Dr. Nicolas Eschenbaum

Managing Economist

Biography

Dr. Nicolas Eschenbaum is Managing Economist and AI Lead, specialising in the intersection of artificial intelligence (AI) and economics. In this role he is responsible for the firm-wide use, development and integration of AI. His areas of focus are algorithmic pricing, the regulation of artificial intelligence, digital markets and platforms, and energy and competition economics. He regularly advises large companies, public authorities and law firms, and acts as an economic expert in competition proceedings.

Before joining Swiss Economics he was a postdoctoral researcher and lecturer at the University of St. Gallen, where he obtained his PhD in Economics and Finance summa cum laude. He publishes regularly, including on the regulation of digital markets (DMA), the effects of AI on competition, and the competition policy of modern algorithmic systems.

Work experience

Managing Economist & AI Lead, Swiss Economics (2026 - )
Senior Economist, Swiss Economics (2022 – 2025)
Global Fellow, European AI and Society Foundation (2024 – 2025)
Postdoctoral Researcher, University of St. Gallen (2018– )
Lecturer, University of St. Gallen (2018 - 2025)
Visiting Scholar, Düsseldorf Institute for Competition Economics (DICE), Heinrich Heine University Düsseldorf (2020 – 2021)

Education

PhD in Economics and Finance, University of St. Gallen (2018)
M.Sc. in Economics, Edinburgh University (2012)
B.Sc. in Business and Economics, Universiteit Maastricht (2011)

Education

Expertise

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Projects (selection)

Regulatory frameworks most conducive to financial and digital diversification (2025 – ). Which regulatory frameworks are most conducive to financial and digital diversification?
Economic Incentives of Noise Charges (2024 – 2025). What incentives do noise charges create for airlines? Client: International Airport.
Research and consulting project for Polygon (2024 – 2025).
Which economic structure is best suited for the blockchain interoperability protocol? Client: Polygon.
Nouns DAO: Alternative Fork Design (2024). Can an alternative fork design in Nouns DAO reduce the speculative participation of arbitrageurs? Client: Nouns DAO.
Price Formation on the Swiss Forward Market (2023 – 2024). How is the Swiss forward market price for electricity deliveries determined? Does the price formation meet expectations? Are there indications of market power held by individual players? How could the Swiss wholesale price be reduced?
Support for the Web3 Chess platform Raremind (2023). How can the well-known chess platforms be integrated into Web3? How should incentives be structured to connect various stakeholders on the platform?

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Effect of price signals and government measures on electricity demand (2023 – 2024). How have end customers reacted to the rise in electricity prices? What role do government measures play? Client: State Secretariat of Economic Affairs SECO.

Reversion of hydropower concessions (2023). What are the reversion strategies of the mountain cantons? What do they mean for the canton of Zurich? Is there a need for action? Client: Study for AWEL.

Revenue opportunities Swiss hydropower (2023). What are the revenue opportunities for different hydropower plants in Switzerland? What role do the various sales options such as spot, futures, ancillary services, capacity and proof-of-origin markets play? Client: Swiss Federal Office of Energy (SFOE).

Market Power in Energy Platforms and Artificial Intelligence (2023 – ). From an economics perspective, what challenges do energy platforms pose? What role does artificial intelligence play in this context? Client: Bundesamt für Energie (BFE).

Necessity and Key Elements of a Swiss Data and Digital Policy (2023). What are the main challenges for Swiss digital policy? How can these challenges be analyzed and classified economically?

Legal protection for journalistic content on the internet (2022). On behalf of the Institute of Intellectual Property, Swiss Economics conducted a regulatory impact assessment on the introduction of legal protection for journalistic services on the internet.

Support for the Football Prediction Platform Pooky Labs (2022). A new collaboration between the Center for Cryptoeconomics and Pooky Labs to create the world's first multi-sport prediction game in a web3 environment.

Relative Market Power (2022 – 2023). Expert witness activity by Swiss Economics in a proceeding concerning relative market power Client: anonymous.

Assessing the opportunity costs of hydropower reserve providers (2022). What are appropriate bids for the hydropower reserve? Client: Swiss Electricity Commission (ElCom).

Measures against high energy prices (2022). What measures are being discussed at EU and Swiss level to combat high energy prices? Which of these are relevant for Switzerland? What measures could Switzerland take? Client: Swiss Federal Office of Energy (BFE).

Feasibility analysis for benchmarking in the hospital sector (2022). How could benchmarking be implemented in the hospital sector?

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Publications (selection)

Picht Peter Georg Nenadic Luka, Barnes Octavia, Eschenbaum Nicolas, Kuster Nicolas (2024). Swiss DMA-Brussels-Effect? SSRN.
Eschenbaum Nicolas, Trinkner Urs (2024). Strengthening price signals in the electricity market. Die Volkswirtschaft, February 2024.
Eschenbaum Nicolas, Habibulina Lilia, Sabotic Maida, de Luze Romain, Meyer Leah, Trinkner Urs (2024). Effect of price signals and regulations on electricity demand. Foundations for economic policy.
Trinkner Urs, Burkhard Claudio, Eschenbaum Nicolas, Meyer Leah (2023). Reversion of hydropower concessions. .
Trinkner Urs, Eschenbaum Nicolas, Greber Nicolas, Fuchs Alexander (2023). Revenue opportunities and marketing costs of hydropower. Swiss Federal Office of Energy (SFOE).
Bruhin Lukas, Eschenbaum Nicolas, Finger Matthias, Trinkner Urs (2023). Necessity and Key Elements of a Swiss Data and Digital Policy. Swiss Economics.

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Mattmann Matteo, Rutz Samuel, Funk Michael, Eschenbaum Nicolas, Marosvölgyi Beatrix (2023). Regulatory Impact Assessment on the Introduction of Legal Protection for Journalistic Content on the Internet. Swiss Federal Institute of Intellectual Property (IPI).

Trinkner Urs, Eschenbaum Nicolas, de Luze Romain, Apreda Luca, Greber Nicolas (2022). Policy Measures against high Energy Prices. Bundesamt für Energie (BFE).