OXFORD UNIVERSITY BUSINESS ECONOMICS …...An easy textbook definition would be that economics is...

BUSINESSECONOMICSPROGRAMME

OXFORD UNIVERSITY BUSINESS ECONOMICS programme

Summer school 2018Saturday 14 July to Friday 27 July

ContentsIntroduction Introduction to OUBEP 3Course notes 3Staff details 3

Programme timetable Day 1: Economics in Action: Micro and Macro Effects 4Day 2: Markets: Efficiency and Taxation 5Day 3: Market Intervention and The Public-Policy Project 6Day 4: Private Information: Market Effects and Responses 7Day 5: Corporate Strategy: Applying the Tools of Game Theory 8Day 6: Auctions and Procurement 9Day 7: Topical Economics Programme – Averting Environmental Collapse 10Day 8: Behavioural Economics 11Day 9: Financial Markets 12Day 10: International Trade 13Day 11: The Macroeconomy: On and Off Equilibrium 14Day 12: Economic Policy and The OUBEP Debate 15Day 13: Policy in Action: The Macroeconomics Project 16Day 14: Lessons From Economics to Business and Government 17

Directory Core faculty 18Guest faculty 20Evening speakers 23Delegates 26TEP delegates 33

Oxford University Business Economics Programme 20182

An introduction to OUBEPThe OUBEP Summer School equips delegates with the economic theory and practice needed to understand the strategic context and choices facing business in the modern world. It involves a wide range of lectures, syndicate sessions, and projects allowing delegates to explore the areas of economics that are relevant to their professional lives.

Staff detailsCourse DirectorSourav NiyogiManaging Director, Digital Supply Chain and Cost Transformation, Accenture

Senior TutorRui EstevesAssociate Professor in Economics,Department of Economicsand Brasenose College

Syndicate Tutors Peter EsoReader in Economics, Department of Economics and Jesus College

Beata JavorcikProfessor of Economics, Department of Economics and All Souls College

Michalis RousakisFellow in Economics, Department of Economics and Merton College

Programme ManagerErin SaundersCommunications and Events Manager, Department of Economics

Programme AdministratorLinda HulewiczDepartment of Economics

Programme AssistantHana Barnes

Course notes � Lectures are held in the

Clifford Barclay Theatre.

� Syndicate sessions are held in Foundry Room, Seminar 2 and Seminar 3.

� The OUBEP course office is in the West Syndicate 9.

� The OUBEP Tutors’ Room is in the West Syndicate 10.

� Tea and coffee are available throughout each day in the Common Room.

� Breakfast, Lunch and Dinner are served in the Dining Room.

� Pre-dinner drinks are served on the College Patio (weather permitting).

� Standard lectures last for one hour each.

� Full biographies of Tutors, Guest Lecturers, Visiting Speakers and Delegates are available in the Directory on page 18.

Oxford University Business Economics Programme 2018 3

An introduction to OUBEP

Overview

So, what is economics? How can the study of economics help to inform and to improve the decisions made throughout business and government?

An easy textbook definition would be that economics is “the study of resource allocation.” However, in reality, our perspective is much broader. Economists are interested in human behaviour, and in particular the decisions that people make when the outcome for them also depends on the decisions of others. Hence, in effect, we study “interactive decision making.” Sometimes different decisions are linked by the prices of a market system (this is microeconomics), or the strategic considerations of those involved (this is game theory), or sometimes we take a “big picture” perspective on the aggregate properties of economies (this is macroeconomics).

In the first day, we explore what economics is about and how it can be applied in real-world scenarios. The first lecture offers an introduction to the world economy - as a whole and in its components. It describes core facts of the world macro environment in terms of economic growth, inequality and global imbalances. The second lecture explains what underpins economists’ faith in markets as a way of efficiently allocating resources. In this lecture an experimental game is used to explore how markets might be balanced, and what market outcomes we might expect. This first day provides a crucially important opportunity for course delegates to absorb themselves into the style of analysis that will be used throughout the course.

1 2:00 Director’s Introduction

12:30 Academic Briefing

1:00 Lunch

2:00 Around the World in Sixty Minutes Rui Esteves

3:00 Syndicate Discussion

3:45 Understanding How Markets Work Michalis Rousakis


6:00 Course Director’s icebreaker

7:15 Barbecue

Saturday 14 July 2018

Economics in Action: Micro and Macro Effects

Programme timetable


Overview

In the first two lectures of today we continue with the topic of how markets work and also how they may be created.

Having experimented with market behaviour yesterday, the first lecture discusses in more detail what lies behind the demand and supply sides of markets and the mechanisms that bring these into balance.

Then, in the second lecture, we discuss how to interpret observed changes in prices and quantities in markets, whether market outcomes can be improved on and the effect of government intervention in markets. In particular, if markets are such a good idea why are societies so unequal? Economics began as the study of how scarce resources could be assigned between competing uses. The market mechanism is one way to do this. It can produce outcomes which are ‘efficient’ - but also potentially very unfair.

In the third lecture we take up these questions in the context of recent trends in developed and developing nations. If the situation is to be changed then government will have to act. Governments raise revenue through taxes to attain social objectives, but the government’s power to tax and spend can be both a solution and a problem. The final lecture considers in more detail how taxation affects market outcomes.

8:00 Breakfast

8:30 Director’s Introduction and Academic Briefing

8:45 Demand and Supply I Peter Eso


11:00 Demand and Supply II Peter Eso

12:00 Lunch


1:45 Income and Equality Robert Joyce

3:00 Taxation Robert Joyce


7:30 Curry and Croquet

Sunday 15 July 2018

Markets: Efficiency and Taxation


Programme timetable

Overview

Market mechanisms work well when there are no “market failures.”

Today we consider the first source of market failure, the so-called “externalities” i.e. when certain activities directly affect others without being transmitted via the market mechanism.

Examples are the negative spillover of pollution-generating production or the positive spillover stemming from copied research and development. This is a concern not just for policymakers, but also for the world of business, since spillovers can occur within the boundaries of a firm’s own supply chain.

