{"id":20743,"date":"2019-12-02T12:36:00","date_gmt":"2019-12-02T12:36:00","guid":{"rendered":"http:\/\/143.198.236.18\/?p=20743"},"modified":"2023-08-31T21:27:59","modified_gmt":"2023-08-31T21:27:59","slug":"market-power-in-the-ivory-tower","status":"publish","type":"post","link":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/","title":{"rendered":"Market Power In The Ivory Tower"},"content":{"rendered":"<h2>Key Points<\/h2>\n<div class=\"elementor-widget-container\">\n<ul>\n<li style=\"font-weight: 400;\">The five largest journal publishing firms account for as much as 70% of the published papers in certain subject disciplines.<\/li>\n<li style=\"font-weight: 400;\">These publishers have recorded gross profit margins in excess of 60% for more than a decade, with cost of subscriptions increasing anomalously over the years.<\/li>\n<li style=\"font-weight: 400;\">Journal prices have shown significant increase even though scientific communities provide the publishers with free content and review, effectively minimizing marginal costs.<\/li>\n<li style=\"font-weight: 400;\">Fideres\u2019s research shows that the journal publishing market exhibits many features common to collusive markets, including high barriers to entry and increasing market concentration.<\/li>\n<\/ul>\n<\/div>\n<h2>Background<\/h2>\n<p style=\"font-weight: 400;\">In February 2019, University of California announced that they were terminating their subscription deal with the major journal publishing company Elsevier, noting that the cost of the publisher\u2019s subscriptions was becoming unreasonably expensive.\u00a0 According to the university librarian and economics professor Jeffrey MacKie-Mason \u201cThe prices of scientific journals now are so high that not a single university in the U.S. \u2014 not the University of California, not Harvard, no institution \u2014 can afford to subscribe to them all&#8221;.<\/p>\n<p style=\"font-weight: 400;\">Academic libraries account for approx. 70% of journal publishing revenues and are the largest group of purchasers of journal subscriptions. Scientific, Technical and Medical (\u201cSTM\u201d) publishing includes formal and informal elements such as journals, articles, books, conference presentations, pre-prints and digital objects.<\/p>\n<p style=\"font-weight: 400;\">Journals form a significant part of the STM publishing market and account for approx. 38% of total revenues generated in this sector. In 2017, the global STM journal publishing market revenues was estimated to be approx. $9.9bn.<\/p>\n<h3>Journal Publishing Cycle<\/h3>\n<p>When an author wants to publish an article, they submit it to journal editors, who coordinate the peer-review process and get the article ready for publishing with the journal publisher.\u00a0 The publisher either directly or indirectly (through agents) sells the journal to libraries, who make it available to the readers.\u00a0 There are mainly two types of journals \u2013 open access journals, where publishers provide the articles free of charge, and regular journals paid by subscription. In most cases, open access journals charge a publication fee to the authors.<img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-28363 size-full\" src=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW.png\" alt=\"\" width=\"2849\" height=\"1570\" srcset=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW.png 2849w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW-300x165.png 300w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW-1024x564.png 1024w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW-768x423.png 768w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW-1536x846.png 1536w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Picture-1-NEW-2048x1129.png 2048w\" sizes=\"(max-width: 2849px) 100vw, 2849px\" \/><\/p>\n<h2>Anticompetitive Markers<\/h2>\n<h3>Plus Factors<\/h3>\n<p>In the absence of a \u201csmoking gun\u201d proving collusion, courts often consider a range of pro-collusive characteristics in a given market to assess the likelihood of anticompetitive conduct. Collectively, these are known as \u201cplus factors.\u201d Among other potentially relevant factors, the list includes:<\/p>\n<div class=\"elementor-widget-container\">\n<ul>\n<li><strong>High market concentration<\/strong> &#8211; The market for journal publishing is highly concentrated. In the Natural and Medical Sciences (NMS) and Social Science and Humanities (SSH) fields, the top five publishers have increased their combined market share from 10-20% to more than 50% over the past 30 years.<img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-28647 size-full\" src=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New.png\" alt=\"\" width=\"2728\" height=\"1316\" srcset=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New.png 2728w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New-300x145.png 300w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New-1024x494.png 1024w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New-768x370.png 768w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New-1536x741.png 1536w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic2-New-2048x988.png 2048w\" sizes=\"(max-width: 2728px) 100vw, 2728px\" \/><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<\/div>\n<div class=\"elementor-widget-container\">\n<ul>\n<li><strong>Market share stability<\/strong> &#8211; The market share of the top five publishers in some subject disciplines (for example, the NMS journal market) have remained stable at around 50% for the last decade. We estimate the above-ground drainage and the below-ground piping systems market in the UK to be worth more than \u00a3250m per year in terms of revenues.