With each lawsuit, economic and statistical experts become immersed in learning about a specific industry relevant to the case. From business damages lawsuits, to cases involving allegations of employment discrimination or wage and hour violations, understanding the industry in which the plaintiff and defendant operate can be key to providing reliable research and testimony.
It was announced today that French Economics professor Jean Tirole, who specializes in analyzing industries, has been awarded the 2014 Nobel prize for economics. The Royal Swedish Academy of Sciences lauded him “one of the most influential economists of our time“. He won for his research on market failures, and his finding that regulation or policy governing competition are most effective when adapted for each industry’s specific context and conditions.
You can read the Nobel Prize’s document ‘Jean Tirole: Market Power and Regulation’ here.