Swiss Economics has carried out a comprehensive analysis of the electricity market as part of SECO's structural reporting. The analysis shows the extent to which electricity consumers react to price changes and how demand-side flexibility can be improved. The most important findings were published in an article in "Volkswirtschaft".

Authors: Nicolas Eschenbaum, Urs Trinkner, Lilia Habibulina, Maida Sabotic, Romain de Luze, Leah Meyer de Stadelhofen

To the study: SECO-Webpage (DE)
To the article: DE, FR

Swiss Economics supported the SFOE in its work on the new Gas Supply Act (GasVG). Against this background, a study was carried out to investigate whether the market area manager planned in the new law should take on new tasks in the area of security of supply and what consequences this would have for unbundling requirements, governance and capitalisation.

Authors: Urs Trinkner, Lukas Bruhin, Michael Funk,

Tobias Binz, Nicolas Oderbolz, Josef Winkler

Study (Deutsch)

In the comprehensive background report, the reversion strategies employed by the mountain cantons are outlined, detailing their respective advantages and disadvantages, along with the associated opportunities and risks for the canton of Zurich. The report also delves deeper into specific issues such as investment incentives and governance.

Authors: Urs Trinkner, Claudio Burkhard, Nicolas Eschenbaum, Leah Meyer de Stadelhofen

To the article

The report documents the results of a project to quantify the revenue potential of different types of hydropower plants.
hydropower plants. Based on a detailed revenue calculation of the various sales markets, heuristics are derived that the Swiss Federal Office of Energy can use in the future implementation of the "sliding market premium", a means to foster renewables in Switzerland.

Authors: Nicolas Greber, Alexander Fuchs, Nicolas Eschenbaum, Urs Trinkner

To the study (German): BFE-Webpage

Intellectual property, for example in the form of patents or copyrights, protects inventors from free riders and thus creates incentives to invest more in research and development and in creative works. IP is also relevant to the rapidly developing field of blockchain technology and applications. Through our study, the IPI wanted to better assess the current and, above all, the future demand for IP services. A similar country-specific study is currently being conducted in Singapore and will be published later.

Authors: Dr. Samuel Rutz, Matthias Hafner, Felix Wüthrich, Beatrix Marosvölgyi

You can find our study here.

The foundational paper on Swiss data and digital policy develops in a first step a terminology and conceptualisation of the topic grounded in economics. This is followed by a characterisation of digital markets and their regulation. The result is a framework for analysing the origins and effects of challenges in digital policy from an economic perspective. The framework is applied to the current political and regulatory initiatives in Switzerland and the EU. Recommendations are derived from this.

Authors: Lukas Bruhin, Nicolas Eschenbaum, Matthias Finger, Urs Trinkner

In the context of the revision of the Swiss Copyright Act, Swiss Economics was commissioned by the Institute of Intellectual Property to conduct a Regulatory Impact Assessment (RIA) on the introduction of legal protection for journalistic services on the Internet.
Authors: Dr. Matteo Mattmann, Dr. Michael Funk, Dr. Samuel Rutz, Dr. Nicolas Eschenbaum, Beatrix Marosvölgyi

This final report summarises our views on the efficient level of capital costs for Dublin Airport over the 2023-26 period. Our findings reflect that the aviation sector as well as financial markets are currently undergoing exceptional times following the pandemic and increased inflation.

Authors: Tobias Binz, Matteo Mattmann, Lilia Habibulina, Luca Apreda

Im Auftrag des BFE hat Swiss Economics eine Studie zu möglichen Massnahmen des Bundes gegen hohe Strom- und Gaspreise erstellt.

Auf der Grundlage des Berichts hat der Bundesrat am 21. Dezember 2022 das weitere Vorgehen der Schweiz beschlossen (zur Medienmitteilung).

Autoren: Urs Trinkner, Nicolas Eschenbaum, Romain de Luze, Luca Apreda, Nicolas Greber

Non-pharmaceutical measures to contain the coronavirus, such as plant closures, are associated with high economic and social costs. On behalf of the Swiss State Secretariat of Economic Affairs SECO, Swiss Economics in collaboration with Prof. Dr. Mark Schelker (University of Fribourg) empirically investigated the impact of individual non-pharmaceutical measures on the course of the pandemic, measured by the number of hospitalizations, in Switzerland (to the study in German).

