National Economic Research Associates

National Economic Research Associates, or NERA, is an American economic consulting firm headquartered in New York City. Founded in 1961, it was established as one of the earliest consulting businesses devoted specifically to applying microeconomic theory and quantitative analysis to legal, regulatory, and public-policy questions. Its work sits at the intersection of economics, statistics, finance, law, and business strategy. NERA advises government authorities, corporations, and law firms. Its assignments can involve litigation support, regulatory proceedings, competition and antitrust analysis, damages estimation, market studies, economic-impact assessments, policy evaluation, and expert testimony. The firm produces economic models, statistical analyses, written reports, and recommendations intended to support decisions by courts, regulators, public agencies, and corporate management. In disputes, NERA professionals may appear as expert witnesses or assist counsel in developing arguments based on economic evidence. The firm’s distinguishing proposition is the use of formal economic and econometric methods in matters that require evidence rather than general management advice. Its professional staff includes people with advanced training in economics, finance, law, and business. According to the supplied reference material, NERA employs more than 500 professionals and maintains offices across North America, Europe, Asia, and Australia, giving it an international operating footprint while retaining a specialist identity in economic consulting. NERA became part of the Oliver Wyman Group, which in turn is a subsidiary of Marsh & McLennan Companies. This ownership structure places the firm within a larger global professional-services group while preserving NERA as a distinct specialist consultancy. The firm is not described in the supplied material as a separately listed public company. NERA has also attracted attention through industry rankings and through the public use of its research in policy debates. It placed second in Vault’s 2018 ranking of economic consulting firms and third in the corresponding 2022 ranking, behind BCG and Bain. The New York Times has characterized it as one of the oldest and best-known economic consultancies in the United States, while Harvard constitutional-law scholar Laurence Tribe has described it as one of the world’s foremost economic consultancies. The firm’s research can become politically consequential when economic-impact studies are cited in public policy discussions. In 2017, statistics from a NERA study concerning the potential economic effects of hypothetical regulatory measures associated with the Paris Agreement were cited by President Donald Trump while announcing a plan to withdraw the United States from the agreement. Critics argued that the study overstated the costs of emissions reductions. NERA responded that the administration had selected and presented findings in a way that mischaracterized the study’s purpose and analysis. This episode illustrates both the influence of NERA’s work and the scrutiny that can accompany economic research used in high-profile policy disputes.

National Economic Research Associates was founded in 1961 in the United States as a consulting firm focused on applying economic analysis to practical legal and regulatory problems. Its formation reflected the growing importance of microeconomic theory, statistics, and quantitative evidence in litigation, government regulation, and public decision-making. Rather than operating primarily as a general management consultancy, NERA developed around the idea that economic models and empirical research could be used systematically to analyze disputes, markets, regulatory proposals, and policy choices. Over time, NERA built a practice serving three principal client groups: government authorities, corporations, and law firms. Its assignments include preparing studies and reports, conducting econometric and statistical analysis, evaluating economic impacts, supporting regulatory proceedings, advising on strategy, and providing expert testimony. In legal matters, the firm’s consultants may help quantify damages, assess market behavior, analyze competition, or explain economic evidence to courts and other decision-makers. In public-policy work, its analyses may examine the consequences of proposed rules or hypothetical regulatory programs. The firm expanded beyond the United States and developed offices in North America, Europe, Asia, and Australia. Its professional base has included specialists with advanced degrees in economics, finance, law, and business. This combination of academic and applied expertise has supported NERA’s identity as a specialist economic consultancy rather than a broad-based professional-services brand. The supplied reference material describes the firm as employing more than 500 professionals. NERA later became part of the Oliver Wyman Group. Oliver Wyman Group is itself a subsidiary of Marsh & McLennan Companies, a global professional-services organization. The ownership relationship gives NERA access to a wider corporate group while retaining the NERA name and its specialized economic-consulting role. The available material does not identify a separately listed NERA entity, ticker, founder, or current executive leadership team. The firm has received recognition within the economic-consulting profession. It ranked second in Vault’s 2018 survey of leading economic consulting firms and third in the 2022 ranking, behind BCG and Bain. External descriptions have emphasized its longevity and reputation: The New York Times referred to NERA as one of the oldest and best-known economic consultancies in the United States, and Laurence Tribe described it as one of the world’s foremost economic consultancies. A notable public episode occurred in 2017, when President Donald Trump cited statistics from a NERA study while announcing a plan to withdraw the United States from the Paris Agreement. The study examined the possible economic effects of hypothetical regulatory actions intended to meet the agreement’s goals. Critics argued that its presentation overstated the costs of reducing greenhouse-gas emissions. NERA responded that the administration had selectively cited results and thereby mischaracterized both the study’s purpose and its analysis. The episode demonstrated how the firm’s research could enter major political debates and also exposed its work to public criticism and competing interpretations. NERA’s historical significance therefore lies less in consumer branding than in the institutionalization of economic consulting as a professional service. Since its founding, it has applied quantitative economic methods to questions traditionally handled through legal argument, administrative analysis, or corporate judgment, serving as an example of the growing role of empirical economics in litigation, regulation, and public policy.