Today’s lectures consider the possible responses to spillover-generated inefficiencies. In parallel, we ask syndicate members to work on a structured public-policy project, which puts simple economic tools into action; whereas there is a policy focus, the lessons also apply within private-sector organisations. The final lecture considers perhaps the largest externality of them all: Carbon dioxide and Global Warming. We ask whether the need for a Low Carbon Growth Path will lead to stagnation in advanced economies. Or will the quest for new technologies reignite growth prospects in Western economies?

8:00 Breakfast

8:45 Director’s Introduction and Academi Briefing

9:00 Missing Markets and Second-Best Solutions Alexei Parakhonyak

10:00 Project Tasks in Syndicates

11:15 Pricing Incentives versus Quantity Controls Alexei Parakhonyak

12:15 Break, followed by Lunch at 12:30

1:15 Project tasks in syndicates

3:15 Project Review: Lessons for Transport Policy Alexei Parakhonyak

4:30 Climate Change and Low-Carbon Growth Cameron Hepburn

7:00 Drinks Reception followed by Dinner at 7:30

8:45 Evening Speaker: Lord Victor Adebowale

Monday 16 July 2018

Market Intervention andThe Public-Policy Project

Programme timetable


Overview

When a simple market-based transaction takes place, a price determines the allocation of a good or service.

Sometimes, however, what economists call “ information asymmetries” may be present. This simply means that buyers and sellers may have private, price relevant, information about the product or service at the centre of the transaction.

We begin the day exploring the impact of such private information on market outcomes. We demonstrate that such problems can negatively impact markets down leading to, for example, credit rationing and the misallocation of graduates to jobs and industries. This market problem is often addressed by ‘screening’ or by ‘signaling.’ Screening is a practice common in the insurance industry and we explore it in the first lecture.

Signaling is the subject of the second lecture and underpins much of the practice of investor relations at major corporations. In the third lecture we further develop the role of information asymmetries by focusing on one of its most important applications – corporate finance. In this lecture we establish the core principles of corporate finance, namely, how the capital structure of a firm may generate value.

In the final lecture of the day we turn to the problem of contracting. In contracting the private information arises after the contract is signed: a worker must be incentivised to fully pursue her employer’s objectives. Or a firm must be incentivised to pursue the needs of her client.

8:00 Breakfast


9:00 Market Collapse and Screening Alex Teytelboym


11:15 Signaling in Theory and Practice Alex Teytelboym

12.15 Break, followed by Lunch at 12:30


2:15 Corporate Finance: Financial Policy and Firm Behaviour Alex Teytelboym


4:30 Providing Incentives Via Contract Design Alex Teytelboym

6:00 Dinner

7:00 Depart Egrove for a tour of Oxford with Isabella Underhill

Tuesday 17 July 2018

Private Information: Market Effects and Responses


Programme timetable

Overview

On Monday we saw that markets can fail when prices fail to incorporate spillovers. Prices can also be distorted when buyers or sellers have significant market power.

Firms with market power do not take prices as given, but rather set their own prices. For instance, a monopolist can choose to restrict supply and drive prices and profits upwards. The optimal pricing decisions, supply decisions, and procurement decisions for a firm, however, do depend on the actions taken by others, either at the same time or in the future. A business faces an “interactive decision making” problem – its best “move” depends on the likely moves of others, and it must anticipate these moves by imagining itself “walking in the shoes of others” so that it can work out what they will do.

We analyse situations such as these by employing the tools of game theory – the scientific analysis of strategic decision-making. We investigate a number of game-theoretic tools for modelling and “solving” strategic scenarios. We apply these tools to problems of corporate strategy. In parallel, syndicate members work on a structured strategic project which puts a selection of tools into action. The final lecture reviews the “strategy mini-project” and suggests how the lessons may be applied.

8:00 Breakfast


9:00 Strategic Thinking: Some Basic Tools of Game Theory David Myatt


11:15 Anticipating Future Play David Myatt



2:15 Strategic Reactions against the Competition David Myatt


4:45 Project Review: Lessons for Entry and Investment David Myatt


8:45 Evening Speaker: Mark Spelman

Wednesday 18 July 2018

Corporate Strategy: Applying the Tools of Game Theory

Programme timetable


Overview

Our focus so far been on market interactions, whether perfectly competitive, monopolistic, or oligopolistic.

However, auctions are an important mechanism in economies both ancient (the Greeks, Romans and Babylonians all used them) and modern. The application of the tools of microeconomics and game theory to auctions has been immensely profitable. Today we begin by describing the different auction formats and their uses, before considering the optimal bidding strategies for participants.

We then take the perspective of an auction designer, by assessing which auction formats should be used to maximize efficiency, maximize sales revenue, or minimise procurement costs. The third lecture offers perspectives on how businesses have used auctions in practice to cut procurement costs and maximise sales value. Not all of these practices have been in the interest of the customers and we conclude the day with a lecture that highlights some issues in real life auction design and participation.

8:00 Breakfast


9:00 Auctions: Basic Formats and Optimal Bidding Peter Eso


11:15 Auction Design in Theory and Practice Peter Eso



2:15 Auctions in Business Peter Eso


4:30 Applications of auctions: some recent experiences Dan Maldoon


8:45 Evening Speaker: Angus McCallum

Thursday 19 July 2018

Auctions and Procurement


Programme timetable

Overview

Today is the Topical Economics Programme Day dedicated to how economics can help improve the environment through the design of market mechanisms.

In the first lecture, we introduce the concept of natural capital, why it is disappearing and why we should worry about it. Are we running out of mineral commodities? Where is the all the fish gone?

In the second lecture, we explain how market design might help revert the decline by exploring some successful marketplaces for natural resources. We first will discuss permit markets for carbon, fishing, and wetlands. We will then see why not all environmental marketplaces work well by looking at water quality trading, species trading, and payments for ecosystem services.

This is followed by a third lecture dealing with the inherent difficulties in protecting entire ecosystems and how clever market design for natural capital can help us overcome them.

The final session is a topical economics round table. Each of the tutors will present an economic analysis of a major recent economic event. The round table allows the delegates to ask questions to the tutors on these and other economic issues. The day completes with the set-piece OUBEP dinner inside Balliol College.

