Centre for Law, Economics and Society Research Paper Series: 1/2019 Are Economists Kings? Economic Evidence and Discretionary Assessments at the UK Utility Regulatory Agencies Despoina Mantzari Centre for Law, Economics and Society CLES Faculty of Laws, UCL Director: Professor Ioannis Lianos CLES Research Paper Series 1/2019 Are Economists Kings? Economic Evidence and Discretionary Assessments at the UK Utility Regulatory Agencies Despoina Mantzari June 2019 Centre for Law, Economics and Society (CLES) Faculty of Laws, UCL London, WC1H 0EG The CLES Research Paper Series can be found at www.ucl.ac.uk/cles/research-papers Pre-published version of: Despoina Mantzari, ‘Are Economists Kings? Economic Evidence and Discretionary Assessments at the UK Utility Regulatory Agencies’, Journal of Antitrust Enforcement, DOI: 10.1093/jaenfo/jnaa007 All rights reserved. No part of this paper may be reproduced in any form without permission of the author ISBN 978-1-910801-25-3 © Despoina Mantzari 2019 Centre for Law, Economics and Society Faculty of Laws, UCL London, WC1H 0EG United Kingdom ARE ECONOMISTS KINGS? ECONOMIC EVIDENCE AND DISCRETIONARY ASSESSMENTS AT THE UK UTILITY REGULATORY AGENCIES Despoina Mantzari* * Lecturer in Competition Law and Policy, University College London, Faculty of Laws. Email:
[email protected]. I thank Ioannis Lianos, Diamond Ashiagbor, Stephen Littlechild, Andriani Kalintiri, Maria Ioannidou, the two anonymous reviewers, as well as participants at the IALS 2018 Lunchtime seminar series, the UCL Laws 2019 Lunchtime Research Seminars, the Annual Meeting of Law and Society 2018, the UK IVR conference 2017 (where an early draft of this paper received the ‘best early career paper prize’) as well as stakeholders of the Essential Services Access Network (ESAN) and policymakers at UK Office for Gas and Electricity Markets (Ofgem) for helpful comments and discussions on earlier versions of this paper.