Data Science in Economic Consulting: use cases in regulations, litigations, and more
This talk is from Minyoung Rho, Data Scientist at Oxera Consulting LLP
The realm of economic consulting has been profoundly transformed by the integration of data science methodologies. In this talk, we delve into the dynamic landscape where data science intersects with economic consulting, with a specific focus on its applications in regulations, litigations, and competition economics.
The evolving regulatory environment demands rigorous analysis and insights to navigate complex economic issues. We explore how data science empowers economic consultants to synthesize vast datasets, predict market dynamics, and provide evidence-based guidance for regulatory decision-making.
In the realm of litigations, data science emerges as a powerful tool for assessing damages, analyzing economic impact, and informing legal strategies. We discuss case studies where data-driven analysis illuminates intricate financial relationships, enabling economic experts to provide nuanced testimony and robust support in legal proceedings.
Competition economics, a cornerstone of economic consulting, benefits immensely from data science-driven insights. We delve into how data analytics, machine learning, and econometric techniques unravel market dynamics, identify anti-competitive behavior, and quantify economic impacts in cases of monopolistic practices and collusion.
As we navigate this nexus of causality and data science in economics, we unveil the multidimensional impact of these collaborations on economic consulting. The talk highlights how the synergy between economic expertise and data-driven methodologies is shaping more comprehensive, accurate, and actionable insights.
This session was part of the 2023 Oktoberfest Data Science Festival at CodeNode in London.
The Data Science Festival is the place for data driven people to come together, share cutting edge ideas and solve real-world problems. We run monthly events, meetups and the biggest free to attend data festivals in the UK. Join the community at https://datasciencefestival.com/
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