For the restriction and closure of restaurants and bars as well as the ban on large events, we find a robust negative - i.e. reducing - effect on the hospitalization rate. For other measures, no statements can be made on effectiveness due to the empirical starting point. However, it should not be concluded from this that these measures had no effect.

Press coverage e.g. NZZ, Watson (DE, FR), 10vor10, SRF (DE, FR).

On behalf of the State Secretariat for Economic Affairs SECO, Swiss Economics has conducted a study with the University of St.Gallen to develop the basis for a Swiss innovation fund. The aim of such an innovation fund is to strengthen the Swiss financing ecosystem of start-ups during the growth phase.

The focus was on identifying international best practices and evaluating possible governance options for a Swiss innovation fund. Four ideal-typical models of an innovation fund for Switzerland were derived: Establishment, Special Law AG, Mandate and EIF. All four models come with advantages and disadvantages. Depending on political preferences, these can be assessed differently. The choice of a model should therefore begin with a definition of the objectives of a Swiss innovation fund ("form follows function").

On June 22, 2022, the Federal Council made a directional decision in favor of a Swiss innovation fund (to the press release).

Autoren: Urs Trinkner, Matteo Mattmann, Matthias Finger, Lukas Bruhin, Dietmar Grichnik, Michael Greger

We assess whether regulatory interventions are required in the area of interchange fees for credit and debit cards, following the recent growth in market shares of the new generation of debit cards.

Authors: Samuel Rutz, Tobias Binz, Eva Zuberbühler, Larissa Jenal

Link to report on VEZ website

Rough analyses of key financial figures indicate revenue increases of around CHF 100 million and cost increases of around CHF 700 million. Overall, the Corona pandemic reduced the profits of Swiss general hospitals by around CHF 600 million in 2020. The profit reductions cannot be solely attributed to the Federal Council's treatment ban. It is true that a sharp decline in treatments can be observed during the period of the ban. However, this was to a significant extent made up for in the following months. Moreover, due to behavioral adjustments of patients and hospitals, there would have been a substantial decline in the number of cases even without the ban. To the study [in German]...

Authors: Tobias Binz, Urs Trinkner, Andreas Haller, Eric Kammerlander

The main idea of a cost target is to assign cost responsibility to the actors in the healthcare system. If additional revenues can no longer be generated simply by expanding volumes, efficiency reserves must be exploited. Unwanted consequences (e.g. a reduction in treatment quality) should be prevented by efficient design of the cost target and monitoring the development of costs and quality.

On November 10, 2021, the Federal Council adopted a cost target for the development of the costs of compulsory health insurance (OKP) as an indirect counter-proposal to the popular initiative "Für tiefere Prämien - Kostenbremse im Gesundheitswesen". Within the framework of a Regulatory Impact Assessment, Swiss Economics investigated the effects of such a cost target on health care actors and the costs of the health care system.

Authors: Samuel Rutz, Matteo Mattmann, Melanie Häner, Tilman Slembeck

Press release Federal Council

Study

Swiss Economics was commissioned to conduct a regulatory impact assessment on a bill aiming to make Swiss critical infrastructure subject to the "Lex Koller". The law was originally put in place to limit foreign ownership of Swiss real estate.

Authors: Urs Trinkner, Samuel Rutz, Melanie Häner, Matteo Mattmann, Larissa Jenal

Study

Swiss Economics has once again examined the effectiveness of non-pharmaceutical interventions ("NPI") to contain the coronavirus. This is an update of the meta-analysis on this topic commissioned by the State Secretariat for Economic Affairs (SECO) in June 2020. In addition to the question of the effectiveness of NPI, the study also evaluates the literature on the costs of individual measures and discusses the findings on factors such as the weather and the acceptance of NPI among the population. In the course of combating the pandemic, the question of the optimal level of intervention also arose in Switzerland. Another part of the study is dedicated to this question.