8:00 Breakfast

8:45 Director’s Welcome and Senior Tutor’s Introduction

9:00 What is nature worth? Alex Teytelboym


11:15 Natural capital market design: what seems to work and what doesn’t Alex Teytelboym



2:15 Natural capital market design: a bright future? Alex Teytelboym


4:30 Round Table Peter Eso Beata Javorcik Michalis Rousakis

7:00 Depart Egrove for a formal College Dinner

7:30 Drinks Reception followed by Course Dinner in Balliol College at 8:00

Friday 20 July 2018

Topical Economics Programme –Avoiding Environmental Collapse through Market Design

Programme timetable


Overview

The topic of the day is behavioural economics, one of the most fruitful areas of economic research of recent.

Most of economics assumes that people think hard before they make a decision, then choose whatever is in their individual monetary best interest without the regard for others, and finally carry this decision through without self-control problems. It turns out that many people are not like that. Real people often don’t like to think about complicated decisions and, even if they do, fail to identify what is best for them. They incur costs to be nice to others, incur costs to be nasty to others, are inconsistent over time, have problems understanding probabilities and have limited self-control.

The area of behavioural economics combines insights from economics, psychology and sociology and tries to understand how real (or “behavioural”) people actually decide, where and how their decisions differ from the standard economic model, and how best to deal with this kind of people. The two lectures of today focus on what a firm should do if its customers are behavioural and what a firm should do if its employees are behavioural.

8:00 Breakfast


9:00 What to do if customers are behavioural? Johannes Abeler


11:00 What to do if employees are behavioural Johannes Abeler


1:00 Lunch

Free afternoon

Saturday 21 July 2018

Behavioural Economics


Programme timetable

Overview

Finance is key to the modern working of the firm.

As executives rise within their organization it becomes increasingly important for them to judge the constraints, and opportunities, placed on them by the external capital markets. But, as we know by now, markets are seldom perfect, particularly in the presence of asymmetric information. Stock markets exist to aggregate public information on financial assets, but not all information is public, which raises many questions about how efficient they are at pricing companies and allocating funds.

The first lecture deals with these questions. In the second lecture we turn to asset allocation and investment decisions from the sell side perspective. We ask how idiosyncratic versus market risk should be balanced in investment appraisal. We investigate the option value of waiting and ask how firms can and should hedge. In the third lecture we explore how financial markets can help dealing with unstructured risk by taking on a particularly salient case – ecological risk.

Notes Please note that breakfast is later than usual today.

8:45 Breakfast


11:15 Stock Exchanges: The Perfect Market? Michalis Rousakis



2:15 Evaluating Investment Decisions: Assets and Option Values Michalis Rousakis


4:30 Ecological Risk Michalis Rousakis


8:45 Evening Speaker: Peter Lacy

Sunday 22 July 2018

Financial Markets

Programme timetable


Overview

Today is focused on International Trade. The demand and opportunities for production in many emerging markets has excited many firms keen to benefit from international trading opportunities.

Today we explore the rationale for free trade and ask whether it benefits all, or just those countries who are already advanced and have an absolute advantage in production. We study who the losers from free trade are and how free trade changes the rewards to being in capital-intensive versus less-capital-intensive industries.

The third lecture digs deeper into the topic of international competition by providing analytical tools to understand how firms can responding to the pressures of global trade; and what one might infer about future trends. The final lecture adds an extra dose of realism and examines what happens when trade is distorted by policy. In particular, it discusses how the role of the World Trade Organization can be both a blessing and a curse.

8:00 Breakfast


9:00 The Basics of International Trade Theory Beata Javorcik


11:15 Winners and Losers from Trade Liberalization Beata Javorcik



2:15 Europe and Global Trade Beata Javorcik


4:30 How firms use the WTO and its rules to their advantage Beata Javorcik


8:45 Evening Speaker: Martin McCann

Monday 23 July 2018

International Trade


Programme timetable

Overview

Today we move our focus to economic aggregates.

In the first lecture, we extend our horizon to the long run, which means ignoring the business cycle, to study how economists explain why certain economies grow faster than others. The lecture has a policy focus by asking what governments can do – if anything – to raise a country’s long run growth rate.

In the remaining three lectures, we seek to explain why economies work as they do. We begin by exploring the relationship in an economy between investment, government spending and consumption. In the second lecture, we explain how in order for the goods market to be in equilibrium, savings must balance investment. Not all goods and services consumed (or invested) in an economy are produced locally, so we also need to account for foreign trade.

In the third lecture, we introduce prices and the labour market. The aim is to explain what drives inflation and unemployment. We also qualify what we mean by an economy being in equilibrium. However, an open economy needs to find an equilibrium in its domestic markets in response to the pressures of money and goods travelling into and out. Our analysis cannot be complete without considering the response of the international markets and this will be in large part mediated via the exchange rate. Thus, in the final lecture we consider the determinants of exchange rates. We also discuss how misaligned exchange rates reflect on balance of payments problems.

Notes Please note that dinner is served earlier than usual to allow time for commuting into town for the theatre trip to Shakespeare’s Globe at the Bodleian (optional).

8:00 Breakfast


9:00 Growth in the Long Run Brian Bell


11:15 The Short-Run in Macroeconomics Brian Bell



2:15 The Medium-Run in Macroeconomics Brian Bell


4:30 The Determinants of Exchange Rates Brian Bell

6:00 Dinner

7:00 Theatre trip

Tuesday 24 July 2018

The Macroeconomy: On and Off Equilibrium

Programme timetable


Overview

Today we continue to develop our understanding of the aggregate economy by considering how policy can help steer the economy toward better outcomes, namely in terms of unemployment and inflation.

In the first lecture we consider the central bank’s objectives and her policy instruments. Central banks in most economies converted to target inflation by controlling the interest rate and we will discuss how that is a way of managing the economy. The other side of macro policy, fiscal policy, is the topic of the second lecture. We will review what instruments governments can use to stabilize the economy and how they articulate with monetary policy. In the final lecture we tie all the material together in the light of the macroeconomic scenario since the financial crisis. The global recession was so severe that it required new policy tools, the better known of which is Quantitative Easing (QE). We will also review in this lecture the issue of debt sustainability.