<\/li>\n<li><strong>Barriers to entry<\/strong> &#8211; Academic research also shows that academic publishing mergers and acquisitions are generally associated with price increases of journals.\u00a0 The sector has been characterised by significant horizontal and vertical integration in the last two decades, which has limited the capacity for new publishers to enter the market.<img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-28653 size-full\" src=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2.png\" alt=\"\" width=\"2727\" height=\"1316\" srcset=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2.png 2727w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2-300x145.png 300w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2-1024x494.png 1024w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2-768x371.png 768w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2-1536x741.png 1536w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic3-New-2-2048x988.png 2048w\" sizes=\"(max-width: 2727px) 100vw, 2727px\" \/><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<\/div>\n<h3>Anomalous Pricing Patterns<\/h3>\n<p>These plus factors are accompanied by other market characteristics that suggest inflated pricing in the sector. The mean price per article across all subject disciplines increased by 134% over the period 2003-2019, particularly 22% between 2013 \u2013 2019.\u00a0 We observe significant price increases even after adjusting for relevant producer price indices (\u201cPPIs\u201d) related to publishing.<img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-28650 size-full\" src=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New.png\" alt=\"\" width=\"3505\" height=\"1916\" srcset=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New.png 3505w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New-300x164.png 300w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New-1024x560.png 1024w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New-768x420.png 768w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New-1536x840.png 1536w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic4-New-2048x1120.png 2048w\" sizes=\"(max-width: 3505px) 100vw, 3505px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3>Potentially Excessive Profits<\/h3>\n<p style=\"font-weight: 400;\">Publishers neither pay for the provider of the underlying content (authors) nor for the quality control (peer review).\u00a0 Fixed costs for journals mainly comprise of manuscript preparation and review, both of which are provided free of charge by the scholarly community. On the publishers\u2019 side, average fixed costs range from $20 &#8211; $40 per page, which doesn\u2019t explain open access publication fees as high as $5,000.\u00a0 With electronic publishing, the marginal costs of any additional subscription to the publisher are estimated to be zero.<\/p>\n<p style=\"font-weight: 400;\">Given the above factors, it is unsurprising that publishers consistently report high profit margins. The average gross margins of the three publicly traded publishing companies is shown below. These margins have stayed above 64% and has consistently increased over the years between 2009-2017.<img decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-28654 size-full\" src=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1.png\" alt=\"\" width=\"2727\" height=\"1362\" srcset=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1.png 2727w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-300x150.png 300w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-1024x511.png 1024w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-768x384.png 768w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-1536x767.png 1536w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-2048x1023.png 2048w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-1000x500.png 1000w, https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Pic5-New-1-670x335.png 670w\" sizes=\"(max-width: 2727px) 100vw, 2727px\" \/><\/p>\n<h2 style=\"font-weight: 400;\">Conclusion<\/h2>\n<p style=\"font-weight: 400;\">The journal publishing market exhibits significant price increases and high profit margins, along with plus factors facilitating collusion. Complaints alleging anticompetitive conduct in the journal publishing industry have already been made with British and European regulators.<\/p>\n<p style=\"font-weight: 400;\">We await the outcome of these investigations with interest. It remains to be seen whether subscription prices drop in the face of increasing public scrutiny, or whether US subscribers will seek to recover losses through the courts in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Evidence of collusive behaviour in academic publishing.