Economics

After specialising in mathematical economics during my undergraduate degree; including auctions and network theory, researching further into markets with such elements from an industrial organisation perspective is of great appeal. In a growing age of technology giants and the online shopping revolution, incorporating network effects into theoretical models may uncover some frailties in the current policies aimed at such industries. Looking how the spread of information, products and data can be controlled or influenced by competition policy through formal, but tractable models may shed light on the risk factors of these new emerging industries. Through working on and discussing abuse of dominance cases professionally, effective regulation in these new and booming sectors is scarce. Younger generations are becoming rapidly more dependent; even physically attached to technology devices tracking their every move and finger stroke. Even those considered as vulnerable by age may now be participating in poorly regulated markets, inadvertently if not consciously. Due to densely connected social media networks, speeds of adoption are exceptionally high in using devices, downloading applications and purchasing products. What is the impact of generational familiarity with technology on how these data orientated sectors function? This growing reliance on online networking is quickly becoming an ever-changing social pandemic amongst all user groups, particularly the appropriately named "iGen" ages. Hence, deeper research into these fields may give new policy approaches and shape the framework of market regulation. Potential implications of this include; promoting competition, changing the imbalanced market dynamics and ultimately, better protecting the consumers participating in the market. If policed correctly, consumers could not only have more choice, but potentially be far safer and less susceptible to leaks of personal information and online crime. That is one key element I think should of focus in all economic research, having direct policy implications in order to improve the functioning of the market or area in question. Research with a slant on big data offers scope for including more sophisticated modelling techniques and programming, if there is merit to be gained from added complexity. Blending both traditional formalities of designing or extending existing models with empirical testing offers a more rounded approach. This is also a much more
scalable method of research, slight tweaks and changes in model simulations can be crucial in explaining the fundamental characteristics