Professor Paul Grout

Professor Paul Grout

Professor Paul Grout
Professor of Political Economy

The Priory Road Complex, Priory Road, Clifton
(See a map)

Telephone Number (0117) 928 8903

Department of Economics

Personal profile

Paul Grout is Professor of Political Economy at the University of Bristol.

He is also a Non-Executive Director of Ofgem (the UK energy regulator), a member of Ofgem's Remuneration Committee and Chair of Ofgem's RIIO2 (i.e., networks regulation) Committee, is the Senior Advisor for Competition at the Bank of England, is Chair of the Gambling Commission's Expert Advisory Group for the 4th National Lottery Competition, and a member of Ofcom's (the UK regulator of communication industries) Academic Panel.

He was founding director of the Centre for Market and Public Organisation; was a member of the Executive Committee, Council and trustee of the Royal Economic Society; the inaugural Tinbergen Research Fellow at the Netherlands Bureau for Economic Policy Analysis, was on the Editorial Board of the Review for Economic Studies and director of the Review of Economic Studies Ltd for many years; and is a Research Fellow of CEPR.

He has advised many UK and international government departments and public bodies; has been advisor to the House of Lords Economic Affairs Committee; and a member of a CBI Taskforce. Recent keynote addresses include speeches at the World Bank; IESE (Barcelona); OECD, and European Commission’s EuroSocial Taxation Conference (Mexico).


Paul's main research interests are in public economics, law and economics, and finance and he has published extensively in these fields (e.g., in Econometrica, Review of Economic Studies, Journal of Financial Economics, Journal of Public Economics, American Bar Association).


ECONM2037: MSc Law and Economics

Fields of interest

Regulation and Competition, Law and Economics, Finance

Latest publications

  1. Grout, P, 2016, ‘Incomplete Contracts and Not for Profit Firms’. in: Philippe Aghion, Matthias Dewatripont, Patrick Legros, Luigi Zingales (eds) The Impact of Incomplete Contracts on Economics. Oxford University Press
  2. Grout, P & Zalewska, A, 2016, ‘Stock market risk in the financial crisis’. International Review of Financial Analysis, vol 46., pp. 326-345
  3. Grout, PA, Mitraille, SY & Sonderegger, SMIA, 2015, ‘The Costs and Benefits of Coordinating with a Different Group’. Journal of Economic Theory, vol 160., pp. 517-535
  4. Dickinson, S, Humphry, D, Siciliani, P, Straughan, M & Grout, P, 2015, ‘The Prudential Regulation Authority's Secondary Competition Objective’. Bank of England Quarterly Bulletin, vol 55., pp. 334-343
  5. Grout, PA, Jenkins, AG & Zalewska, A, 2013, ‘Regulatory valuation of public utilities: A case study of the 20th century.’. Business History.
  6. Grout, PA, Zalewska, A & Garside, LBE, 2013, ‘Does experience make you ‘tougher’? Evidence from competition law’. Economic Journal, vol 123., pp. 474-490
  7. Grout, P & Zalewska, A, 2012, ‘The effect of option granting on executive stock purchases’. Economics Letters, vol 114., pp. 12 - 15
  8. Gregg, P, Grout, P, Ratcliffe, A, Smith, S & Windmeijer, F, 2011, ‘How important is pro-social behaviour in the delivery of public services?’. Journal of Public Economics, vol 95., pp. 758 - 766
  9. Grout, P & Sonderegger, S, 2008, ‘The Quest for Cartels’. in: WD Collins (eds) Issues in Competition Law and Policy, Vol I. American Bar Association, pp. 1085 - 1106
  10. Grout, P & A., Z, 2008, ‘Measuring the Rate of Return for Competition Law’. Journal of Competition Law and Economics, vol 4., pp. 155 - 176
  11. Grout, P & Zalewska, A, 2008, ‘Profitability Measures’. in: WD Collins (eds) Issues in Competition Law and Policy, Vol I. American Bar Association, pp. 373 - 392
  12. Grout, P, Park, I-U & Sonderegger, S, 2007, ‘An Economic Theory of the Glass Ceiling’.
  13. Grout, P & Sonderegger, S, 2007, ‘Structural Approaches to Cartel Detection’. in: Ehlermann , C-D , I Atanasiu (eds) European Competition Law Annual: 2006. Enforcement of Prohibition of Cartels. Hart Publishing, pp. 83 - 103
  14. Grout, P, Jewitt, I & Sonderegger, S, 2007, ‘Governance Reform in Legal Service Markets’. Economic Journal, vol 117 (519)., pp. C93 - C113
  15. Grout, P & Zalewska, A, 2006, ‘The impact of regulation on market risk’. Journal of Financial Economics, vol 80 (1)., pp. 149 - 184
  16. Grout, P & Sonderegger, S, 2006, ‘Simple money-based tests for choosing between private and public delivery: a discussion of the issues’. Review of Industrial Organization, vol 29 (1-2)., pp. 93 - 126
  17. Grout, P, 2005, ‘Value for Money Measurement in Public Private Partnerships’. European Investment Bank Papers, vol 10(2)., pp. 32 - 56
  18. Grout, P & Zalewska, A, 2005, ‘On the Undervaluation of Privatized Companies’. Economics Letters, vol 86(2)., pp. 215 - 220
  19. Grout, P & Park, I-U, 2005, ‘Competitive planned obsolescence’. RAND Journal of Economics, vol 36 (3)., pp. 596 - 612
  20. Grout, P & Sonderegger, S, 2005, ‘Predicting Cartels (OFT 773)’. Office of Fair Trading
  21. Garside, L, Grout, P & Flockton, C, 2005, ‘Business Regulation’. in: Compston (eds) Handbook of Public Policy in Europe. Palgrave Macmillan
  22. Grout, P, Yong, M & Flockton, C, 2005, ‘Financial Regulation and Supervision’. in: Compston (eds) Handbook of Public Policy in Europe. Palgrave Macmillan
  23. Grout, P & Park, I-U, 2004, ‘Promoting competition in the presence of essential facilities’. International Journal of Industrial Organization, vol 22 (10)., pp. 1415 - 1441
  24. Grout, P, 2004, ‘Defining a Price Squeeze in Competition Law’. in: E Hope (eds) The Pros and Cons of Low Prices. Swedish Competition Authority
  25. Grout, P, Jenkins, A & Zalewska, A, 2004, ‘Privatisation of utilities and the asset value problem’. European Economic Review, vol 48 (4)., pp. 927 - 941
  26. Grout, P, 2003, ‘Public and private sector discount rates in public-private partnerships’. Economic Journal, vol 113 (486)., pp. C62 - C68
  27. Grout, P & Stevens, M, 2003, ‘The Assessment: Financing and Managing Public Services’. Oxford Review of Economic Policy, vol Volume 19., pp. 215 - 234
  28. Grout, P & Yong, M, 2003, ‘The Role of Donated Labour and Not-For-Profits at the Public Private Interface’. CMPO Working Paper 03/074, University of Bristol
  29. Grout, P & Stevens, M, 2003, ‘Financing and Managing Public Services: An Assessment’. CMPO Working Paper 03/076, University of Bristol
  30. Grout, P & Zalewska, A, 2003, ‘Do Regulatory Changes Affect Market Risk?’. LIFE Working Paper 03/022, University of Bristol
  31. Grout, P, 2003, ‘Is There Real Missing Risk in Public Private Partnerships?’. Public Private Finance.
  32. Grout, PA, 1997, ‘The Economics of the private finance iniative’. Oxford Review of Economic Policy, vol 13., pp. 53-66

Full publications list in the University of Bristol publications system

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