The keynote event of the day is the OUBEP debate. The OUBEP syndicates will be divided into two teams (for and against the motion). They will be given the afternoon to research their arguments before some (randomly) selected delegates will be chosen to speak for and against the OUBEP motion. All delegates, whether speaking from the podium or interrogating the speakers from the floor will contribute to the debate. The winning position will be selected by the evening speaker. The debate is a critical test of the extent to which the delegates are able to turn the economic thinking they have been exposed to throughout OUBEP into real world insight.

8:00 Breakfast


9:00 Central Bank Intervention Rui Esteves

10:00 Break for coffee

10:15 Fiscal Policy Rui Esteves



1:15 Recession Economics Rui Esteves

2:15 Debate Preparation and Research

6:15 The OUBEP Debate: Title to be selected during OUBEP. In 2017 the title was: “The current asset price bubbles pose a large danger to the world economy and must be popped.”


8:45 Evening Speaker: John Ferguson

Wednesday 25 July 2018

Economic Policy and The OUBEP Debate


Programme timetable

Overview

Whereas the tools of macroeconomic analysis give us insights into the behaviour of economic aggregates and the effect of policy, it is often difficult to understand the magnitude of effects and the time scale over which they operate.

The aim of the Macroeconomics Project is to fill this gap. Syndicates are equipped with a PC-based version of a full-blown economic forecasting model and are able to vary policy instruments. Economic and political objectives are specified, and the aim is for syndicates to propose, explain and implement policies aimed at fulfilling these objectives.

This is very much a “hands on” project day, in which syndicate members are able to fully understand the macroeconomic forces that face real-world policymakers. The model used is not a toy or a stylized representation; its parameters are estimated based on up-to-date macroeconomic data.

8:00 Breakfast


9:00 Macroeconomics Project Briefing Neil Walker


12:30 Lunch


2:30 Submission Deadline for Policies to 2015Q2


5:00 Submission Deadline for Policies to 2018Q2

6:00 Syndicate Presentations

6:30 Macroeconomics Project Review Neil Walker

7:00 Course Director’s Event

Thursday 26 July 2018

Policy in Action: The Macroeconomics Project

Programme timetable


Overview

Based on our past experience at OUBEP, the final morning is often viewed as the most crucial part of the entire programme.

We strive to ensure that OUBEP delegates share the perspective of economists: the way in which we take economic scenarios, isolate their various components, and then study the mechanisms that link economic decisions together. It is also important to understand how different elements of economic thinking draw together. This leads us to the first two sessions today.

Based on broad themes of microeconomics and macroeconomics, we put the pieces of the puzzle together to give a “big picture” perspective on how economists think and how economies work.

Finally there follows an opportunity for feedback to delegates in which the tutor can highlight areas of potential interest, and perhaps further reading, tailored to each individual delegate’s tastes and requirements.

8:00 Breakfast


9:00 Microeconomics: Markets, Strategies and Incentives Michalis Rousakis

10:00 Coffee

10:15 Macroeconomics: Understanding World Economies Rui Esteves

11:15 Feedback with Tutors in Syndicates: Lessons to Take Away

12:30 Lunch

2:00 Farewell from OUBEP

Friday 27 July 2018

Lessons From Economics to Business and Government


Programme timetable

Sourav NiyogiCourse Director 2018Sourav is a Managing Director at Accenture leading the Cost Reduction and Digital Supply Chain practice in UKI. He works with clients to help them unlock trapped value by leveraging digital solutions like Analytics, Cloud Computing, Social Media, Internet of Things and Blockchain.

Sourav was educated in Engineering at National Institute of Technology, Silchar and did his MBA at Indian Institute of Technology, Kharagpur. Prior to Accenture, Sourav focussed on Customer and Supply Chain Analytics at GE and led the eCommerce team at PwC. Sourav is an OUBEP alumni from 2013.

Rui EstevesSenior TutorRui runs the academic side of OUBEP. Rui is an Associate Professor in Economics at Oxford, and a Fellow and Tutor of Brasenose College, Oxford. He was educated in the Universities of Porto and California, Berkeley. Before coming to Oxford, Rui held an academic appointment at Simon Fraser University in Vancouver. His research focuses on topics of international finance, institutional economics, and public finance in a historical perspective.

Recent projects deal with the nature of governance in the sovereign debt market, the determinants of capital flows to developing nations, infrastructure investment, emigrants remittances, and rent seeking in public office.

Peter EsoSyndicate Tutor (Green)Peter is a Reader in Economics and Tutorial Fellow of Jesus College, Oxford University. After completing a PhD in Economics at Harvard University, Peter became an Assistant Professor at the Kellogg School of Management, Northwestern University (USA) in 2001. He joined Oxford in 2009, and has been teaching Microeconomics and Game Theory at both the undergraduate and graduate levels.

His research focuses on game theory and the economics of information, studying questions such as the role of risk aversion in trading games (e.g., auctions); communication and bargaining when parties may obtain provable information; and what determines the price of advice (how to sell and disclose information). Peter occasionally advises companies on auctions of telecommunication licenses.

Core faculty

Directory


Beata JavorcikSyndicate Tutor (Red)Beata Javorcik is a Professor of Economics at the Department of Economics at Oxford, and a Fellow of All Souls College. She specializes in international trade, economic development and macroeconomics. Prior to coming to Oxford, she worked for eight years at the World Bank in Washington DC where she was involved in lending operations and provided policy advice to developing countries in Central and Eastern Europe, Latin America and Asia.

Her research interests focus on determinants and consequences of inflows of foreign direct investment, links between exporting and firm performance, and tariff evasion. She holds a PhD in Economics from Yale University and a BA from the University of Rochester.

Michalis RousakisSyndicate Tutor (Blue)Michalis is a Career Development Fellow at the Department of Economics and a Fellow of Merton College at the University of Oxford. Prior to Oxford, he completed his PhD in Economics at the University of Warwick in 2012 and spent two years as a Max Weber Fellow at the European University Institute in Florence afterwards.

His research interests lie in Macroeconomics and Monetary Economics and his current research explores the interaction between the labour market and the housing market.


Directory

Johannes AbelerUniversity of OxfordJohannes is an Associate Professor at the Department of Economics and Tutorial Fellow at St Anne’s College, Oxford University. After studies of Electrical Engineering and Industrial Engineering, he completed a PhD in Economics at the University of Bonn and then moved to the University of Nottingham. He joined Oxford in 2011 and is teaching mainly Public Economics and Microeconomics.