Authors: Samuel Rutz, Matteo Mattmann, Michael Funk and David Jeandupeux

To the study

Netzbetreiber im schweizerischen Elektrizitätsmarkt werden über kostenregulierte Netznutzungsentgelte vergütet. Die Stromversorgungsverordnung gibt vor, dass ein durchschnittlicher Kapitalkostensatz (Weighted Average Cost of Capital, WACC) auf die Vermögenswerte der für den Betrieb notwendigen Netzbetreiber anzuwenden ist. Im Rahmen dieses Projektes analysiert Swiss Economics die gegenwärtige Methodik zur Berechnung des WACC und erstellt ein Gutachten, das beschreibt, wie die Berechnungen des WACC an aktuelle Marktbegebenheiten und Marktentwicklungen angepasst werden können. Zur Studie...

Autoren: Tobias Binz, Urs Trinkner, Matteo Mattmann, Felix Wüthrich

"Service public: Weniger Staat - mehr privat" - so lautet der Titel der neusten Publikation des liechtensteinischen Think Tanks "Zukunft.li". Swiss Economics hat die wissenschaftlichen Grundlagen für diese Publikation erarbeitet. Sie liefert in einem ersten Teil die theoretsichen Grundlagen zu Service public, beschreibt Organisations- und Finanzierungsformen und geht auf die Besonderheiten eines Kleinstaates ein. Im zweiten Teil werden die Sektoren Post, Telekommunikation, Gas, Elektrizität und öffentlicher Verkehr einzeln beleuchtet. Zu jedem Sektor haben werden drei Entwicklungsszenarien entworfen, die Vor- und Nachteile abgewogen und ein entsprechendes Fazit gezogen.

Authors: Samuel Rutz, Urs Trinkner, Michael Funk und Melanie Häner

To the report

On 27 April 2020, two months after they were first introduced, the federal government started to relax the measures to contain the spread of the new coronavirus (SARS-CoV-2). As of early July, it cannot be ruled out that this easing will lead to a renewed increase of infection rates, or even a ‘second wave’ of infections. This Swiss Economics study provides an overview of available evidence on the effectiveness of various measures, and indicates which measures would be particularly appropriate to implement in case infection rates started to increase again.

Authors: Samuel Rutz, Matteo Mattmann, Ann-Kathrin Crede, Michael Funk, Anja Siffert and Melanie Häner

Read more

This research examines the interactions between everyday mobility and travel as well as between short and long-distance mobility in more detail. Its primary questions for investi-gation are:

• Shifts over time between everyday mobility and travel and between short-distance and long-distance mobility;
• Contribution to the overall mobility of different groups of people with different distance profiles in terms of everyday mobility and travel;
• Personal characteristics, a person's mobility tools and their environment (e.g., place of residence, access to transport, or economic development) that are significantly con-nected to parameters of everyday mobility and travel;
• Individual changes (e.g., change of place of work, relocation, marital status, or attitudes) that are significantly connected to parameters of everyday mobility and travel;
• Significance for traffic as well as patterns of different forms of multi-local living arrange-ments in everyday mobility and travel.

The Autorité de regulation des transports (ART) determines the appropriate level of remuneration for cost of equity, to which airports under its mandate are entitled for. The French transport law foresees that the Capital Asset Pricing Model (CAPM) is used to estimate airports’ cost of equity. A key component of the CAPM is the Beta, which measures the airport’s systematic risk (i.e. non-diversifiable risk).

Swiss Economics (2020) identifies groups of comparator airports, which can serve to determine the appropriate level of the Beta for each of the airports under ART’s mandate. In this report, we present our estimates of comparator airport Betas and describe our methodology for estimating them.

We use evidence from actual stock market data and regulatory precedent to determine comparator Betas.

• We use stock return data for Fraport (Frankfurt), Aéroports de Paris (Group), Copenhagen, AENA Aeropuertos, and Zurich Airport to estimate empirical Asset Betas.
• We use evidence from regulatory precedent for Amsterdam Schiphol Airport, Aeroporti di Roma, Dublin Airport, London Gatwick Airport, and London Heathrow Airport.

