About GMT Economics

Dr. Claudio Calcagno

GMT Economics is led by Dr Claudio Calcagno.  Claudio is a trained economist who specialises in applying microeconomics to competition cases.

He has advised clients on over 80 matters, including market studies and investigations, mergers, abuse of dominance, vertical and horizontal agreements, competition appeals, regulatory investigations, State aid, and private litigation.  

Since starting to work as a professional economist in 2004, he has held senior roles at leading economic consultancies before founding GMT Economics in 2021.

Over the years, he has had the privilege to work with, and learn from, a large number of national and international law firms, as well as corporations ranging from relatively small family businesses, to FTSE 100 companies, to multi-billion dollar businesses, hailing from a vast array of sectors.

He has worked on matters before the UK Competition and Markets Authority (and its predecessors), several UK sector regulators, the UK Competition Appeal Tribunal, the High Court of England and Wales, the European Commission, as well as many national competition authorities and courts across the European Union, the Middle East, Africa, Australasia and the Americas.

Claudio has published in international peer-reviewed academic journals, and is a co-author of a leading textbook in competition economics – Exclusionary Practices: The Economics of Monopolisation and Abuse of Dominance.  He has presented at major academic conferences and frequently speaks at professional competition policy events.  He is also a guest lecturer on competition economics and competition policy topics on several academic and executive education programmes.  He has been included in Who’s Who Legal’s list of recommended European competition economists for several years.

He holds a PhD Economics from the European University Institute, an MSc Economics from the London School of Economics and Political Science, a BSc Economics from University College London and a PG Dip in EC Competition Law from King’s College London.

He is fluent in Italian, French, Spanish and Portuguese.

Selected publications

Claudio Calcagno, Antoine Chapsal and Josh White. 2019. “The economics of excessive pricing – an application to the pharmaceutical industry”, Journal of European Competition Law & Practice, vol. 10(3), pp 166-171.

Claudio Calcagno and Liliane Giardino-Karlinger. 2019. “Collective exclusion”, International Journal of Industrial Organization, vol. 63, pp 326-375.

Chiara Fumagalli, Massimo Motta and Claudio Calcagno. 2018. Exclusionary practices – The economics of monopolisation and abuse of dominance, Cambridge University Press.

Claudio Calcagno. 2018. “The Poste Italiane decision by the Italian competition authority: sorting out non-replicability”, Journal of European Competition Law & Practice, vol. 9(8), pp 523-529.

Christoph Bertsch, Claudio Calcagno and Mark Le Quement. 2015. “Systematic bailout guarantees and tacit coordination”, B.E. Journal of Economic Analysis and Policy (Advances), vol. 15(1), pp 1-36.

Claudio Calcagno. 2012. “Stand-alone private antitrust damages: (how) should competition authorities react?”, European Journal of Law and Economics, vol. 34(2), pp 365-389.

Claudio Calcagno and Mike Walker. 2010. “Excessive pricing: towards clarity and economic coherence”, Journal of Competition Law & Economics, vol. 6(4), pp 891-910.