Timetable - Testing Treatments · PDF fileTimetable summer school 2014 saturday 19 july to...

Timetable

summer school 2014

saturday 19 july to friday 1 august 2014

course programme

Contents

introduction 2Introduction to OUBEP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Course notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Staff details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

programme timetable 3Day 1: Economics In Action: Micro And Macro Effects . . . . . . . . . . . . . . . . . . 3

Day 2: Markets: Efficiency And Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Day 3: Market Intervention And The Public-Policy Project . . . . . . . . . . . . . . . . 5

Day 4: Market Power: From Monopoly To Perfect Competition . . . . . . . . . . . . . 6

Day 5: Corporate Strategy: Applying The Tools Of Game Theory . . . . . . . . . . . . 7

Day 6: Private Information: Market Effects And Responses . . . . . . . . . . . . . . . . 8

Day 7: Topical Economics Programme - Behavioural Economics . . . . . . . . . . . . . 9

Day 8: The Supply Side And Long Run Growth . . . . . . . . . . . . . . . . . . . . . . 10

Day 9: International Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Day 10: The Short Run, Money And The Real Economy . . . . . . . . . . . . . . . . . . 12

Day 11: Financial Management in Open Economies . . . . . . . . . . . . . . . . . . . . 13

Day 12: Economics of Finance and The OUBEP Debate . . . . . . . . . . . . . . . . . . 14

Day 13: Policy In Action: The Macroeconomics Project . . . . . . . . . . . . . . . . . . 15

Day 14: Lessons From Economics To Business And Government . . . . . . . . . . . . . 16

directory 17Core faculty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Guest faculty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Evening speakers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

introduction

An introduction to OUBEP

The OUBEP Summer School equips delegates with the economic theory and practice needed tounderstand the strategic context and choices facing business in the modern world. It involves awide range of lectures, syndicate sessions, and projects allowing delegates to explore the areas ofeconomics that are relevant to their professional lives.

Course notes

• Lectures are held in the Clifford Barclay Lecture Theatre.

• Syndicate sessions are held in the ???, ??? and ???.

• Syndicate sessions for participants of the Topical Economics Programme are held in the ???.

• The OUBEP course office is in West Syndicate room 9.

• The OUBEP Tutors’ Room is in West Syndicate room 10.

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

• Breakfast is served in the Nautilus Room, Lunch and Dinner 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 and Visiting Speakers are available in the Directoryon page 17.

Staff details

Director Senior Faculty

Bruce Morrison Rui EstevesVice President University LecturerGlaxoSmithKline Department of Economics

and Brasenose College

Syndicate Tutors

Simon Cowan Beata Javorcik Howard SmithUniversity Lecturer University Lecturer University LecturerDepartment of Economics Department of Economics Department of Economicsand Worcester College and Christchurch and Keble College

TEP Syndicate Tutor Programme Manager Programme Administrator

John Thanassoulis Lorraine Olley Linda HulewiczProfessor of Financial Eco-nomicsWarwick University

2

programme timetable

Saturday 19 July 2014

Economics In Action: Micro And Macro Effects

12:00 Director’s Introduction

12:30 Academic Briefing

1:00 Lunch

2:00 Around The World In Sixty Minutes Rui Esteves

3:00 Syndicate Discussion

4:00 Understanding Supply And Demand Curves Peter Eso


6:00 Barbecue

overview

So, what is economics? How can the study of economics help to inform and to improve the deci-sions made throughout business and government? An easy textbook definition would be that eco-nomics 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 makewhen 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 marketsystem (this is microeconomics), or the strategic considerations of those involved (this is game the-ory), 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 beapplied in real-world scenarios. The first lecture offers an introduction to the world economy - asa whole and in its components. It describes core facts of the world macro environment in terms ofeconomic growth, inequality and global imbalances. The second lecture explains what underpinseconomists’ faith in markets. We explore what generates supply and demand schedules. We estab-lish what information these relationships contain and why they may lead to efficient allocations ofresources in society. This first day provides a crucially important opportunity for course delegatesto absorb themselves into the style of analysis that will be used throughout the course.