In his research, he applies insights from behavioural and experimental economics to questions in labour and public economics. His research has studied the economic effects of honesty, disappointment, fairness, complexity, and fungibility.

Brian BellKing’s College, LondonBrian Bell is a Senior Lecturer at the School of Management & Business, King’s College London. He was previously a Tutorial Fellow in Economics at Lady Margaret Hall, Oxford. He is also an Associate Fellow of the Centre for Economic Performance at the London School of Economics. He completed his DPhil in Economics at Nuffield College, Oxford in 1996 but since then has spent most of his career outside of academia. He worked as an Economist and Proprietary Trader for a number of Hedge Funds and Investment Banks in London and also spent time at the International Monetary Fund and the Bank of England.

He resumed his academic career in 2009 and now focuses on issues of pay at the top of the earnings distribution (focused particularly on Bankers and CEOs) and on the economics of crime.

Cameron HepburnUniversity of OxfordCameron Hepburn is an economist with over a decade’s experience working on environmental and climate change issues, with particular interests in the theory and implementation of emissions trading, the economics and ethics of cost-benefit analysis, and the economics of apparently irrational individual behaviour. He has advised various governments and international institutions on environmental and climate policy, and has worked with a range of private sector clients on environmental and climate strategy. He currently holds Fellowships at Oxford University (New College and the Smith School of Enterprise and the Environment) and is a Visiting Fellow at the London School of Economics (Grantham Research Institute). He is also a member of the UK Defra Academic Panel and the Ofgem Environmental Economists Panel, an Associate Editor of the Oxford Review of Economic Policy, and is a co-founder and Director of Climate Bridge Ltd and Vivid Economics Ltd. He holds a D.Phil. and an M.Phil. in Economics from the University of Oxford (as a Rhodes Scholar), and first class degrees in Law and Engineering from the University of Melbourne.

Guest faculty

Directory


Robert JoyceInstitute for Fiscal StudiesRobert Joyce is a Research Economist in the Direct Tax and Welfare sector. His main research interests are in the evolution of living standards, the design of the tax and benefit system, and the relationship between the two. He has been involved in several re-cent and current projects that attempt to simulate future levels of poverty and average incomes in the UK.

Other work has focused on the determinants and consequences of children’s early developmental indicators. Current research looks at whether parental marital status has any causal impact on children’s cognitive and social skills; and whether early mental health problems have significant economic impacts later in life.

Dan MaldoomDot EconDr Dan Maldoom is a partner of the economic consultancy DotEcon, who design and implement auctions and market mechanisms around the world and assist bidders in high-stakes auctions. DotEcon has run all the UK’s spectrum auctions since 2000 and was responsible for the design and implementation of the Indian 3G auction.

DotEcon has pioneered the application of combinatorial auctions to spectrum allocation. It has also been involved in novel applications of auctions, including within energy, transport and central banking. Before founding DotEcon in 1999, Dan was a University Lecturer in Economics at Oxford and has a DPhil from Nuffield College.

David MyattLondon Business SchoolDavid is a Professor at London Business School. He was educated at the London School of Economics, the Massachusetts Institute of Technology and Oxford University. He specialises in game theory: the scientific analysis of strategic decision-making. He applies this work to the fields of microeconomics, industrial economics, the economics of new technologies, political science and evolutionary biology.

His current major research topics include the analysis of advertising, marketing, and product design strategies; the role of secondary trading markets such as eBay; analysis of cabinet governance; new theories of leadership; theories and empirical analysis of voter turnout and tactical voting; game-theory applications in macroeconomics; and the study of collective-action problems.


Directory

Alexei ParakhonyakUniversity of OxfordAlexei is an Associate Professor at the Department of Economics and Tutorial Fellow at Lincoln College, University of Oxford. After studies of Mathematical Methods in Economics, he worked in the financial modelling group in Deloitte. He completed his PhD in 2010 at Erasmus University Rotterdam and Tinbergen Institute and then moved to Higher School of Economics, Moscow.

Alexei joined Oxford in 2015 where his research focuses on Industrial Organization, with a focus on consumer search theory and information asymmetries in consumer markets.

Guest faculty

Alex TeytelboymUniversity of OxfordAlex is an Associate Professor in Economics, Tutorial Fellow at St Catherine’s College, and Deputy Director of the Economics of Sustainability Programme at the Institute for New Economic Thinking (INET) at the Oxford Martin School. Alex is economist who is interested in market design as well as social and economic networks.

His main research interests lie within market design (e.g. matching markets and auctions) and network economics. He is interested in the applications of economic theory to many policy areas, including environment, energy, and refugee resettlement. Before joining the economics department at Oxford, he was the Otto Poon Research Fellow at INET and a Postdoctoral Fellow at the Laboratory for Information and Decision System at M.I.T. He received a B.Sc in Economics (2008) from the London School of Economics and M. Phil. (2010) and D. Phil. in Economics (2013) from the University of Oxford.

Neil WalkerOxford EconomicsNeil is Head of Macro Modelling at Oxford Economics. He recently moved back to the UK after 5 years in New York where he also headed up the Macroeconomic Consulting team in the Americas.

He has a major focus on scenario work and leads a large number of stress testing projects, especially those relating to new financial regulation including the PRA, CCAR, DFAST, HKMA, and IFRS9. He is also responsible for the development and maintenance of Oxford’s Global Economics Model.

Guest faculty

Directory


Evening speakers

Lord Victor AdebowaleTurning PointVictor is the CEO of Turning Point, a social enterprise providing health and social care interventions to approximately 77,000 people on an annual basis. Victor sits as a Non-Executive Director on the boards of NHS England, the Co-Operative Group, Collaborate CIC, IOCOM and Leadership in Mind, he is also the Chair of Social Enterprise UK.

Victor has chaired a number of commission reports into; policing, employment, mental health, housing and fairness for The London Fairness Commission, the Met Police and for central & local government. He was awarded CBE for services to the unemployed and homeless people, and became a crossbench peer in 2001.

Victor is a visiting Professor and Chancellor at the University of Lincoln; an honorary member of the Institute of Psychiatry; President of The International Association of Philosophy and Psychiatry and a Governor at The London School of Economics.