• 2022

  Third place in Vault economic consulting ranking

  [1]National Economic Research Associatesen.wikipedia.org

  NERA ranked third in Vault’s economic consulting ranking, following BCG and Bain.

• 2018

  Second place in Vault economic consulting survey

  [1]National Economic Research Associatesen.wikipedia.org

  NERA ranked second in Vault’s survey of top economic consulting firms.

• 2017

  NERA study cited in Paris Agreement policy debate

  [1]National Economic Research Associatesen.wikipedia.org

  Statistics from a NERA study on the economic effects of hypothetical emissions-reduction regulations were cited in the announcement of a United States plan to withdraw from the Paris Agreement.

• 1961

  NERA founded

  [1]National Economic Research Associatesen.wikipedia.org

  National Economic Research Associates was established in the United States as a consulting firm dedicated to applying microeconomic theory to litigation and regulatory matters.

A specialist, evidence-driven economic consultancy that applies microeconomic theory, econometrics, statistics, and financial analysis to litigation, regulation, public policy, and corporate decision-making.

• Professional service

  Litigation and dispute consulting

  NERA supports law firms, corporations, and other parties in economic aspects of litigation and disputes. Work may include quantitative analysis, damages assessment, market analysis, preparation of expert reports, and testimony intended to explain economic evidence to courts or other adjudicating bodies.

• Professional service

  Regulatory and policy analysis

  The firm evaluates regulatory proposals, government programs, and policy alternatives using economic theory, statistical methods, and impact analysis. Its clients include public authorities, corporations, and organizations involved in regulatory proceedings or policy debates.

• Research and analytics

  Econometric and statistical analysis

  NERA applies econometric models and statistical techniques to investigate markets, estimate relationships, test hypotheses, and quantify the effects of legal, regulatory, or commercial changes. These analyses can be incorporated into reports, strategic advice, and expert testimony.

• Economic research

  Economic-impact studies

  NERA conducts studies examining the likely or observed economic consequences of proposed regulations, environmental measures, public policies, and other interventions. Such work can address costs, benefits, sector effects, and broader economic outcomes.

• Litigation support

  Expert reports and testimony

  The firm prepares written economic reports and provides expert testimony for legal and regulatory proceedings. Consultants communicate technical findings in forms designed for counsel, regulators, courts, and other decision-makers.

• 2017

  Response to selective use of Paris Agreement studyOther

  Background

  A NERA study examined the economic impact of hypothetical regulatory actions designed to meet the goals of the Paris Agreement. Statistics from the study were cited by President Donald Trump in announcing a United States withdrawal plan, prompting criticism that the analysis overstated the costs of emissions reductions.

  Action taken

  NERA stated that the administration had selectively used results and had mischaracterized the study’s purpose and analysis.

  Aftermath

  The episode brought public attention to NERA’s research and highlighted the interpretive and political risks associated with using economic-impact studies in major policy debates.

  Source

1. 1National Economic Research Associatesen.wikipedia.org