3

programme timetable

Sunday 20 July 2014

Markets: Efficiency And Taxation

8:00 Breakfast

8:45 Director’s Introduction and Academic Briefing

9:00 Auctions - Basic Designs and Types Peter Eso


11:15 Auctions - Practice and Examples Peter Eso

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


2:15 Market Equilibrium: Adam Smith And ‘The Guiding Hand’ Peter Eso


4:30 Taxation: A UK Case Study Robert Joyce

6:00 Dinner

7:00 Depart Egrove for a tour of Oxford with Helena Chance

overview

In the first two lectures of today we continue with the topic of how markets work and also how theymay be created. In the first lecture we introduce auctions as mechanisms to efficiently assign goodsto bidders. We begin by describing the different auction formats and their uses, before consideringthe optimal bidding strategies for participants. In the second lecture we then take the perspective ofan auction designer, by assessing which auction formats should be used to maximize efficiency orrevenue or to minimize procurement costs. However, markets (and auctions) are efficient only up tothe point that prices transmit relevant information. In essence prices take the role of Adam Smith’sInvisible Hand. But if the price mechanism is impaired or distorted then the market fails to achieveefficiency. Understanding how markets fail is where Economics begins. The third lecture of todayestablishes this key idea, which will be continued again in tomorrow’s public-policy project. Thefinal lecture of today deals with a particular form of market distortion - taxes. Governments raiserevenue through taxes to attain social objectives, but the government’s power to tax and spend canbe both a solution and a problem. The final lecture considers in more detail how taxation affectsmarket outcomes and takes the UK as its case study.

4

programme timetable

Monday 21 July 2014

Market Intervention And The Public-Policy Project

8:00 Breakfast


9:00 Missing Markets And Second-Best Solutions Howard Smith

10:00 Project Tasks in Syndicates

11:15 Pricing Incentives Versus Quantity Controls Howard Smith


1:15 Project tasks in syndicates

3:15 Project Review: Lessons For Transport Policy Howard Smith

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

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

8:45 Evening Speaker: Sir John Armitt

overview

Market mechanisms work well when there are no so-called “market failures.” One source of marketfailure is that there may be “spillovers,” in that certain activities directly affect others withoutbeing 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 canoccur within the boundaries of a firm’s own supply chain. Today’s lectures consider the possibleresponses to spillover-generated inefficiencies. In parallel, we ask syndicate members to work ona structured public-policy project which puts simple economic tools into action; whereas there is apolicy focus, the lessons also apply within private-sector organisations. The final lecture considersperhaps the largest externality of them all: Carbon dioxide and Global Warming. We ask whetherthe need for a Low Carbon Growth Path will lead to stagnation in advanced economies. Or will thequest for new technologies reignite growth prospects in Western economies?

5

programme timetable

Tuesday 22 July 2014

Market Power: From Monopoly To Perfect Competition

8:00 Breakfast


9:00 Exploiting Monopoly Power Simon Cowan


10:45 Course Photograph

11:15 Competition, Performance And Entry Simon Cowan



2:15 Coordinated Effects: How To Spot Collusion Simon Cowan


4:30 Competition Policy Howard Smith

7:00 Curry and Croquet evening

overview

Prices should reflect the relative costs and benefits of economic activity. Responding to prices,different economic actors (consumers, workers, managers, entrepreneurs, and so on) can be ledto efficient outcomes. We have already seen that markets can fail when prices fail to incorporatespillovers. Prices can also be distorted when buyers and sellers exert significant market power. Forinstance, a monopolist can choose to restrict supply and drive prices and profits upwards. Whilethis can be bad for overall efficiency, it can, of course, be good for those lucky enough to possesssuch market power. Today we begin by studying the exploitation of monopoly power. We alsobring in the effects of increased competition and work out the relationship between competitionand economic performance. The third lecture explores coordinated effects: when firms misuse theircombined market power to raise prices. Needless to say excessive market power can be bad forfirms as well as a concern for governments; after all, if your supplier is a monopolist then you maybe held to ransom. Hence we conclude the day with a lecture that highlights some issues in modernantitrust and competition law.

6

programme timetable

Wednesday 23 July 2014

Corporate Strategy: Applying The Tools Of Game Theory

8:00 Breakfast


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


11:15 Strategic Reactions Against The Competition David Myatt



2:15 Anticipating Future Play David Myatt


4:45 Project Review: Lessons For Entry And Investment David Myatt


overview

We saw yesterday that firms with market power do not take prices as given, but rather set their ownprices. The optimal pricing decisions, supply decisions, and procurement decisions for a firm, how-ever, do depend on the actions taken by others, either at the same time or in the future. A businessfaces an “interactive decision making” problem – its best “move” depends on the likely moves ofothers, and it must anticipate these moves by imagining itself “walking in the shoes of others” sothat it can work out what they will do. We analyse situations such as these by employing the toolsof game theory – the scientific analysis of strategic decision-making. We investigate a number ofgame-theoretic tools for modelling and “solving” strategic scenarios. We apply these tools to prob-lems of corporate strategy. In parallel, syndicate members work on a structured strategic projectwhich puts a selection of tools into action. The final lecture reviews the “strategy mini-project” andsuggests how the lessons may be applied.