John FergusonEconomist Intelligence UnitAs the Director of Global Forecasting at The Economist Intelligence Unit, John is responsible for providing leadership and oversight for the EIU’s global economic analysis and forecasting. He is a leading voice on the global economy, geopolitics and the future of globalisation.

John has more than 15 years’ experience in policy and economic analysis. He joined the EIU in 2010 and, most recently, he was a Senior Economist in the EIU’s Public Policy, Economics and Politics practice. This time involved research into many of the major factors impacting the global economy: climate change; shifting patterns of geopolitics; foreign direct investment flows; global employment patterns; artificial intelligence; cyber-crime; and trade protectionism. He has also covered global trade for the EIU’s Global Forecasting team for the past 5 years.

Peter LacyAccenture StrategyPeter Lacy is senior managing director at Accenture and a member of its Global Leadership Council. His responsibilities include Growth, Strategy and Sustainability and he leads Accenture’s relationship with the World Economic Forum and its Digital Transformation of Industries program. He also leads Accenture UK and Ireland Strategy business.

Peter chairs various taskforces at the World Economic Forum, and he founded the WEF YGL Taskforce on Circular Economy and the WEF YGL Circular Economy Awards. He has led the world’s largest study on CEO attitudes to sustainability for the United Nations’ Secretary General four times, and he was a founding signatory of the United Nations’ Principles for Responsible Management Education. His latest book “Waste to Wealth – the Circular Economy Advantage” is published by Palgrave in 8 languages and is an Amazon best seller.


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Martin McCannRedR UK Martin has been Chief Executive of the humanitarian charity RedR UK since 2007. He has been involved in international development and humanitarian work for the last 40 years, ranging from a two-year village based volunteer posting in West Africa to seven years as the Global Program Director of Plan International.

Martin also worked at Practical Action and was the founding Chair of the pan agency Hope for African Children Initiative. Martin also serves as the President of the Sphere Association, the Geneva based leading Humanitarian Standards setting organization.

Evening speakers

Mark SpellmanWorld Economic ForumMark is an international business leader who worked at Accenture for 26 years. He has significant experience in business and digital strategies, operating models and change management.

His Accenture roles included being Global Head of Strategy, Global Managing Director for Thought Leadership and Executive Director for the Accenture Institute for High Performance.

His current roles include working for the World Economic Forum (WEF) on their Future of the Digital Economy and Society Initiative and chairing an EU-China Expert group on the Digital Economy. Mark was Chairman of the American Chamber of Commerce Executive Council in Brussels; his current non executive roles include Chatham House, The Future Cities Catapult in the UK, Harlequins RUFC, a social enterprise Numbers For Good and Chairman of Leap a charity specialising in helping young people understand the causes and consequences of conflict.

Angus McCallum Metropolitan Police ServiceAngus is the Chief Information Officer of the Metropolitan Police Service, (MPS), with responsibility for digital policing and IT transformation he is also a member of the MPS Management Board. Angus is ’Environmental Champion for the Met’ ensuring that MPS deliver targets aligned to the strategic environmental objectives. He is a non-Executive Director for Housing Solutions, a housing association based in Maidenhead.

Previously Angus worked at BG Group, an oil and gas exploration Company operating across 25 countries, where he held a number of positions including Global CIO, Operations Director of one of the largest gas utilities in the Americas, Senior Vice President Transmission and Distribution, Head of Global HR Operations, and Head of Investment appraisal. Prior to BG Group Angus was in the Merchant Navy. Born in Northern Ireland, Angus spent some of his childhood in Pune, India and with BG Group has lived and worked in Argentina and Iran.

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Isabella UnderhillGuided Tour OxfordIsabella Underhill is a long-term Oxford resident and an authority on the city and university. She is a member of the Oxford Guild of Guides and specialises in tailor-made tours for individuals or small groups.

With excellent links throughout the city and university, she can offer a unique range of insights and access to sights rarely seen by the tourist. She was educated in Oxford and at University College London, from which she graduated in Italian and History of Art. Her interests lie in the city’s culture and 800-year history.

Evening speakers dates and times

Monday 16 July8.45 pm Lord Victor Adebowale

Tuesday 17 July7.00 pmDepart Egrove for a tour of Oxford with Isabella Underhill

Wednesday 18 July8.45 pm Mark Spelman

Thursday 19 July8.45 pm Angus McCallum

Sunday 22 July 8.45 pmPeter Lacy

Monday 23 July 8.45 pm Martin McCann

Wednesday 25 July 8.45 pm John Ferguson


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delegates

Martin BreloerCovestro (Blue)Martin haz been General Counsel and Chief Compliance Officer of Covestro AG since October 2016. He started in the company’s legal department in March 2008 and has counseled different business and service units in Covestro since then. Martin began his professional career in a private law firm and worked as in-house counsel for a German utility company.

He studied law in Muenster and Cologne, received his judicial doctor’s degree in Muenster and achieved his Master of Laws (LL.M.) degree in San Diego, California.

Gabriela BucherPlan International (Green)Gabriela is the Chief Operating Officer for Plan International, an organization which strives for a just world that advances children’s rights and equality for girls. Gabriela is from a multi-cultural background and grew up in Colombia. She has over 20 years’ experience in international development with an emphasis on issues of child rights and gender equality.

Over the last 17 years she has held various roles at Plan International and recently took on the position of COO, responsible for Plan International operations with more than 8,000 staff working in more than 50 countries in Asia, Africa and the Americas. Gabriela studied philosophy and literature at University in Colombia and later moved to France for a DEA in History and Civilisation at EHESS.

Laurie BraxtonGSK (Green)Laurie is Vice President and Head of External Supply and Third Party Sales at GSK. She is originally from Raleigh, NC and has been on assignment in the UK since 2016. Laurie has been with GSK for 15 years primarily in procurement and supply chain management.

She currently leads a global team responsible for outsourced manufacturing as well as establishing partnerships with other pharmaceuticals to support their outsourcing requirements.

Laurie holds a Masters in Business Administration from Campbell University, North Carolina.

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Michael CrowRBS (Green)Michael is a member of RBS’ Scotland Board and is also Head of UK Regional Public Affairs. His background is in politics and journalism. From 1997 – 1999 he was Westminster Correspondent for STV, returning to Scotland in 1999 where he worked as STV’s Political Correspondent and main political presenter until 2009.