<\/p>\n","protected":false},"author":21,"featured_media":28361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[85],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Power In The Ivory Tower - Fideres<\/title>\n<meta name=\"description\" content=\"The effect of excessive market power among academic journal publishers on subscription prices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Power In The Ivory Tower - Fideres\" \/>\n<meta property=\"og:description\" content=\"The effect of excessive market power among academic journal publishers on subscription prices.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Fideres\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-02T12:36:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-31T21:27:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Academic-publishing-original-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1708\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rahul Muralidharan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Power In The Ivory Tower\" \/>\n<meta name=\"twitter:description\" content=\"The effect of excessive market power among academic journal publishers on subscription prices.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fideres.com\/wp-content\/uploads\/2022\/10\/logo-vhi-3000px-grey.png\" \/>\n<meta name=\"twitter:creator\" content=\"@fideres\" \/>\n<meta name=\"twitter:site\" content=\"@fideres\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rahul Muralidharan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\"},\"author\":{\"name\":\"Rahul Muralidharan\",\"@id\":\"https:\/\/fideres.com\/#\/schema\/person\/85b747fc373817f75f01872d52d03d98\"},\"headline\":\"Market Power In The Ivory Tower\",\"datePublished\":\"2019-12-02T12:36:00+00:00\",\"dateModified\":\"2023-08-31T21:27:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\"},\"wordCount\":801,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/fideres.com\/#organization\"},\"keywords\":[\"Competition Economics\"],\"articleSection\":[\"Research\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\",\"url\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\",\"name\":\"Market Power In The Ivory Tower - Fideres\",\"isPartOf\":{\"@id\":\"https:\/\/fideres.com\/#website\"},\"datePublished\":\"2019-12-02T12:36:00+00:00\",\"dateModified\":\"2023-08-31T21:27:59+00:00\",\"description\":\"The effect of excessive market power among academic journal publishers on subscription prices.\",\"breadcrumb\":{\"@id\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fideres.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Market Power In The Ivory Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fideres.com\/#website\",\"url\":\"https:\/\/fideres.com\/\",\"name\":\"Fideres\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/fideres.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fideres.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/fideres.com\/#organization\",\"name\":\"Fideres\",\"url\":\"https:\/\/fideres.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fideres.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/fideres.com\/wp-content\/uploads\/2021\/12\/logo-dark-1.png\",\"contentUrl\":\"https:\/\/fideres.com\/wp-content\/uploads\/2021\/12\/logo-dark-1.png\",\"width\":450,\"height\":180,\"caption\":\"Fideres\"},\"image\":{\"@id\":\"https:\/\/fideres.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/fideres\",\"https:\/\/www.linkedin.com\/company\/fideres-partners-llp\/\",\"https:\/\/open.spotify.com\/show\/1kyMSOQvGyr4A4XIJxE4lD\",\"https:\/\/www.youtube.com\/channel\/UCmIBJE3GegIvYM4b7vZPq2w\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/fideres.com\/#\/schema\/person\/85b747fc373817f75f01872d52d03d98\",\"name\":\"Rahul Muralidharan\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fideres.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/fideres.com\/wp-content\/uploads\/2023\/08\/rhaul-96x96.png\",\"contentUrl\":\"https:\/\/fideres.com\/wp-content\/uploads\/2023\/08\/rhaul-96x96.png\",\"caption\":\"Rahul Muralidharan\"},\"description\":\"Rahul joined Fideres in 2019 after completing his MSc in Economics from the University of Warwick. Since joining Fideres, Rahul has been building his expertise in securities litigation and competition litigation in sectors including publishing, pharmaceutical and digital markets. He holds a bachelor\u2019s degree in Computer Science and Engineering and has worked as a software engineer prior to joining Fideres. He brings this expertise in programming and technology into economic analysis as well, building database models and analytic frameworks for quicker and more efficient analysis.\",\"url\":\"https:\/\/fideres.com\/author\/rahul_muralidharan\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Market Power In The Ivory Tower - Fideres","description":"The effect of excessive market power among academic journal publishers on subscription prices.