7

programme timetable

Thursday 24 July 2014

Private Information: Market Effects And Responses

8:00 Breakfast


9:00 Market Collapse And Screening John Thanassoulis


11:15 Signalling In Theory And Practice John Thanassoulis

12.15 Break, followed by Lunch at 12:30


2:15 Providing Incentives Via Contract Design John Thanassoulis


4:30 Bargaining and Negotiation John Thanassoulis


8:45 Evening Speaker: Andrew McLaughlin

overview

When a simple market-based transaction takes place, a price determines the allocation of a goodor 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 theproduct or service at the centre of the transaction. We begin the day exploring the impact of suchprivate information on market outcomes. We demonstrate that such problems can negatively impactmarkets down leading to, for example, credit rationing and the misallocation of graduates to jobsand industries. This market problem is often addressed by ‘screening’ or by ‘signaling’. Screeningis a practice common in the insurance industry and we explore it in the first lecture. Signaling isthe subject of the second lecture and underpins much of the practice of investor relations at majorcorporations. In the afternoon we turn to the problem of contracting. In contracting the privateinformation arises after the contract is signed: a worker must be incentivised to fully pursue heremployer’s objectives. Or a firm must be incentivised to pursue the needs of her client. The lastlecture considers the outcome when a spot market does not exist and the parties must bargain. Thislecture offers important insights on how firms should manage their negotiations with their buyers,suppliers and their employees.

8

programme timetable

Friday 25 July 2014

Topical Economics Programme - Behavioural Economics

8:00 Breakfast

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

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


11:15 What to do if employees are behavioural? Johannes Abeler



2:15 Neurosciences beyond the laboratory: the case of neuromarketing Steve Woolgar


4:30 Economic Events Round Table Simon Cowan

Rui Esteves

Beata Javorcik

Howard Smith

6:30 Depart Egrove for a formal College Dinner

7:00 Drinks Reception followed by Course Dinner in Harris ManchesterCollege at 7:30

overview

Today is the Topical Economics Programme Day. The topic of the day is behavioural economics,one of the most fruitful areas of economic research of recent. Most of economics assumes thatpeople think hard before they make a decision, then choose whatever is in their individual mon-etary best interest without the regard for others, and finally carry this decision through withoutself-control problems. It turns out that many people are not like that. Real people often don’t liketo 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 behaviouraleconomics combines insights from economics, psychology and sociology and tries to understandhow real (or “behavioural”) people actually decide, where and how their decisions differ from thestandard economic model, and how best to deal with this kind of people. The first two lectures oftoday focus on what a firm should do if its customers are behavioural and what a firm should do ifits employees are behavioural. The third lecture continues the topic through the lens of a new andexciting interdisciplinary field explaining how individuals decide on optimal courses of action. Thislecture makes particular reference to the emergence of neuromarketing. Based on ongoing ethno-graphic studies, the talk considers whether neuromarketing will become an established perspectiveor merely another discarded marketing fad. 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 roundtable allows the delegates to ask questions to the tutors on these and other economic issues. Theday completes with the set-piece OUBEP dinner inside Harris Manchester College.

9

programme timetable

Saturday 26 July 2014

The Supply Side And Long Run Growth

8:00 Breakfast


9:00 Why do some countries grow faster than others? Nick Fawcett


11:00 Business Cycles Nick Fawcett


1:00 Lunch

Free afternoon

overview

Today we study the advances that have been made in explaining why the economies of some coun-tries grow faster than others. The first lecture explores how economists think about economicgrowth in theory, introducing a benchmark growth model, and assessing its ability to explain growthin the short run and long run. 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 second lecture we take a look atthe history of business cycles in advanced economies. Are fluctuations in the rate of growth pre-dictable? Do they arise because of changes to productivity in the economy? If so can the cycles becontrolled or at least their worst effects avoided?

10

programme timetable

Sunday 27 July 2014

International Trade

8:45 Breakfast


11:15 The Basics Of International Trade Theory Beata Javorcik



2:15 Winners and Losers From Trade Liberalization Beata Javorcik


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


overview

Today is focused on International Trade. The demand and opportunities for production in manyemerging 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 countrieswho are already advanced and have an absolute advantage in production. We study who the losersfrom free trade are and how free trade changes the rewards to being in capital-intensive versus less-capital intensive industries. In the final lecture we add a large dose of realism and examine whathappens when trade is distorted by policy. In particular the role of the World Trade Organizationcan be both a blessing, and a curse.

notes

Please note that breakfast is later than usual today.