Authors: Urs Trinkner, Tobias Binz, Matteo Mattmann

The Autorité de regulation des transports (ART) determines the appropriate level of remuneration for cost on equity, to which airports under its mandate are entitled for. The French transport law foresees that the Capital Asset Pricing Model (CAPM) is used to estimate airports’ cost of equity. A key component of the CAPM is the Beta, which measures the airport’s systematic risk (i.e. non-diversifiable risk).

We assess the factors that drive differences in airports’ Beta risk using a framework that connects various degrees of systematic risk with microeconomic analysis of how demand shifts translate into profit variation. We find the following relevant factors:

• Factors related to the regulatory regime under which an airport operates: We find traffic risk resulting from price cap rigidity to play the major role for explaining differences in Beta risk.
• Factors related to an airport’s demand structure: We find differences in traffic mix to influence airports’ Beta risk. Specifically, we find airports’ Beta risk to increase with the share of traffic from Low Cost Carriers. In addition, we find that under certain conditions, competition reduces airports’ Beta risk.
• Factors related to an airport’s supply structure: We find that capacity constraints reduce the systematic risk an airport is exposed to. Also, we find that airports with a higher degree of cost fixity are more exposed to systematic risk.

Authors: Urs Trinkner, Tobias Binz, Alec Rungger

Within the framework of a literature overview, studies from Germany and abroad are evaluated from 2007 onwards. The additional damage is caused by creeping climate change and extreme events. In addition to the transport and energy sectors, water supply, industrial infrastructure, social infrastructure and tourism are also affected. Although climate change is more damaging than beneficial overall, it also has a positive impact. For example, there is less cold-related damage to roads and railways and expenditure on heating energy is falling. As temperatures rise, Switzerland's relative attractiveness as a summer tourist destination also increases. However, all available quantifications of the effects of climate change are still subject to considerable uncertainty.

Our report reflects that financial markets are currently undergoing exceptional times. Real government bond yields have fallen to a historically low level in the past couple of years, suggesting that the real expected return from risk-free assets is currently negative. Traditional approaches to estimating the cost of capital may fail to adequately capture the peculiarities of this new market environment. Hence, we assessed whether the ECB’s recent halt of quantitative easing is likely to have a significant effect on the market and analysed whether financial markets expect bond yields to rise again in the near future. Also, we considered evidence that expectations on equity returns may be more stable over time than underlying risk premia, indicating a so called Total Market Return approach may be preferred over the traditional Equity Risk Premium approach to estimate the cost of equity.

Authors: Christian Jaag, Tobias Binz, Matteo Mattmann, Nina Schnyder, Urs Trinkner

The full report can be downloaded from the Commission for Aviation Regulation’s website.

Swiss Economics has benchmarked about 200 German electricity distribution networks together with SUMICSID and IAEW on behalf of Bundesnetzagentur. The final report has been published by the agency and includes all relevant methodological aspects as well as results.

Authors: Trinkner Urs, Mattmann Matteo, Agrell Per, Bogetoft Peter, Moser Albert, Sieberichs Marius, Löhr Lukas

To the report

Im November 2018 präsentierte das Bundesamt für Zivilluftfahrt (BAZL) seinen Vorschlag zur punktuellen Revision der Verordnung über die Flughafengebühren (FGV). Im Gutachten im Auftrag des Flughafen Zürichs untersuchen wir Sinn- und Zweckmässigkeit der Vorlage in Bezug auf die vorgeschlagene Methodik zur Bestimmung des regulatorischen Kapitalkostensatzes.