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/","og_locale":"en_US","og_type":"article","og_title":"Market Power In The Ivory Tower - Fideres","og_description":"The effect of excessive market power among academic journal publishers on subscription prices.","og_url":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/","og_site_name":"Fideres","article_published_time":"2019-12-02T12:36:00+00:00","article_modified_time":"2023-08-31T21:27:59+00:00","og_image":[{"width":2560,"height":1708,"url":"https:\/\/fideres.com\/wp-content\/uploads\/2019\/12\/Academic-publishing-original-scaled.jpg","type":"image\/jpeg"}],"author":"Rahul Muralidharan","twitter_card":"summary_large_image","twitter_title":"Market Power In The Ivory Tower","twitter_description":"The effect of excessive market power among academic journal publishers on subscription prices.","twitter_image":"https:\/\/fideres.com\/wp-content\/uploads\/2022\/10\/logo-vhi-3000px-grey.png","twitter_creator":"@fideres","twitter_site":"@fideres","twitter_misc":{"Written by":"Rahul Muralidharan","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#article","isPartOf":{"@id":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/"},"author":{"name":"Rahul Muralidharan","@id":"https:\/\/fideres.com\/#\/schema\/person\/85b747fc373817f75f01872d52d03d98"},"headline":"Market Power In The Ivory Tower","datePublished":"2019-12-02T12:36:00+00:00","dateModified":"2023-08-31T21:27:59+00:00","mainEntityOfPage":{"@id":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/"},"wordCount":801,"commentCount":0,"publisher":{"@id":"https:\/\/fideres.com\/#organization"},"keywords":["Competition Economics"],"articleSection":["Research"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/","url":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/","name":"Market Power In The Ivory Tower - Fideres","isPartOf":{"@id":"https:\/\/fideres.com\/#website"},"datePublished":"2019-12-02T12:36:00+00:00","dateModified":"2023-08-31T21:27:59+00:00","description":"The effect of excessive market power among academic journal publishers on subscription prices.","breadcrumb":{"@id":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fideres.com\/market-power-in-the-ivory-tower\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fideres.com\/market-power-in-the-ivory-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fideres.com\/"},{"@type":"ListItem","position":2,"name":"Market Power In The Ivory Tower"}]},{"@type":"WebSite","@id":"https:\/\/fideres.com\/#website","url":"https:\/\/fideres.com\/","name":"Fideres","description":"","publisher":{"@id":"https:\/\/fideres.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fideres.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/fideres.com\/#organization","name":"Fideres","url":"https:\/\/fideres.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fideres.com\/#\/schema\/logo\/image\/","url":"https:\/\/fideres.com\/wp-content\/uploads\/2021\/12\/logo-dark-1.png","contentUrl":"https:\/\/fideres.com\/wp-content\/uploads\/2021\/12\/logo-dark-1.png","width":450,"height":180,"caption":"Fideres"},"image":{"@id":"https:\/\/fideres.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/fideres","https:\/\/www.linkedin.com\/company\/fideres-partners-llp\/","https:\/\/open.spotify.com\/show\/1kyMSOQvGyr4A4XIJxE4lD","https:\/\/www.youtube.com\/channel\/UCmIBJE3GegIvYM4b7vZPq2w"]},{"@type":"Person","@id":"https:\/\/fideres.com\/#\/schema\/person\/85b747fc373817f75f01872d52d03d98","name":"Rahul Muralidharan","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fideres.com\/#\/schema\/person\/image\/","url":"https:\/\/fideres.com\/wp-content\/uploads\/2023\/08\/rhaul-96x96.png","contentUrl":"https:\/\/fideres.com\/wp-content\/uploads\/2023\/08\/rhaul-96x96.png","caption":"Rahul Muralidharan"},"description":"Rahul joined Fideres in 2019 after completing his MSc in Economics from the University of Warwick. Since joining Fideres, Rahul has been building his expertise in securities litigation and competition litigation in sectors including publishing, pharmaceutical and digital markets. He holds a bachelor\u2019s degree in Computer Science and Engineering and has worked as a software engineer prior to joining Fideres. He brings this expertise in programming and technology into economic analysis as well, building database models and analytic frameworks for quicker and more efficient analysis.","url":"https:\/\/fideres.com\/author\/rahul_muralidharan\/"}]}},"lang":"en","translations":{"en":20743,"it":36675,"es":36682},"pll_sync_post":{"en":true,"it":true,"es":true},"_links":{"self":[{"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/posts\/20743"}],"collection":[{"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/comments?post=20743"}],"version-history":[{"count":14,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/posts\/20743\/revisions"}],"predecessor-version":[{"id":37090,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/posts\/20743\/revisions\/37090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/media\/28361"}],"wp:attachment":[{"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/media?parent=20743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/categories?post=20743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fideres.com\/wp-json\/wp\/v2\/tags?post=20743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}