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Maarten Pieter Schinkel

From EverybodyWiki Bios & Wiki

Prof. Maarten Pieter Schinkel

Maarten Pieter Schinkel (born 29 May, 1971) is a Dutch economist and professor at the University of Amsterdam. He attended Maastricht University, where he received a PhD in 2001. His doctoral thesis was titled Disequilibrium Theory.[1] It addressed the fundamental open question in economics of how and whether interrelated markets converge to general equilibrium—in the tradition of Frank Hahn and Franklin M. Fisher. He criticized auctioneer models as a "homunculus explanation" and contributed a model of monopolistically competitive price adjustment based on traders' subjective believes about demand and supply to replace it. This process converges under "No Statistical Surprise".[2][3]

Schinkel's research since is in industrial organization, the functioning of specific markets, and competition policy. He studies anticompetitive business strategies, in cartel formation and abuse of dominance, as they develop in strategic interaction with market authorities. In his 2010 inaugural speech, titled Market Oversight Games[4], Schinkel drew on the classic video game Pac-Man as a metaphor for this cat-and-mouse dynamic. His work has been published in leading academic journals.

Embedded academic work[edit]

Schinkel is known for taking inspiration for his academic work from pressing societal concerns, such as the Libor scandal, malfunctioning of the Dutch mortgage market, cartel damages, and the preservation of independent market oversight. With his work, Schinkel and his co-authors challenge conventional ideas about and practices related to economic issues, bringing fundamental economic research to policy. His work regularly receives media attention in the Netherlands, including by Zembla, Nieuwsuur, Het Financieele Dagblad, NRC Handelsblad, and de Volkskrant. His expert opinions have inspired debate in the European Parliament and the States General of the Netherlands, are cited by courts, and influence policy making.

Muted competition on the Dutch mortgage market[edit]

In 2012, Schinkel revealed how price leadership bans, imposed by the European Commission under Neelie Kroes in the aftermath of the financial crisis as part of the state aid conditions, stalled competition.[5][6] The bans were imposed on four of the five leading mortgage providers in the Netherlands, effectively appointing Rabobank the must-follow price leader. This drove up mortgage rates for several years after May 2009 (by 0.8 percent point on average), and hugely increased profitability of the Dutch banks.[7][8][9] The Dutch competition authority (NMa, now ACM) overlooked the concern, but the European Commission lifted the bans, after which mortgage rates returned to normal in the course of 2015.[10][11][12][13] Based on a margin calculation method that the NMa had used to conclude in May 2011 that the market had normalized, Schinkel showed that shortly after, the extra margin rose to over one percent point again.[14][15] Exactly during the NMa investigation, mortgage rates had been kept low. Between September 2012 and July 2017, the homeowners' association Vereniging Eigen Huis published a monthly 'barometer' of the Dutch mortgage market which was based on Schinkel's formula.[16]

Collusion in Libor and Euribor[edit]

Against a common perception that the Libor and Euribor scandals had been incidents of rogue traders within one or a few panel banks attempting to edge the rates for the benefit of their own books or bonuses, Schinkel showed in a theory paper how they could have been full cartels, potentially including all the panel banks.[17][18][19] The theory overcomes difficulties particular to the benchmark rate setting processes, including that panel banks have conflicting exposures, defection is always attractive, and part of the panel’s quotes is trimmed off. In stable continuous collusion with episodic break-up, all the banks involved in the benchmark rate setting mechanisms could have benefitted from insider trading. The paper includes a software code for implementing the cartel, as well as detailed volatility-screen proposals for authorities to monitor derivatives trades markets with.[17] Importantly, Schinkel’s research revealed that the on-going Libor and Euribor reforms are insufficient to address cartel concerns. Recently, the end of Libor has been announced, with a gradual transition to SOFR, a rate in which there is more actual trading.