11

programme timetable

Monday 28 July 2014

The Short Run, Money And The Real Economy

8:00 Breakfast


9:00 Investment, Consumption And GDP Brian Bell


11:15 Money, Inflation And Interest Rates Brian Bell



2:15 Understanding The Closed Economy Brian Bell


4:30 Evolving Opportunities: China and the BRICs Linda Yueh


8:45 Evening Speaker: Tom Ling

overview

Today we move our focus to economic aggregates in the short run. We seek to explain whyeconomies work as they do. We begin by exploring the relationship between investment in aneconomy, government spending and consumption. For the goods market to be in equilibrium, sav-ings must balance investment; and aggregate demand for goods must balance their production. Thedemand for capital to fund consumption and investment is mediated through the financial markets:the subject of the second lecture. The extent and specific means by which central banks in the US,UK or EU can influence this process is explored. The third lecture pulls together the goods andmoney markets to generate a model of the whole economy. In addition we introduce prices andinflation. We see how aggregate demand, supply and prices in the economy respond to differingpolicy moves. We conclude the day with a guest lecture on China, and more broadly the BRICs. Weconsider how these exciting markets are developing and what insights economics generates as tothe opportunities they continue to hold.

12

programme timetable

Tuesday 29 July 2014

Financial Management in Open Economies

8:00 Breakfast


9:00 Central Bank Intervention Rui Esteves


11:15 The Determinants Of Exchange Rates Rui Esteves



2:15 Economic Risk Mitigation In Multinational Corporations Rui Esteves


4:30 Innovation: Creation and Protection Beata Javorcik


8:45 Evening Speaker: Caio Koch-Weser

overview

Today we deepen our understanding of the macro-economy by introducing international issuessuch as trade and international capital flows into our analysis. An open economy needs to find anequilibrium in its domestic money and goods markets in response to the pressures of money andgoods travelling into and out of the domestic economy. The behaviour of the central bank will bekey in managing the economy and inflation in particular. In the first lecture we consider the centralbank’s objectives and her policy instruments. However no such analysis can be complete withoutconsidering the response of the international capital markets. And this will be in large part mediatedvia the exchange rate or the foreign currency reserves. Thus in the second lecture we consider thedeterminants of exchange rates. In the third lecture we tie all the material together and consider ourcumulative understanding of the workings of an economy in the international market place. Thuswe will be able to understand what international risks a firm has if it conducts business in a differentmarket to the one it raises funds in and also to the one its owners live in. In the final lecture we lookat innovation, which had already been identified last Saturday as an important source of economicgrowth. Today’s lecture explores the innovation patterns across countries and industries and variousways through which firms can protect their intellectual property (IP). We explore internationaldifferences in IP protection and discuss evidence on knowledge diffusion patterns.

13

programme timetable

Wednesday 30 July 2014

Economics of Finance and The OUBEP Debate

8:00 Breakfast


9:00 Corporate Finance: Financial Policy And Firm Behaviour Brian Bell

10:00 Break for coffee

10:15 Evaluating Investment Decisions: Assets and Option Values Brian Bell



1:15 Lessons from Financial History David Chambers

2:15 Debate Preparation And Research

6:15 The OUBEP Debate: Title to be selected during OUBEP. In 2013 the titlewas: “China has proved that State Backed National Champions willwin in the future.”


8:45 Evening Speaker: Robin Bew

overview

Finance is key to the modern working of the firm. As executives rise within their organizationit becomes increasingly important for them to judge the constraints, and opportunities, placed onthem by the external capital markets. During the financial crisis of 2007 to 2009 capital markets frozeand many firms found their very survival called into question. However firms which understandhow the capital markets will impact them and their rivals stand to gain a competitive edge. The firstlecture establishes the core principles of corporate finance. We first assess under what conditionsaltering the capital structure of the firm, that is debt versus equity, can raise firm value. We alsoask how a change in leverage alters firm behaviour. In the second lecture we turn to asset allocationand investment decisions. We ask how idiosyncratic versus market risk should be balanced ininvestment appraisal. We investigate the option value of waiting and ask how firms can and shouldhedge. In the final lecture of the day we explore how history can shed light on financial analysisand investment behaviour today.