Michaels has interviewed every Prime Minister since John Major MP, covered every election and referendum since 1997, reported on many major events such as the trial of the Lockerbie bomber and made documentaries on a number of issues from Piper Alpha to the rise of Scottish nationalism.

He moved to the Conservative Party in 2009 to be Director of Strategy and Communications in Scotland working for David Cameron and George Osborne, before leaving to join RBS in 2010.

Michael holds a postgraduate degree in Bi-Media Journalism from Leeds, and a MA from St Andrews.

Neville Dalmedo Endless Ltd (Red)Neville has recently been appointed as a director and equity shareholder at Endless Ltd, a bureau de change in Gibraltar. Prior to this Neville worked for RBS for over 10 years, joining the bank as a cashier in Gibraltar in 2007, working his way up to managing 3 branches in the Southampton and New forest area in the UK.

Neville holds several banking qualifications, including a Chartered Professional Banker Certificate, and Certificate in lending, both obtained from the Chartered Institute of Banking; and a Certificate in anti money laundering from the International Compliance Association. He is also a member of the Chartered Institute of Banking. Neville was appointed onto the board of directors for the Gibraltar Federation of Small businesses in 2016.

Tawfik DeifallaProcter & Gamble (Blue)Tawfik has been working for P&G for 17 years in 3 continents and 4 countries. He is currently the Plant Manager of Amiens Plant in north of France. Tawfik’s relationship with P&G started as a summer intern in Mechelen-Belgium, and after that he finished his Mechanical Engineering studies in Ain Shams University (Cairo, Egypt).

Tawfik spent two years as a Teaching and Research Assistant while completing his Masters, after which he decided not to go for PhD and instead he left the university halls and joined the production floor. He then joined P&G in Belgium for 7 years, then moved to Cairo for another 7 years in Egypt, 1.5 years in India and now in France.


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Yasmin GeorgiouGOSH Charity (Red)Yasmin is the Head of Digital Engagement at GOSH Charity. She has ten years marketing and communications experience in the not-for-profit sector, spanning social enterprise, international development and currently a leading children’s health charity. Yasmin’s role at GOSH Charity includes leading an ambitious Digital Transformation programme, creating digital strategies that drive fundraising income and managing a high-performing team of sixteen digital professionals.

Her career history to date has been underpinned by her desire to work for organisations that have real social and economic impact. Yasmin graduated from Birmingham University with an English degree, applied for an internship at War Child one month after and has not stepped outside the charity sector since!

Yasmin holds a BA (Hons.) in English from Birmingham University.

delegates

Massimo FerrariBarilla Group (Red)Massimo is Chief Audit Officer at Barilla Group, a multinational food company, based in Parma, Italy. In his position Massimo helps the organization achieve its strategic, operating, reporting and compliance objectives by providing assurance and consulting services on governance, risk management and the internal control system. Prior to Internal Auditing, Massimo worked as finance controller for Barilla Group and for Chiesi Group – a pharmaceutical multinational based in Parma, and as external auditor for Arthur Andersen in Milan.

Massimo holds an MBA from SDA Bocconi, Milan, and a MS in Economics from the University of Parma, Italy. Furthermore, Massimo attended the Advanced Management Program at IESE Business School in Barcelona, Spain, and executive education programmes at Harvard Business School and Stanford Graduate School of Business.

Penny FowlerOxfam GB (Blue)Penny is Head of Oxfam GB’s Private Sector Team. She is responsible for leading Oxfam’s engagements with business - ranging from collaborative bilateral partnerships to innovative multi-stakeholder initiatives to challenging advocacy and campaigns – with a focus on promoting respect for labour and human rights, and gender equality in global supply chains.

Penny has twenty-five years’ experience of working on international development, trade and economic policies and programmes in the public and voluntary sectors, both in the UK and overseas. She holds a BSc in Economics and Politics from the University of Bristol and an MSc in Economics for Development from the University of Oxford.

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James HallamAccenture (Blue)James is a managing director within Accenture and has been with the organisation for over 15 years. He has extensive experience working with Oil & Gas and Retail clients, with a particular focus on Downstream, Fuels & Convenience Retailing.

James currently leads Accenture’s Digital Consulting practice for Resources and has a passion for innovation and digital disruption.

In recent years he has been helping global clients explore key macro, industry and technology trends and advising on how to change, innovate and adapt to ensure future success.

James holds a BSc (Hons.) in Management Science from the University of Warwick.

Jim HodgesProcter & Gamble (Red)Jim is Associate Director, Chemicals and Ingredients Purchases at Procter & Gamble, where he leads the Global Surfactant Purchases organization. The team sits in the Cincinnati, Geneva, Panama City, Singapore, Guangzhou, Mumbai and Moscow. They buy the stuff that makes the “bubbles.”

Over his 21-year career at P&G, Jim has worked in Purchases, Engineering and Logistics organizations. He has worked in 5 P&G locations, 3 in the US, 1 in Russia and 1 in Switzerland. Prior to P&G, Jim spent three years in manufacturing with the Lubrizol Corporation and one year in sales with the Petrolite Corporation.

Before beginning his professional career, Jim earned a BS in Chemical Engineering with a minor in Biomedical Engineering from the Carnegie Mellon University.

Christopher JonesProctor & Gamble (Green)Chris is a FMCG Supply Chain expert with over 20 years of experience, and is currently Plant Manager at Proctor & Gamble in Romania. Chris’ experience has been evenly split between Manufacturing and Head Office roles, covering the full range of responsibilities from Operations through HR to New Product development and Logistics. During his 10 years in business facing Head Office roles, Chris has developed commercial knowledge and business acumen.

He is passionate about delivering on commitments and he places a huge amount of value in personal integrity and personal leadership. Chris strives to bring clarity of thought and a bias for action to the organisations that he leads to enable them to deliver what is needed.

He holds a degree in Manufacturing Engineering from the University of Warwick.


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delegates

Chiara Giulia LaudaniProctor & Gamble (Red)Chiara is currently leading the Global Fabric Care Liquid Laundry Platform Innovation Portfolio at Procter & Gamble. In this role, she is responsible for the related innovation programs and leads the innovation strategy of the global platform.