Green washing collusion[edit]

Schinkel has criticized a Dutch policy since 2014 that the Netherlands Authority for Consumers & Markets (ACM) considers allowing an exemption of the cartel law (under the Dutch equivalence of Article 101(3) TFEU) for anticompetitive agreements that promise to produce ‘sustainability benefits’.[20][21][22] The lead case is ‘Chicken of Tomorrow’, in which poultry farmers claimed to require a cartel to improve the poor living conditions of their cheap chicken meat product.[23] Theory shows that cartels have an incentive to contribute as little as possible to sustainability improvement, against as large as possible a price increase.[24] Moreover, the policy targets exactly the wrong people for contributing to the public good (animal well-being), going against established basic public economics.[25] Schinkel contributed to the public consultation of the policy rule(s) as one of the few adversaries.[26] His critical review of one of the main propagators of the policy, Schinkel published in the form of a poem in the Dutch economic policy journal Economisch Statistische Berichten (ESB).[27]

Design and independence of market oversight[edit]

Schinkel has published widely on competition law enforcement.[28] In the course of 2011, together with several law professors he grew increasingly concerned about the institutional design of the merged NMa (former competition authority), OPTA (former post and telecom authority) and Consumer Authority into what would become the Authority for Consumers & Markets (ACM).[29] They feared the technocratic process would endanger the political independence of the market regulators.[30][31][32] With Nico van Eijk and Saskia Lavrijssen, Schinkel testified to the Dutch House of Lords (Eerste Kamer), in an attempt to amend the Instellingswet last minute, so that the new ACM would be given the status of so-called large independent government agency (‘groot’ ZBO).[33] The warning was to no avail, and the Minister of Economic Affairs since is in charge of the authority’s personal and budget, can (and does[34]) give ex-ante instructions, and can even annul ACM decisions[35]—a power the ministry has so far not formally used, but could have threatened with. In a theory paper, Schinkel shows how political influence on a chair whose independence is not properly institutionalized can steer an agency’s priorities and decision making.[36] In talks around Europe, Schinkel warned for the Dutch case.[37][38] The European Commission put the matter firmly on the agenda as ECN+.[39][40] In March 2017, new rules were proposed to strengthen the independence of Member State enforcers.[41]

Teaching[edit]

Schinkel teaches Principles of Economics and Business, the foundation course for all economics and business studies freshmen of the University of Amsterdam upon entry – with over 1.500 students in the Carré Theatre in Amsterdam.[42][43] He also directs the one-year MSc program in Markets & Regulation in the School of Economics, in which he teaches the specialty courses Competition Policy and Applied Industrial Organisation. In the Amsterdam Law School Schinkel lectures on economics in the course European Competition Law. His former MSc and PhD students are in government agencies, consultancies, law firms, multinationals, as well as academia. Schinkel won best teacher awards both at Maastricht University and the University of Amsterdam.[44] He regularly teaches master classes, including to lawyers at CRESSE in Athens and judges in the ENTraNCE School at the European University Institute in Florence.[45]

Personalia[edit]

Maarten Pieter Schinkel is married to artist Carla Nuis, with whom he has three sons and a daughter.[46] He lives in Haarlem in a part of the industrial heritage building ‘Edelweiss’, which they restored. He is a member of the council for his neighborhood Rozenprieel. In an interview in 2013 Schinkel tells about how he was influenced by MIT economist Franklin M. Fisher and Robert M. Pirsig’s Zen and the Art of Motor cycle Maintenance (1974).[47]

References[edit]