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

14

programme timetable

Thursday 31 July 2014

Policy In Action: The Macroeconomics Project

8:00 Breakfast


9:00 Macroeconomics Project Briefing Scott Livermore


12:30 Lunch


2:30 Submission Deadline For Policies to 2014Q2


5:00 Submission Deadline For Policies to 2016Q2

6:00 Syndicate Presentations

6:30 Macroeconomics Project Review Scott Livermore


overview

Whereas the tools of macroeconomic analysis give us insights into the behaviour of economic ag-gregates and the effect of policy, it is often difficult to understand the magnitude of effects andthe 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 andare able to vary policy instruments. Economic and political objectives are specified, and the aim isfor syndicates to propose, explain and implement policies aimed at fulfilling these objectives. Thisis very much a “hands on” project day, in which syndicate members are able to fully understand themacroeconomic forces that face real-world policymakers. The model used is not a toy or a stylizedrepresentation; its parameters are estimated based on up-to-date macroeconomic data.

15

programme timetable

Friday 1 August 2014

Lessons From Economics To Business And Government

8:00 Breakfast


9:00 Microeconomics: Markets, Strategies And Incentives Simon Cowan

10:00 Coffee and Group Discussion

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

overview

Based on our past experience at OUBEP, the final morning is often viewed as the most crucialpart of the entire programme. We strive to ensure that OUBEP delegates share the perspective ofeconomists: the way in which we take economic scenarios, isolate their various components, andthen study the mechanisms that link economic decisions together. It is also important to understandhow different elements of economic thinking draw together. This leads us to the first two sessionstoday. Based on broad themes of microeconomics and macroeconomics, we put the pieces of thepuzzle together to give a “big picture” perspective on how economists think and how economieswork. Finally there follows an opportunity for feedback to delegates in which the tutor can highlightareas of potential interest, and perhaps further reading, tailored to each individual delegate’s tastesand requirements.

16

directory

Core Faculty

Bruce Morrison – Course Director 2014

Bruce is Vice President Global Procurement, RandD for Glax-oSmithKline. Bruce has spent 17 years with GSK in a varietyof commercial, manufacturing and supply chain roles both inthe UK and overseas. In his current role, Bruce is responsiblefor leading a global team managing strategic supplier selection,market supply, and outsourcing strategy development support-ing GSKs Research and Development organisation. He has led anumber of strategic initiatives to simplify and restructure GSKsexternal supply base across the globe, including Japan, China,USA and South America. Most recently Bruce has been leadinga global restructuring programme within GSK. Bruce attendedOUBEP in 2005.

Rui Esteves – Senior Tutor

Rui runs the academic side of the Oxford Finance and EconomicsGroup. Rui is a University Lecturer in Economics at Oxford, anda Fellow and Tutor of Brasenose College, Oxford. He was edu-cated in the Universities of Porto and California, Berkeley. Beforecoming to Oxford, Rui held an academic appointment at SimonFraser University in Vancouver. His research focuses on topics ofinternational finance, institutional economics, and public financein a historical perspective. Recent projects deal with the natureof governance in the sovereign debt market, the determinantsof capital flows to developing nations, infrastructure investment,emigrants remittances, and rent-seeking in public office.

Simon Cowan – Syndicate Tutor

Simon is a University Lecturer in the Department of Economics,University of Oxford, and a Fellow and Tutor in Economics atWorcester College. He was educated at the University of Oxford.After working in management consultancy, where he workedfor the UK Government on a major privatization, he took uphis current position. His research focuses on the economics ofpricing. Current projects include the assessment of the effects ofprice discrimination by large firms on consumers and on societyas a whole. He also works on the regulation of prices in networkindustries.

17

directory

Beata Javorcik – Syndicate Tutor

Beata Javorcik is a Professor of International Economics at theDepartment of Economics at Oxford, and a Fellow in Economicsat Christ Church. She specializes in international trade, eco-nomic development and macroeconomics. Prior to coming toOxford, she worked for eight years at the World Bank in Wash-ington DC where she was involved in lending operations andprovided policy advice to developing countries in Central andEastern Europe, Latin America and Asia. Her research interestsfocus on determinants and consequences of inflows of foreign di-rect investment, links between exporting and firm performance,and tariff evasion. She holds a PhD in Economics from Yale Uni-versity and a BA from the University of Rochester.

Howard Smith – Syndicate Tutor

Howard is a University Lecturer at the Economics Department,University Of Oxford and an Official Fellow of Keble College,Oxford. He has an MA in Economics from Glasgow Univer-sity and an MPhil and DPhil in Economics from Oxford Univer-sity. He has been a Visiting Fellow at the Economics Depart-ment, M.I.T.. He is an Academic Panelist at the CompetitionCommission and an Associate Editor at the Journal of Indus-trial Economics and Oxford Economic Papers. His research is onempirical modeling of industry behaviour. He has written on arange of industries including supermarkets, liquid milk, onlinebooks, and commercial radio.

