NERA Economic Consulting makes its buck off understanding what
many people can't: economics. The global firm provides economic
advice, analysis, expert testimony, and regulatory insight for
clients throughout North America, Latin America, Europe, and the
Asia-Pacific region. Employing more than 500 professionals,
including 425 economists, the firm has been creating strategies,
studies, reports, expert testimony, and policy recommendations for
government authorities and the world's leading law firms and
corporations for more than half a century. NERA specializes in
bringing academic analysis and rigor, objectivity, and real-world
industry experience to bear on issues arising from competition,
regulation, public policy, strategy, finance, and litigation. The
firm uses hard economic data to make its case, drawing on its
professionals' expertise in statistics, econometrics, game theory,
mathematics, and computer science.
A big umbrella
NERA was founded in 1961 as National Economic Research
Associates by Dr. Jules Joskow-a professor of economics-and Dr.
Irwin Stelzer, an economist. It was the first consulting firm
dedicated to methodically applying rigorous microeconomic thought
to litigation and regulatory matters. In 1983, global professional
services firm Marsh & McLennan acquired the firm, with Joskow
staying on with the company under Marsh & McLennan's direction
and Stelzer acting as president for a couple of years before he
opted to strike out on his own. Today, NERA exists as a business
unit of Marsh & McLennan subsidiary the Oliver Wyman Group,
operating alongside other Marsh & McLennan professional
services units, such as risk and reinsurance specialist Guy
Carpenter, insurance broker and risk adviser Marsh, and human
resources solutions provider Mercer.
Among NERA's many service offerings, it is often called on for
its antitrust capabilities. Respected and experienced in the world
of antitrust and competition authorities, clients depend on NERA
professionals for economic analysis and testimony on business
issues related to mergers and acquisitions, antitrust litigation,
and competition policy. Consultants are able to look at economic
matters arising in antitrust cases and to help clients deal with
issues such as market definition and power, market structure and
entry conditions, pricing, profitability, and damages.
With total write-downs and losses stemming from the credit
crisis reaching into the trillions worldwide, financial
institutions facing an emerging regulatory and competitive
environment come to NERA for assistance in securities and
commercial disputes, market efficiency and trading analysis,
valuations of fixed-income and derivative products, and risk
management. NERA also provides expert advice on commercial
litigation and damages. Consultants in this area provide analyses
of clients' competition, regulatory environment, and management
decisions; cost, pricing, and product strategies; and risk
management, business valuation, and dispute avoidance and
resolution, among other services.
NERA is also deeply involved in climate change analysis. As
policies to reduce greenhouse gas emissions are proposed and
implemented, NERA economists help government entities and companies
understand the complex effects of those regulations, promote
renewable energy, and improve energy efficiency.
Publish and be … recognized
Not surprisingly, for a company boasting numerous academics,
NERA's consultants like to publish their findings in formats that
range from journal and magazine articles to white papers and books.
Interviews with NERA consultants also pop up regularly in
publications around the world.
IN THE NEWS
Dr. Lauren Stiroh Named Chair of NERA's Global Antitrust
and Competition Practice
NERA Senior Vice President Dr. Lauren Stiroh was named Chair of
the firm's leading Global Antitrust and Competition Practice. Dr.
Stiroh, a recognized expert in the economics of antitrust,
intellectual property, and commercial damages, succeeded Senior
Vice President Dr. Ramsey Shehadeh, who finished a successful term
as Chair. Dr. Stiroh has conducted research, prepared expert
reports, and testified in court on a variety of issues arising from
antitrust allegations. She has extensive experience analyzing the
competitive effects of mergers, acquisitions, and joint ventures
and has performed or critiqued damage calculations in dozens of
industrial settings. Dr. Stiroh is recognized annually in Global
Arbitration Review's The International Who's Who of
Competition Lawyers & Economists.
NERA Experts Recognized in Who's Who Legal Arbitration
Expert Witnesses Analysis 2016
Six NERA Economic Consulting experts: Antoinette Pincott, Dr.
Alexander Voegele, Dr. Chudozie Okongwu, Dr. David Tabak, Dr. Jeff
Makholm, and NERA Chairman Dr. Andrew Carron have been recognized
as leading arbitration expert witnesses in Who's Who Legal
Arbitration 2016: Expert Witnesses Analysis. In the guide's
editorial, Who's Who commented that: "NERA
continues its upward trajectory in our research, growing its
contingent again year on year to six in this edition.
NERA President Dr. Lawrence Wu and Leading Antitrust
Attorney Michele Floyd Publish Book on Antitrust Class
NERA President Dr. Lawrence Wu co-authored a book on antitrust
class actions with Michele Floyd, a partner in the San Francisco
office of Sacks Ricketts & Case LLP. The book, The
Revolution in the Law and Economics of Antitrust Class
Certification, examines recent changes in the way courts are
reviewing and deciding antitrust class actions and the resulting
impact on how such cases are litigated today.
NERA Affidavits Cited in Supreme Court
Affidavits authored by the late NERA Special Consultant Alfred
E. Kahn, and supported by Vice President Jonathan Falk and
Affiliated Consultant Dr. Michael Rosenzweig, were cited by US
Supreme Court Associate Justice Elena Kagan in the Court's ruling
in Federal Energy Regulatory Commission v. Electric Power Supply
This case came to the Supreme Court on writ of certiorari from
the Court of Appeals for the District of Columbia Circuit, which
had vacated FERC Order No. 745, a rule that required wholesale
market operators to set an equal price for demand responsive
providers that conserve energy and for generators that produce
In a 6-2 decision, Justice Kagan, writing for the majority,
affirmed not only the jurisdiction of FERC to issue Order 745, but,
quoting directly from Dr. Kahn's affidavit, gave FERC credit for
following reasonable advice to a reasonable
Leading Australian Economic, Financial, and Regulatory
Experts Join NERA Economic Consulting
NERA Economic Consulting expanded its Australian presence with
the addition of six new experts in the Melbourne office. The
Melbourne team is led by Robert Southern, a highly regarded
economic, financial, and regulatory expert, who joined the firm's
global Energy and Environmental Economics Practice as a Director
and the Head of NERA's offices in Sydney and Melbourne. In
addition, Associate Directors Rebecca Billings, David Graham, and
Deirdre Rose, and Senior Consultants Mark Fitzgibbon and Alex
Richardson joined NERA's Melbourne office.
NERA Expands International Roster of
NERA announced numerous senior hires in offices throughout the
globe. Intellectual property and valuation expert Kristopher A.
Boushie joined as a Vice President in the Washington, DC office.
Telecommunications expert Dr. Bruno Soria joined the firm's Madrid
office as Associate Director of the Communications, Media, and
Internet Practice. Patrick Breslin joined the firm's Transfer
Pricing Practice as Vice President in the Washington, DC office.
Antoinette (Toni) Pincott joined the firm as Senior Vice President
to lead the further development of the International Arbitration
Practice, based in London.