Authors: Lutzenberger Martin, Trinkner Urs, Federspiel Esther, Frölicher Jonas, Georgi Dominik, Ulrich Susanne, Wozniak Thomas

To the publication

Authors: Urs Trinkner, Martin Lutzenberger

Authors: Urs Trinkner, Martin Lutzenberger, Andreas Haller, Per Agrell, Peter Bogetoft, Martin Ahlert, Peter Vossig

To the publication

Swiss Economics hat im Auftrag des Staatssekretariat für Wirtschaft (SECO), eine Studie zu den ökonomischen Auswirkungen
eines Wechsels vom heutigen Marktbeherrschungstest in der Fusionskontrolle auf den in der EU verwendeten SIEC-Test erstellt. Abgeklärt wurde auch, ob eine allfällige Einführung des SIEC-Tests von weiteren Anpassungen - etwa im Bereich der Aufgreifkriterien oder Prüffristen - begleitet werden soll. Zur Beantwortung dieser Fragen wurde unter anderem auch mit in- und ausländischen Experten Interviews durchgeführt.

Authors: Christian Jaag, Samuel Rutz, Noëmi Jacober

To the publication

Authors: Worm Heike, Trinkner Urs, Mollet Janick, Funk Michael, Vaterlaus Stephan, Hafner Matthias

To the publication

Authors: Trinkner Urs, Thomas Geissmann, Ivo Scherrer, Kern Markus, Benedikt Pirker, Christian Nabe

Die Studie untersucht den Entflechtungsbedarf für Schweizer Gasnetzbetreiber und schlägt für die Verteilnetzebene weniger starke Entflechtungsvorschriften vor als für die Transportnetzebene. Die stärkste Entflechtung wird für den Akteur vorgeschlagen, der die Marktgebietsverantwortung wahrnimmt.

Authors: Trinkner Urs, Funk Michael

Authors: Agrell Per J., Bogetoft Peter, Trinkner Urs

Swiss Economics was commissioned by the Universal Postal Union (UPU) to conduct a prospective study on the future activities of its Quality of Service Fund (QSF). We recommend to extend the scope of the fund, to introduce complementary top down elements to propose global and regional projects, to foresee a new common account to fund such projects, and to provide balanced measures to ensure the use of funds and increases the measurability of projects.

Authors: Trinkner Urs, Jaag Christian, Lutzenberger Martin

Authors: Trinkner Urs, Funk Michael

Authors: Dietl Helmut, Jaag Christian, Trinkner Urs, Christian Bach, Michael Funk, Lutzenberger Martin, Jeffrey Yusof

Im Hinblick auf die Diskussion der vollständigen Strommarktöffnung in der Schweiz stellt sich die Frage, inwieweit die Schweiz die Erfahrungen der EU nutzen kann. Die Analyse der Entwicklungen in der EU und Länderstudien für Grossbritannien, Deutschland, Frankreich, Italien und Schweiz zeigt, dass erstens in der EU noch kein Level Playing Field besteht, dass die vollständige Marktöffnung eine wesentliche Herausforderung darstellt, und dass wichtige Wechselwirkungen mit der Energiewende bestehen. Für den Fall der Schweiz ist davon auszugehen, dass eine vollständige Marktöffnung die Kosten der Energiestrategie ceteris paribus erhöhen wird. Vor dem Hintergrund sollte die Schweiz zuerst die Eckwerte der Energiestrategie festlegen und hierauf eine optimale Marktöffnungsstrategie für ihren Elektrizitätsmarkt ableiten.

Authors: Trinkner Urs, Scherrer Ivo, Martin Irina

To the publication

In der Studie werden verschiedene Modelle des Zusammenwirkens von Strommärkten und Netzrestriktionen erarbeitet, analysiert und bewertet. Vor dem Hintergrund der künftigen Herausforderungen wird ein Ampelmodell vorgeschlagen, bei dem in Phase Gelb ein neuer Marktprozess zur Berücksichtigung von Netzrestriktionen zu Anwendung kommt.