18

directory

Guest Faculty

Johannes Abeler – University of Oxford

Johannes is a University Lecturer at the Department of Eco-nomics and Tutorial Fellow at St Anne’s College, Oxford Uni-versity. After studies of Electrical Engineering and IndustrialEngineering, he completed a PhD in Economics at the Univer-sity of Bonn and then moved to the University of Nottingham.He joined Oxford in 2011 and is teaching mainly Public Eco-nomics and Microeconomics. In his research, he applies insightsfrom behavioural and experimental economics to questions inlabour and public economics. His research has studied the eco-nomic effects of honesty, disappointment, fairness, complexity,and fungibility.

Brian Bell – University of Oxford

Brian Bell is University Lecturer and Tutorial Fellow in Eco-nomics at Lady Margaret Hall. He is also an Associate Fellowof the Centre for Economic Performance at the London Schoolof Economics. He completed his DPhil in Economics at NuffieldCollege, Oxford in 1996 but since then has spent most of his ca-reer outside of academia. He worked as an Economist and Pro-prietary Trader for a number of Hedge Funds and InvestmentBanks in London and also spent time at the International Mon-etary Fund and the Bank of England. He resumed his academiccareer in 2009 and now focuses on issues of pay at the top ofthe earnings distribution (focused particularly on Bankers andCEOs) and on the economics of crime.

David Chambers – University of Cambridge

David Chambers is University Lecturer in Finance at Judge Busi-ness School, Cambridge University. He was previously a Post-doctoral Research Fellow in the Department of Economics in Ox-ford. For the first 20 years of his professional life he worked ininvestment banking for Barings, Hotchkis & Wiley and MerrillLynch. He has a PhD from the London School of Economics ineconomic history

19

directory

Peter Eso – University of Oxford

Peter is a University Lecturer (Reader) at the Department of Eco-nomics and Tutorial Fellow in Economics at Jesus College, Ox-ford University. After completing a PhD in Economics at Har-vard University, Peter became an Assistant Professor at the Kel-logg School of Management, Northwestern University (USA) in2001. He joined Oxford in 2009, and has been teaching Microeco-nomics and Game Theory at both the undergraduate and grad-uate levels. His research focuses on game theory and the eco-nomics of information, studying questions such as the role ofrisk aversion in trading games (e.g., auctions); communicationand bargaining when parties may obtain provable information;and what determines the price of advice (how to sell and discloseinformation). Peter occasionally advises companies on auctionsof telecommunication licenses.

Nick Fawcett – Bank of England

Nick is an economist in the Monetary Analysis directorate ofthe Bank of England. He specialises in economic modelling andforecasting, and produces inflation and growth forecasts for theBank’s Monetary Policy Committee. He moved to the Bank in2011 following several years at Oxford, during which time hewas a Fellow in Economics at Lady Margaret Hall, and a Syn-dicate Tutor at OUBEP. Educated at Cambridge and Oxford uni-versities, Nicholas has also acted as a consultant to HM Treasuryand the European Commission.

Cameron Hepburn – University of Oxford

Cameron Hepburn is an economist with over a decade’s experi-ence working on environmental and climate change issues, withparticular interests in the theory and implementation of emis-sions trading, the economics and ethics of cost-benefit analysis,and the economics of apparently irrational individual behaviour.He has advised various governments and international institu-tions on environmental and climate policy, and has worked witha range of private sector clients on environmental and climatestrategy. He currently holds Fellowships at Oxford University(New College and the Smith School of Enterprise and the Envi-ronment) and is a Visiting Fellow at the London School of Eco-nomics (Grantham Research Institute). He is also a member ofthe UK Defra Academic Panel and the Ofgem EnvironmentalEconomists Panel, an Associate Editor of the Oxford Review ofEconomic Policy, and is a co-founder and Director of ClimateBridge Ltd and Vivid Economics Ltd. He holds a D.Phil. andan M.Phil. in Economics from the University of Oxford (as aRhodes Scholar), and first class degrees in Law and Engineeringfrom the University of Melbourne.

20

directory

Robert Joyce – Institute for Fiscal Studies

Robert Joyce is a Research Economist in the Direct Tax and Wel-fare sector. His main research interests are in the evolution of liv-ing standards, the design of the tax and benefit system, and therelationship between the two. He has been involved in several re-cent and current projects that attempt to simulate future levels ofpoverty and average incomes in the UK. Other work has focusedon the determinants and consequences of children’s early devel-opmental indicators. Current research looks at whether parentalmarital status has any causal impact on children’s cognitive andsocial skills; and whether early mental health problems have sig-nificant economic impacts later in life.