Chiara joined P&G in 2007 and over the past 10+ years she built a broad base experience in Product Supply in the Fast-Moving Consumer Good Industry in the Fabric and Home Care sector with expertise in Supply Chain, Operational Excellence and Innovation Management. Chiara holds a PhD in BioChemical Engineering.

Karen MacleanRBS (Blue)Karen is Head of Strategy and Planning for RBS. Since joining the bank, Karen has enjoyed a wide range of roles and responsibilities. Drawing upon a strong foundation in risk management, gained through various credit risk roles at RBS in both Edinburgh and London, Karen moved in to the Non-Core division - the ‘bad bank’ arm of RBS - in 2011.

As part of the ‘bad bank’, Karen played a key role in one of the most dramatic shrinkages of any bank in the world - this included a move to Asia where she led the disposal of a DCM business in HK & South Korea. Most recently, Karen has returned to a Retail Banking role, leading Strategy and Planning for the Personal Banking division.

Karen holds a BSc in Mathematics from Herriot Watt University in Edinburgh.

Pierre LanauAccenture (Red Syndicate)Pierre is Partner at Accenture. He began his career in 2001 by cofounding a company with the objective of digitalizing the relationship between students, high schools and companies to facilitate recruitment of top talents. After leaving the company in good hands, he joined Accenture in 2004 and worked on many projects and programs linked to the Energy Transition. Within 11 years, Pierre became partner and assisted the company in achieving innovation and growth in the Consulting domain for Energy Transition active companies.

With more than 17 years of experience and the successful completion of more than 30 projects, Pierre gained skills in transformation programs, digitalization and data management. He also has a deep knowledge of the Smart Grid area.

Pierre has an engineering degree from the Ecole des Mines de Saint-Etienne.

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Sakhila MirzaLBMA (Blue)In her role as General Counsel of the London Bullion Market Association and also as Executive Director of the LBMA Board, Sakhila works closely with the CEO on the strategic direction of the LBMA. Her responsibilities include all the legal and regulatory work of the Association and that of London Precious Metals Clearing Limited (LPMCL). Her role involves the LBMA’s work in relation to Responsible Sourcing, lobbying efforts on behalf of members on a wide range of regulatory issues, for example the EU Conflicts Minerals regulation.

Sakhila brings a wealth of experience to the Association, having previously worked in the energy and commodities industry where she dealt with compliance, legal and regulatory matters. Sakhila read law at the London School of Economics and went onto qualify as a solicitor.

Tommaso PrandoVersalis (Blue)Tommaso is the manager of the Renewables Research Centre of Versalis, the biggest chemical company in Italy (wholly owned by Eni, the Italian oil company). Within his job, Tommaso is responsible for assuring that all the research activities in the centre are developed in compliance with national regulation and company internal policies.

Tommaso believes that taking part in Versalis’ efforts for developing innovative processes based on renewable feedstock and bio-based reactions is an important opportunity to support the progress towards an improved sustainability of chemical industry.

Previously Tommaso was involved, as a process engineer, in designing chemical plants for producing basic chemicals and green chemicals. His activity involved cooperation with international partners and several experiences of plant supervising attended abroad. Tommaso holds a master’s degree in Chemical Engineering from University of Padova (2006).

Angelina ProkofyevaCovestro (Red)Angelina is Sustainability Manager at Covestro in Germany. She graduated in chemistry at the National Taras Shevchenko University in Kiev and obtained her Ph.D. in 2004 in the area of bioinspired catalysis at the Georg-August University Goettingen in Germany. After a short Postdoc stay at the Università degli Studi di Pavia in Italy she joined CAT Catalytic Center at the RWTH Aachen University which is a collaborative effort between the RWTH Aachen and Covestro. Angelina entered Bayer Technology Services in 2010 as a research manager.

Her scientific areas of interest are coordination chemistry, homogeneous and bio-inspired catalysis as well as polymer chemistry. Angelina joined the Sustainability Department at Covestro in 2016 as Sustainability Manager where she is responsible for various strategic topics.


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Uwe SchenkCovestro (Green)Uwe is vice president and head of infrastructure and operations, managing the IT-Run within the IT-team of Covestro. He started his career in 1985 with an apprenticeship for informatics. After several years working as programmer Uwe moved on as SAP consultant in 1995. Starting in 1999 he managed several global SAP implementation projects within Bayer.

In the post deployment organization Uwe took over the responsibility of managing the SAP application operations for Bayer globally. In 2009 Uwe took over the responsibility of managing the operations of the Bayer global data centers and in 2012 he took on the global network operations. Starting in 2013 Uwe managed the application operations for Bayer heading a globally distributed team of more than 500 people. With the carve out of Bayer Material Science into Covestro in 2015, Uwe took over his current position.

He holds a degree in Informatics from FernUniversität in Hagen, and has completed several executive education programmes with IMD and the London Business School.

Dario SpecialeVersalis (Green)Dario Speciale has 13 years’ experience in the largest Italian petrochemical company (Versalis Spa, a subsidiary of Eni group). He has gained national and international experience by actively participating in initiatives for the design and operation of petrochemical plants. Dario is currently working as Project Manager in Production Chemistry Oilfield application for Upstream needs. He elaborates and develops the processes, phases and activities of Oilfield projects portfolios, and he manages their planning and implementation in line with their times, costs and expected quality by interacting with customers, suppliers and the competent company departments.

Prior to holding this role, Dario managed engineering and construction project implementation for petrochemical plants. He holds a Master’s degree in Chemical Engineering.

delegates

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Eric BischofCovestro, VP Corporate SustainabilityOUBEP 2010

Gregory BoydGovernment of Jersey, Senior Economist

Paulo CaricatiWestern Asset Management, Head of EMEA & LATAM Risk ManagementOUBEP 2012

Stephen KnightAccenture, Managing Director/ResourcesOUBEP 2017

Huw MorrisEfficienarta, CEOOUBEP 1998

Kenji TakamiyaAsian Development Bank, Principal Economist

TEP Delegates


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notes


Notes

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OXFORD UNIVERSITY BUSINESS ECONOMICS …...An easy textbook definition would be that economics is...

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