  1. ↑ Schinkel, Maarten Pieter (2001). Disequilibrium Theory: Reflections towards a Revival of Learning (PDF) (PhD thesis). Maastricht University Press.
  2. ↑ Schinkel, Maarten Pieter; Tuinstra, Jan; Vermeulen, Dries (2002). "Convergence of Bayesian Learning to General Equilibrium in Mis-specified Models". Journal of Mathematical Economics. 34 (4): 483–508. doi:10.1016/S0304-4068(02)00062-9 – via Elsevier Science Direct.
  3. ↑ Schinkel, Maarten Pieter (2006). "Disequilibrium Dynamics and Aggregate Excess Demand: On a Homunculus Fallacy in Economic Theory". History of Political Economy. Duke University Press. 38: 189–212. doi:10.1215/00182702-2005-022.
  4. ↑ Schinkel, Maarten Pieter (2011). Market Oversight Games (inaugural lecture) (PDF). Amsterdam: Vossiuspers UvA. University of Amsterdam. ISBN 978 90 5629 663 6. Search this book on
  5. ↑ Schinkel, Maarten Pieter (2012). "Hoe de banken hun PLV's kregen". Markt & Mededinging. 15 (5): 190–196.
  6. ↑ Schinkel, Maarten Pieter (June 2015). "Price Leadership Bans in Dutch Mortgage Banking". University of Amsterdam website. Retrieved 2018-02-09.
  7. ↑ "Your Mortgage: a Cash Cow". Zembla. BNNVARA. 2012-09-14. Retrieved 2018-02-09.
  8. ↑ de Horde, Cor (2012-10-13). "Studie: meer winst hypotheken na '09". Het Financieele Dagblad. p. 1. Retrieved 2018-02-14.
  9. ↑ Schinkel, Maarten Pieter (2012-09-14). "Toelichting op genoemde schatting van mogelijke extra winsten op de Nederlandse hypotheekportefeuille sinds mei 2009 in de Zembla-uitzending "Uw Hypotheek als Melkkoe" van 14 september 2012" (PDF). Zembla. Retrieved 2018-02-14.
  10. ↑ Dijkstra, Mark; Schinkel, Maarten Pieter (2012-10-12). "Hollands hoge hypotheekrentes" (PDF). Economisch Statistische Berichten. 97 (4645): 594–597.
  11. ↑ Dijkstra, Mark; Randag, Fleur; Schinkel, Maarten Pieter (2014). "High Mortgage Rates in the Low Countries: What Happened in the Spring of 2009?". Journal of Competition Law & Economics. Oxford University Press. 10 (4): 843–859. doi:10.1093/joclec/nhu031.
  12. ↑ Kooiman, Joris (2017-07-14). "Tijd van te dure hypotheek is voorbij". NRC Handelsblad. pp. E4–5. Retrieved 2018-02-14.
  13. ↑ Bökkerink, Ivo; Battes, Prisco (2015-08-19). "Banken zien winstmarges op hypotheken slinken". Het Financieele Dagblad. Retrieved 2018-02-14.
  14. ↑ Dijkstra, Mark; Schinkel, Maarten Pieter (2013-10-31). "NMa's Mortgage-Rate-Calculation-Method: Actualization and Reinterpretation". Amsterdam Center for Law & Economics Working Paper No. 2012-07. doi:10.2139/ssrn.2145787. SSRN 2145787.
  15. ↑ Dijkstra, Mark; Schinkel, Maarten Pieter (2014-01-07). "Extra-Margins in ACM's Adjusted NMa 'Mortgage-Rate-Calculation Method'". Amsterdam Centre for Law & Economics Working Paper No. 2013-10. doi:10.2139/ssrn.2298567.
  16. ↑ "Eigen Huis Rentebarometer toont winstmarge banken". Vereniging Eigen Huis website. 2012-09-14. Retrieved 2018-01-03.
  17. ↑ 17.0 17.1 Boot, Nuria; Klein, Timo; Schinkel, Maarten Pieter (2017-12-22). "Collusive Benchmark Rates Fixing". Amsterdam Center for Law & Economics Working Paper No. 2017-02. doi:10.2139/ssrn.2993096. SSRN 2993096.
  18. ↑ Schinkel, Maarten Pieter (2012). "Euribor-Rigging". Markt & Mededinging. 15 (4): 157–160.
  19. ↑ Mijnheer, Dennis (2017-08-21). "Het bankenkartel bestaat écht". Follow the Money. Retrieved 2018-02-17.
  20. ↑ "Visiedocument Mededinging & Duurzaamheid" (PDF). ACM. May 2014. Retrieved 2018-02-17.
  21. ↑ "Beleidsregel mededinging en duurzaamheid (effective from 2014-05-09 untill 2016-10-05)". Overheid.nl. Retrieved 2018-02-17.
  22. ↑ "Beleidsregel mededinging en duurzaamheid (effective from 2016-10-06)". Overheid.nl. Retrieved 2018-02-17.
  23. ↑ Ellenkamp, Robert (2013-02-17). "De kip van morgen". Pluimveeweb. Retrieved 2018-02-17.
  24. ↑ Schinkel, Maarten Pieter; Spiegel, Yossi (2017). "Can Collusion Promote Sustainable Consumption and Production?". International Journal of Industrial Organization. 53: 371–398. doi:10.1016/j.ijindorg.2016.04.012 – via Elsevier Science Direct.