Scott Livermore – Oxford Economics

Scott Livermore oversees the day-to-day running of Oxford Eco-nomics’ international macroeconomic forecasting services. Thisinvolves supervising Oxford Economics’ team of forecasters andtaking a lead role in directing the outlook at a global level, whileensuring consistency between the individual country forecasts.After completing a degree in Philosophy, Politics and Economicsat St. Edmund Hall, Oxford University and a M.Sc. in Economicsat University College London, Scott joined Oxford EconomicForecasting in 1997. During his initial five years at Oxford Eco-nomic Forecasting, he worked as a country analyst for a numberof European countries and participated in numerous consultancyprojects for a variety of international organisations (includingthe World Bank, IMF and EC), governments and multi-nationalcompanies using both Oxford Economics’ Global Macromodeland building specialised economic models. Scott rejoined Ox-ford Economics in 2005 as a senior economist after spending twoyears at the Ministry of Finance in the Slovak Republic assist-ing to prepare the medium-term macroeconomic framework anddeveloping the analytical capacity of the Ministry of Finance toprepare macroeconomic forecasts.

David P Myatt – London Business School

David is a Professor at London Business School. He was ed-ucated at the London School of Economics, the MassachusettsInstitute of Technology and Oxford University. He specialises ingame theory: the scientific analysis of strategic decision-making.He applies this work to the fields of microeconomics, industrialeconomics, the economics of new technologies, political scienceand evolutionary biology. His current major research topics in-clude the analysis of advertising, marketing, and product designstrategies; the role of secondary trading markets such as eBay;analysis of cabinet governance; new theories of leadership; the-ories and empirical analysis of voter turnout and tactical voting;game-theory applications in macroeconomics; and the study ofcollective-action problems.

21

directory

John Thanassoulis – Warwick University

John is a Professor of Financial Economics at Warwick Univer-sity Business School. Until 2013 he was a University Lecturerin Economics at Oxford and also a former OUBEP senior tutor.John is a member of the UK Competition Commission AcademicPanel, Treasurer of the Blackfriars Overseas Aid Trust (charitynumber 288585), and was a Non-Executive Director of OxfordInvestment Partners (OXIP) until its successful acquisition. Johnwas educated at both Oxford and Cambridge, studying Math-ematics followed by Economics. John is an economic theoristspecialising in the scientific analysis of strategic decision mak-ing. He applies these tools to the fields of Executive Pay, Financeand Financial Stability, and Industrial Organization. His currentmajor research projects include the link between bankers’ payand financial stability; the case for forced deferral of executivebonuses; credit constraints and firm performance; the analysisof strategic pricing for example in multimedia markets; buyerand supplier power in supermarket supply chains; and the anal-ysis of consumer bargaining. After completion of his academicstudies, and before returning to academia in 2004, John workedfirst in the telecommunications industry and then as an antitrustconsultant. His antitrust and strategy work has covered sectorsincluding finance, advertising, fmcg and transport. He explainscurrent economic issues on radio and TV.

22

directory

Steve Woolgar – University of Oxford

Steve Woolgar is Professor of Marketing and Director of Scienceand Technology Studies at Said Business School, University ofOxford. He was previously Professor of Sociology and Directorof CRICT at Brunel University and has been a Fulbright Scholarand Senior Fulbright Scholar; Guest Professor at Linkoping Uni-versity, Sweden; Visiting Professor at University of Sydney Busi-ness School; and Fellow at the Center for Advanced Studies ofBehavioral Sciences at Stanford University. He has researchedand published widely in Science and Technology Studies andin Social Theory. His current interests include the effects of theneurosciences on the social sciences and humanities, with specialreference to the emergence and growth of neuromarketing.

Linda Yueh – University of Oxford

Linda is a Fellow in Economics at St. Edmund Hall, Oxford Uni-versity and Adjunct Professor of Economics at the London Busi-ness School, she is Economics Editor and host of Economic Edgefor Bloomberg TV. Dr. Yueh directs the China Growth Centre(CGC) at St. Edmund Hall, University of Oxford, is an associateof the Centre for Economic Performance (CEP) and the IDEAS:International Affairs, Diplomacy & Strategy research centre, bothat the London School of Economics and Political Science (LSE).Her work examines major economies such as Britain, China,United States, Europe, and her research focuses on economicgrowth and the rise of emerging economies. Previously, she wasan international corporate lawyer and a regular media commen-tator on global economic and business issues. She has advisedthe World Bank, the European Commission, Asian DevelopmentBank, World Economic Forum (WEF) in Davos, among others.Dr. Yueh is Non-Executive Director of JPMorgan Asian Invest-ment Trust plc and Baillie Gifford’s Scottish Mortgage Invest-ment Trust plc, Board Member of London & Partners, the offi-cial promotion agency of London, and Advisory Board Mem-ber of The Official Monetary and Financial Institutions Forum(OMFIF).

