of competitive strategy, pricing and product differentiation. She is praised as “a very good economist with lots of experience”.
Edward Snyder is recognised for his work in educating leaders on competition matters to generate better business and build strategy. One source says, “Edward is one of the finest testifying economists – just superb.”


Massachusetts Institute of Technology

Five MIT economists are highlighted for their expertise.
Jerry Hausman is one of the leading authorities in the US on econometrics. His expertise in using statistical models to analyse competition policy has built him a reputation within the sector as a go-to name on such matters.
Stellar economist Richard Schmalensee receives high praise from sources for his advice on antitrust and regulatory matters, with specific regard to energy and the environment.


University of California at Berkeley - Haas School Of Business

Two leading minds are recognised.
Carl Shapiro is an authority on industrial organisation and competitive strategy and is a well-known expert on US competition policy. He is recommended by one peer as “certainly one of the world’s top names”.
Michael Katz receives praise for his longstanding presence in the market. He is noted for his keen intellect and his knowledge of competition matters in the business and telecoms sectors.


Edgeworth Economics

Two economists at the firm are recommended.
Gregory Leonard is a seasoned consultant with expertise spanning the gamut of competition economics. He specialises in microeconomics and econometrics and has in-depth knowledge of IP matters, class certification and labour economics.
John Johnson is also recognised as one of the most knowledgeable economists operating on issues of antitrust, class actions and damages matters today.


Other Leading Individuals


Church Economic Consultants’ founder Jeffrey Church is recognised as a leader in the fields of merger simulation, network economics and competition policy. He draws widespread praise as one of Canada’s foremost authorities on competition economics.


Kenneth G Elzinga at the University of Virginia is a recognised authority in the field of pricing strategy and market definition. He is widely praised as one of the best in the US.


Leading Individuals


Jennifer Fish at Charles River Associates is highly sought after for her advice on the gamut of competition matters including merger control and assessment of damages, with expertise across a variety of industry sectors. One source says, “Jennifer is insightful and thorough, with written output that is clear, concise and thoughtful. She is also a pleasure to work with.”
HoustonKemp Economists founder Greg Houston draws praise as a “commercial, experienced and respected” practitioner with an in-depth knowledge of the competitive effects of proposed merger transactions. He is also a well-respected expert witness.

Hong Kong

Compass Lexecon’s Derek Ritzmann is a well-known figure across the Asia-Pacific region, where he leads the firm’s activities. He is an expert in competition economics, law and policy with over 20 years of experience.

New Zealand

Axiom Economics’ Hayden Green is a widely respected name in competition proceedings in the national market. He is an expert on mergers, enforcement proceedings and the economic regulation of network service providers. One source says, “Hayden has a very sharp mind and a deep knowledge and understanding of his subject.”


Julian Wright at the National University of Singapore is an esteemed figure in the fields of competition policy, network economics and multi-sided platforms. He is one of Singapore’s most distinguished names.
Genesis Analytics’ James Hodge is an authority on competition economics with a focus on sector-specific regulation. He is also a seasoned expert witness and has provided testimony before competition regulators on a wide range of industries.

Latin America

Leading Individuals


Juan-Pablo Montero at the Pontifical Catholic University of Chile is widely respected for his work in competition economics and policy relating to the energy industry. One respondent says, “Juan-Pablo is always well prepared and is very good at his job.”


Former head of the national competition authority Eduardo Perez Motta at SAI Law & Economics is an authority on Mexican competition policy and has experience of analysing proposed scenarios affecting competition in the regional market.


Leading Individual

South Africa

Richard Murgatroyd at RBB Economics has in-depth experience of advising clients on matters before the South African competition authorities alongside other national authorities around the world. He is widely respected for his work on mergers, abuse of dominance and the unfettering of regulation.

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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.

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