  25. ↑ Schinkel, Maarten Pieter; Tóth, Lukáš (2017-01-13). "Balancing the Public Interest-Defense in Cartel Offenses". Amsterdam Center for Law & Economics Working Paper No. 2016-01. doi:10.2139/ssrn.2723780. SSRN 2723780.
  26. ↑ Schinkel, Maarten Pieter (2016-01-30). "Reactie consultatie Aangepaste Beleidsregels mededinging en duurzaamheid". Overheid.nl. Retrieved 2018-02-17.
  27. ↑ Schinkel, Maarten Pieter (2016). "Cartel Paradise Regained". Economisch Statistische Berichten. 101 (4736): 403–404.
  28. ↑ Schinkel, Maarten Pieter; Tuinstra, Jan (2006). "Imperfect Competition Law Enforcement". International Journal of Industrial Organization. 14 (6): 1267–1297. doi:10.1016/j.ijindorg.2006.04.008 – via Elsevier Science Direct.
  29. ↑ "Merging Market Authorities: Mix & Match". ACLE (Workshop organized by the Amsterdam Center for Law and Economics (ACLE) and Research Group Market Regulation at the Dutch Ministry of Economic Affairs). 2011-12-01. Retrieved 2018-02-17.
  30. ↑ Schinkel, Maarten Pieter (2013). "Gevraagd: autoriteit met rechtspersoonlijkheid". Markt & Mededinging. 16 (1): 9–12.
  31. ↑ Schinkel, Maarten Pieter (2012). "Handhavingshuisstijl". Markt & Mededinging. 15 (1): 16–19.
  32. ↑ Schinkel, Maarten Pieter (2011). "Het marktwerkingspaleis". Markt & Mededinging. 14 (4): 138–139.
  33. ↑ Baarsma, Barbara (2012). Ontwikkelingen in het mededingingstoezicht (PDF). Amsterdam: SEO economisch onderzoek. ISBN 978 90 6733 683 3. Search this book on
  34. ↑ "Beleidsregel van de Minister van Economische Zaken van 30 september 2016, nr. WJZ/16145098, houdende beleidsregels inzake de toepassing door de Autoriteit Consument en Markt van artikel 6, derde lid, van de Mededingingswet bij mededingingsbeperkende afspraken die zijn gemaakt ten behoeve van duurzaamheid". Staatscourant. 2016-10-05. Retrieved 2018-02-17.
  35. ↑ "Instellingswet Autoriteit Consument & Markt". Overheid.nl. 2016-07-01. Retrieved 2018-02-17.
  36. ↑ Schinkel, Maarten Pieter; Tóth, Lukáš; Tuinstra, Jan (2016-12-09). "Discretionary Authority and Prioritizing in Government Agencies". Amsterdam Center for Law & Economics Working Paper No. 2014-06. doi:10.2139/ssrn.2533894. SSRN 2533894.
  37. ↑ "UB-XREAP Seminar – The Reform of Competition and Regulatory Authorities in Europe" (Seminar at the Universitat de Barcelona). 2013-12-05. Retrieved 2018-02-17.
  38. ↑ Schinkel, Maarten Pieter (June 2013). "The New Dutch Authority for Consumers & Markets (ACM)" (Speech at the ESCR Centre for Competition Policy Annual Summer Conference, Norwich, 6-7 June 2013). Retrieved 2018-02-17.
  39. ↑ Italianer, Alexander (2014-12-12). "The Independence of National Competition Authorities" (PDF) (Speech at the Competition Conference: Best Practice in Investigations, Vienna). Retrieved 2018-02-17.
  40. ↑ Vestager, Margrethe (2016-12-01). "Competition Policy in Context" (Speech delivered ath the 15th OECD Global Forum on Competition, Paris). Retrieved 2018-02-17.
  41. ↑ "Antitrust: Commission proposal to make national competition authorities more effective enforcers for the benefit of jobs and growth". European Commission (Press release). 2017-03-22. Retrieved 2018-02-17.
  42. ↑ "Economics Professors to Give Lectures to First Year Students at Royal Theatre Carré". University of Amsterdam (Press release). 2017-08-29. Retrieved 2018-01-10.
  43. ↑ "UvA Principles of Economics and Business". YouTube (Compilation). 2018-01-10. Retrieved 2017-01-17.
  44. ↑ "Maarten Pieter Schinkel wins 2017 Van der Schroeff Award". University of Amsterdam (Press release). 2018-01-24. Retrieved 2018-02-17.
  45. ↑ "Scientific Committee" (PDF). European University Institute. Retrieved 2018-02-17.
  46. ↑ "dhr. prof. dr. M.P. (Maarten Pieter) Schinkel". University of Amsterdam. Retrieved 2018-02-17.
  47. ↑ Bachem, Milan (October 2013). "Inspired People: Maarten Pieter Schinkel". Rostra Economica (296). pp. 38–42. Retrieved 2018-02-17.

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