- Industrial Economics
- The economics of retailing, including pricing and locational issues
- The development of competition in energy industries at retail and wholesale levels; energy storage
- Competition policy and consumer behaviour.
- No teaching since now Emeritus professor
Recent Publications and working papers
M Intini and M Waterson: Do British wind generators behave strategically in response to the Western Link interconnector? Warwick Economics Working Paper 1242, (2020) https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2020/twerp_1242_-_waterson.pdf
E Iossa, P Rey and M Waterson: Organising competition for the market: Working paper version https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2019/twerp_1188_waterson.pdf.
Revised version forthcoming in Journal of the European Economic Association:https://academic.oup.com/jeea/advance-article/doi/10.1093/jeea/jvab044/6395317?guestAccessKey=c94446a1-5814-44fc-81c0-6083246cda42
M Waterson and J Xie: Testing for collusion in bus contracting in London: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2019/twerp_1196_waterson.pdf
M Giulietti, J Otero and M Waterson: Rigidities and adjustments of daily prices to costs: Evidence from Colombian data, Journal of Economic Dynamics and Control 116(C), 2020. https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2019/twerp_1187_waterson.pdf
In 2016 I worked on a report, for BIS and DCMS. The "Independent Review of Consumer
Protection Measures concerning Online Secondary Ticketing Facilities". Here is a link
Here is a subsequent thought-piece: Ticketing as if consumers mattered
(with Luigi Grossi, Kai Huschelrath and Sven Heim) (2018) Electricity market integration and the impact of unilateral policy reforms, Oxford Economic Papers Volume 70, Issue 3, July 2018, Pages 799–820.
View a list of publications and working papers.
The characteristics of electricity storage, renewables and markets, Energy Policy 104, 2017, 466-473
(recent version) http://dx.doi.org/10.1016/j.enpol.2017.01.025. Temporary link:
with Elisabetta Iossa "Maintaining Dynamic Competition in Procurement Contracts:
A case study on the London Bus Market" Transport Policy 75 (2019) 141- 149. Working paper version
with Monica Giulietti, Luigi Grossi and Elisa Trujillo- Baute) "Analysing the potential economic value of energy storage", IEB, Barcelona, Document de Traball 2016/2, The Energy Journal 39 (S1) 2018, 101-123.
with Luigi Grossi and Sven Heim) "A vision of the European energy future? The impact of the German response to the Fukushima earthquake", 2014, WP 1047 working paper version Revised version Energy Economics 66 (2017), 450-465. Energy Economics version.
(with Lisa Flatley and Robert MacKay) "Optimal strategies for operating energy storage in an arbitrage market", Journal of Dynamics and Games (2016) 3(4) pp 371-398., working paper version.
(with Ratula Chakraborty, Paul Dobson and Jonathan S. Seaton) " Pricing in inflationary times - the penny drops" WERP 975, 2011. Journal of Monetary Economics 76 (2015), 71-86.: link http://authors.elsevier.com/sd/article/S0304393215000951
Seamus D Garvey et al. (2015) "On Generation-Integrated Energy Storage", Energy Policy 86 (2015), 544-551. Recent version.
(with Monica Giulietti and Matthijs Wildenbeest) ”Estimation of search frictions in the British electricity market” Journal of Industrial Economics, 62(4), 2014 pp. 555-590 (lead article). Recent version.
(with Jonathan S. Seaton) "Identifying and characterising price leadership in British supermarkets" International Journal of Industrial Organization, 2013, available: http://www.sciencedirect.com/science/article/pii/S0167718713000763.
(with Huw Dixon and Jonathan S. Seaton) "Price flexibility in British supermarkets: moderation and recession", 2014, WP 1041, working paper version
(with Jonathan S. Seaton) "Price flexibility in British supermarkets", WERP 993, 2012. Working paper
(with Otto Toivanen) "Retail Chain Expansion: the early days of McDonalds in Great Britain", CEPR Discussion Paper no. 8534, August 2011.
(with Monica Giulietti and Luigi Grossi) "A Rough Examination of the value of gas storage", Energy Journal, 33 (4), 2012, 119-141. Working Paper version
(with Chris Doyle) "Your call: eBay and demand for the iPhone 4", International Journal of the Economics of Business 19(1), 2012, 119-141. Working paper version
"Search costs and switching behaviour in the British electricity market", 9th International Conference on the European Energy Market, EEM 12, art. no. 6254708.