23

directory

Evening Speakers

Sir John Armitt – Olympic Delivery Authority

Sir John Armitt became Chairman of the Olympic Delivery Au-thority on 1 September 2007. He is also Chairman of NationalExpress Group, City and Guilds and is Deputy Chairman of theBerkeley Group. Sir John is also a member of the Board of Trans-port for London and the Airports Commission. After leavingJohn Laing plc in 1993, where Sir John had been Chairman ofLaings international and civil engineering divisions, he joinedUnion Railways, the company responsible for development ofthe high-speed Channel Tunnel Rail Link, as Chief Executive. In1997 he became Chief Executive of Costain, a position he helduntil 2001. Sir John was Chief Executive of Railtrack plc from2001and Chief Executive of Network Rail from 2002 to 2007.He was Chairman of the Engineering and Physical Sciences Re-search Council until March 2012. Sir John was awarded the CBEin 1996 for his contribution to the rail industry and received aknighthood in the New Year Honours List 2012 for services toengineering and construction.

Robin Bew – Economist Intelligence Unit

Robin Bew joined the Economist Intelligence Unit in 1995, be-came Chief Economist in 1997, and Editorial Director in 2006. Hewas previously an Economist at Her Majesty’s Treasury, wherehe was variously involved in the forecasting of government ex-penditure, the analysis of UK fiscal policy, and the forecasting ofUK trade performance. As Editorial Director for the EconomistIntelligence Unit, Robin is responsible for all editorial opera-tions across the company worldwide, driving the intellectual de-bate within the business. In his capacity as Chief Economist, heis responsible for the formulation of the Economist IntelligenceUnit’s overarching view on the outlook for the global economy.

Helena Chance – Inside Oxford

Helena is the Founder and Director of Inside Oxford. Havinglived and worked in Oxford for many years, she knows the citywell and has numerous contacts both inside and outside the Uni-versity. Helena draws on these, plus her background as a lecturerin art and design history, in organising her exclusive cultural andeducational events.

24

directory

Caio Koch-Weser – Deutsche Bank Group

Caio is Vice Chairman of Deutsche Bank Group (since 2006) withglobal responsibilities for strategy; government, regulatory andcorporate advisory; and co-ordination and implementation ofgroup-wide business initiatives. He was appointed as GermanDeputy Minister of Finance in 1999, a position he held until 2005.From 2003-2005, was Chairman of the EU’s Economic and Finan-cial Committee. He was also Chairman of the Supervisory Boardof German Banking and Securities Supervisory Agency (BaFin).From 1973 until 1999, Caio held a number of high-level posi-tions in the World Bank in Washington. Other current activitiesinclude being Chairman of the Board of the ECF (European Cli-mate Foundation); a Non-Executive Director on the Board of BGGroup plc; a Trustee and member of the Executive Committeeof the Peterson Institute for International Economics (PIIE) inWashington and a Member of the Board of the CER (Centre forEuropean Reform) in London. He also is an Adjunct Professorat the Guanghua School of Management at Beijing University.

Tom Ling – Save the Children

Tom Ling took up the post of Head of Innovation, Impact andEvidence at Save the Children in March 2012. Before this, hewas the Director of Evaluation and Performance Audit at RANDEurope. He has a background in policy analysis and evaluationbased on research and consultancy and experience of leadingcomplex projects in and around the public sector. His work atRAND included assessing public policy for pharmacogeneticsand genetic testing, the governance of health research, and di-versity in public services.

Andrew McLaughlin – RBS

Andrew McLaughlin is Group Director, Communications andGroup Chief Economist for the Royal Bank of Scotland Group.Before joining the Group, he worked in corporate finance forErnst and Young. Andrew holds a first class honors degree inEconomics and Politics, and a PhD, for which he was awardedthe Walter Bagehot prize for best UK dissertation in the field ofgovernment and public administration. He published a book onthe automobile industry in 1998. He is a member of the Univer-sity of Nottingham Globalisation and Economic Policy AdvisoryBoard, a member of the Oxford Business School’s Business Eco-nomics Programme and Chairman of the Princes Trust ScotlandAdvisory Council.

25

Timetable - Testing Treatments · PDF fileTimetable summer school 2014 saturday 19 july to...

Documents

Transcript of Timetable - Testing Treatments · PDF fileTimetable summer school 2014 saturday 19 july to...