Authors: Nabe Christian, Trinkner Urs, Bons Marian

Der Nutzen der Wirtschaftsprüfung liegt in der Validierung von Unternehmensinformation. Für die Anspruchsgruppen eines Unternehmens ist Information als Grundlage für ihre Entscheidun-gen von zentraler Bedeutung. Information wird allerdings erst dann vorbehaltslos wertvoll und brauchbar für eine Anspruchsgruppe, wenn sie entweder durch die Anspruchsgruppe selbst er-stellt wurde, oder wenn sie durch eine unabhängige und qualifizierte Stelle nach objektiven und standardisierten Kriterien geprüft wurde. Diese Prüfung wertvoller Unternehmensinformation und die Reduktion von Defiziten leistet die Wirtschaftsprüfung. Das Vorgehen der Studie gliedert sich in drei Teile. Im ersten Teil werden unter Einbeziehung von Expertengesprächen konkrete Bedürfnisse sowie Defizite an Unternehmensinformation von Anspruchsgruppen erfasst und bewertet. Darauf aufbauend wird in einem zweiten Teil evaluiert, welchen Anteil an den Informationsdefiziten die Wirtschaftsprüfung abzubauen vermag. Unter Wirtschaftsprüfung wird dabei ausschliesslich die gesetzlich verankerte externe Revision ver-standen. Im dritten Teil wird basierend auf etablierten Theorien aus der ökonomischen Literatur analysiert, inwiefern der Abbau von Informationsdefiziten durch die Wirtschaftsprüfung für die Gesamtwirtschaft wertvoll ist.

Authors: Eberle Reto, Jaag Christian, Bach Christian, Martins Sonia Strube, Feger Fabian

To the publication

To the publication

Delivery costs are the largest segment of total costs incurred by the United States Postal Service (USPS). These costs comprise 38 percent of total operating costs. Accurately assessing how unit delivery costs behave is crucial to properly attribute costs to products. This report presents the application of a model for estimating the relationship between the cost of city carrier delivery and the number of delivery points receiving mail, as well as the volume of mail to be delivered. This model uses data from the Postal Service that allow the identification of the geographic location of all delivery points served by each delivery route, the volume delivered on the route each day, and the time spent on the route by the carrier. The model simulates each route, determining the shortest linear distance to serve all delivery points receiving mail.

Authors: Trinkner Urs, Haller Andreas

To the publication

Authors: Jaag Christian, Keuschnigg Christian, Strube Martins Sonia, Parra Moyano Jose, Scherrer Ivo

To the publication

Authors: Trinkner Urs, Holznagel Bernd, Jaag Christian, Dietl Helmut, Haller Andreas

To the publication

Rail passenger transport services with integrated regular interval timetables (IRIT), offer passengers a regular interval timetable for services on the railway network. IRIT have the potential to increase the quality and attractiveness of railway passenger services in comparison to other transport modes. This study summarizes the advantages and challenges of an implementation of IRIT for railway passenger services and derives the main requirements for the successful introduction of IRIT.

Authors: Finger Matthias, Kern Markus, Strube Martins Sonia, Trinkner Urs

To the publication

This report summarises work undertaken testing the use of stated preference discrete choice experiments to measure consumer preferences for postal services. It discusses the importance of understanding and quantifying consumer priorities in the postal sector and presents different methods used for valuing non-market goods. We recommend the use of stated preference discrete choice experiments, and test the use of this approach in three member states. We provide the findings for these member states, as well as a tool kit for applying this methodology in other member states in future.

Authors: Rohr Charlene, Trinkner Urs, Lawrence Alison, Hunt Priscillia, Kim Chong Woo, Potoglou Dimitris, Sheldon Rob

To the publication

Authors: Trinkner Urs, Jaag Christian, Dietl Helmut, Haller Andreas, Verbeek Erwin, Fürst Oliver

To the publication

Author: Jaag Christian

Authors: Trinkner Urs, Jaag Christian, Dietl Helmut

To Publication

Authors: Jaag Christian, Trinkner Urs, Finger Matthias, Lang Markus, Lutzenberger Martin

To the publication

Authors: Jaag Christian, Keuschnigg Christian, Keuschnigg Mirela

To the publication

The study analyzes the regulatory need of a functional or structural separation of the Swiss incumbent Swisscom.

Authors: Finger Matthias, Jaag Christian, Lang Markus, Lutzenberger Martin, Trinkner Urs

To the publication

Authors: Finger Matthias, Horner Samuel, Jaag Christian, Lutzenberger Martin, Trinkner Urs

Authors: Jaag Christian, Trinkner Urs

To the publication