(with Monica Giulietti and Jesus Otero) “Pricing behaviour under competition in the UK electricity supply industry”, Oxford Economic Papers, July 2010. Vol 62, (3) pp 478-503.
Working paper version
(with Monica Giulietti and Luigi Grossi) “Price transmission in the UK electricity market: was NETA beneficial?” Energy Economics, September 2010, vol 32, pp1165 - 1174
(Available online http://dx.doi.org/10.1016/j.eneco.2010.01.008) Working paper version
Beer: the ties that bind”, chap. 10 in B.Lyons (ed), Case Studies in European Competition Policy, Cambridge University Press, 2009.
Working paper version
“The determinants of market structure” Ch 12, vol 1 of ABA Section of Antitrust Law: Issues in Competition Law and Policy, American Bar Association, 2008.
(with Paul Dobson) “The competition effects of industry-wide vertical price fixing in bilateral oligopoly”, International Journal of Industrial Organization, 25(5), October 2007, 935-962.
“Editorial”, Competition Law Review 3, pp. 117-120, March 2007.
(with Fabian Berges-Sennou) "Private label products as experience goods" Journal of Agricultural and Food Industrial Organisation, 3(2), 2005
(with Otto Toivanen) "Market structure and entry: Where's the beef?", RAND Journal of Economics, 36, Autumn 2005, 680-699. Data Appendix
(with Monica Giulietti and Catherine Waddams) "Consumer choice and competition policy: a study of UK energy markets" Economic Journal, 115 October 49-969
(With Paul Dobson) "Chain-store pricing across local markets" Journal of Economics and Management Strategy (Spring 2005) 14, 1, 93-119.
(With Juan Delgado) "Tyre price dispersion across retail outlets in the UK" Journal of Industrial Economics (December 2003) 51, 491-509.
"Industrial organisations; the state of the art", Economia e Politica industriale (n 117, 2003), 30 9-23)
(with Paul Dobson and Stephen Davies) "The patterns and implications of increasing concentration in European food retailing" Journal of Agricultural Economics (March 2003) 54, 11-126.
"The role of consumers in competition and competition policy" International journal of Industrial Organisation (February 2003), 21, 129-150.
(with R Clarke, S Davies and P Dobson) "Buyer Power and its impact on competition in the food retail distribution sector of the European union", Journal of industry, Competition and Trade 1, (2), 2002
(with Paul Joskow, eds) Empirical Industrial Organisation, International Library of Critical Writings in Economics, 2 volumes, Edward Elgar, January 2004, pp. xxvii (Editors Introduction) +1006 ISBN 1843763141
Competition, Monopoly and Corporate Governance: Essays in Honour of Keith Cowling, Edward Elgar, September 2003, pp ix+319, ISBN 1843760894 (Editor of volume; writer of intro and one chapter).
(with Paul Dobson, Roger Clarke and Stephen Davies) "Buyer Power and Competition in European Food Retailing", Edward Elgar: Cheltenham 2002.
(with Monica Giulietti and Jesus Otero) "Supply competition and price behaviour in the UK electricity supply industry", Centre for Management Under Regulation, WBS discussion paper February 2004
(with Joanne Sault and Otto Toivanen) "Learning and Location", University of Warwick, Department of Economics Working paper 693, December 2003
" Consumers and Competition", University of Warwick Working Paper no. 679, May 2003
(with Bitten Brigham) “ Strategic change in the market for domestic electricity in the UK”, Centre for Management Under Regulation, WBS, Discussion Paper, February 2003. Link:
(with J. Sault and O. Toivanen) " Market Structure and Entry in Fast Food", University of Warwick Working Paper no 661, January 2003
(with J. Sault and O. Toivanen) "Fast Food - the early years: Geography and the growth of a chain-store in the UK" University of Warwick Working Paper no 655, September 2002.
(with J. A. Manez) "Multiproduct Firms and Product Differentiation: A Survey", University of Warwick Working paper no 594, June 2001.
(with M. Parmar and C. Waddams) " Exercising Consumer Choice: Switching Gas Suppliers in the UK Residential Market" Centre for Management Under Regulation, University of Warwick, Research Paper Series, no.00/1, March 2000.
(with M. Giulietti and C.Waddams Price) " Redundant Regulation? Competition and Consumer Choice in the Residential Energy Markets", Centre for Management Under Regulation, University of Warwick, Research Paper Series, no 00/4, November 2000