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Título de Experto en Economía de los Mercados Regulados

School of Continuing Education

Imagen fichas Másteres Propios
Prof. Álvaro Escribano
1 ó 2 cuatrimestres
Madrid - Puerta de Toledo


Institute of Economics

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  • Inicio

    The Expert Degree in Economics of Regulated Markets is directed to students with a bachelor degree, engineers, or professionals, interested in an economic global vision of the industrial regulated sectors of Energy, Telecommunications, and Transport.

    The aim is to provide students with the knowledge of the economic sectors, in which regulatory issues and business decision arise, by presenting the tools and techniques of the economic analysis used in each studied industrial sector. As a result, the student should be able to perform reports related to the evaluation of projects within the area of specialization.


     * The program allows the completion of the full degree or one or more of the courses that comprise it.



    Espcialista en Mercados Regulados

    The program is organized in two groups of subjects, in the first group (12 ECTS) is necessary to take two specialization courses. The second group (8 ECTS) is formed by any combination of the optative subjects listed in the program. All courses are regular courses of the Master in Industrial Economics and Markets.


    Group 1. Sectorial Courses (12 ECTS) (Campus Madrid-Puerta de Toledo)

    • Energy Economics I (6 ECTS, Fall semester)
    • Energy Economics II (6 ECTS, Spring semester)
    • Transport Economics (6 ECTS, Fall semester)
    • Telecommunications Economics (6 ECTS, Spring semester)


    Group 2: Elective Courses (8 ECTS)

    • A third course of Specialization (6 ECTS) (Madrid-Puerta de Toledo)
    • Seminars on Competition Policy
      Module 1 (2 ECTS) – (February)
      Module 2 (1 ECTS) (March) (Madrid-Puerta de Toledo)
    • Cost-Benefit Analysis (6 ECTS) – 2º Semester (February-May) (Getafe)

    Group 1

    Energy Economics

    Energy Economics Program I

    Energy Economics Program II

    Energy Economics I: General Aspects (6 ECTS)

    • Topic 1. Energy Demand Estimation: Econometric Tools
    • Topic 2. Energy Supply: An Overview
    • Topic 3.  Energy Concepts and Relevant Economic Theorems
    • Topic 4. Energy and Growth
    • Topic 5. Energy and Climate Change
    • Topic 6. Energy Efficiency and Security of Supply
    • Topic 7. Renewable Energy
    • Topic 8. Power Sector Economics
    • Topic 9. Regulations of the Power Markets
    • Topic 10. Gas Sector Economics. Markets and Hubs
    • Topic 11. Oil Markets. The Economics of the Refining Industry
    • Topic 12. Energy and Competition


    Energy Economics II (6 ECTS)

    • Topic 1. Perspectives of the Spanish Electricity Sector
    • Topic 2. Generation: Electricity and Gas
    • Topic 3. The European Market Coupling in Electricity Risk Management
    • Topic 4. Iberian Market Operator: Market Processes
    • Topic 5. Settlement and Clearing of Electricity
    • Topic 6. Transmission and System Operation I: The Spanish System
    • Topic 7. Transmission and System Operation II: Renewable Energy Integration
    • Topic 8. Transmission and System Operation III: An International Perspective
    • Topic 9. Introduction to the Gas System/ Access to the Gas System



    • Topic 10. The Spanish and European Gas System. Gas System Operation in Spain
      Round Table
      Visit to the Control Center (CECOEL).
    • Topic 11. Smart Grid
    • Topic 12. Commercialization
    • Topic 13. Electricity Pricing

               Closing Ceremony


    Transport Economics (6 ECTS)

    Transport Economics

    Transport Economics Program

    MODULE I: Theory and Case Study

    • Introduction to transport economics
    • Transport Costs
    • Pricing in Transport Markets
    • Analysis and Treatment of Externalities in Transport
    • Transport Demand
    • Economic Regulation of Transport Markets
    • Statistical and Econometric Methods for Transportation Data Analysis
    • Transport Modelling I – methodology
    • Transport Modelling II – Case Studies


    MODULE II: Transport Management Best Practices

    • Maritime Transport and Ports
    • Air: infrastructure and Services
    • Urban and Metropolitan Transport
    • Intercity
    • Railway
    • Passengers and Merchandise Transport: Operative Issues
    • Merchandise Transport Legal Issues


    Telecommunications Economics (6 ECTS)

    Telecommunications Economics

    Telecommunication Economics Program

    Introduction: Basic Concepts and Overview

    • Topic 1. The ICT scenario in the EU from an economic perspective.
    • Topic 2. Introduction to Telecommunication Economics: Productivity, ICT and Firm’s Investment Climate.

    Economics Aspects in the Telecommunication Industry

    • Topic 1: Fixed Voice Communications.
    • Topic 2: Financial Aspects.          
    • Topic 3: Mobile Communications.
    • Topic 4: Broadband Communications.

    Internet Economics and Digital Economy

    • Topic 1: Internet.
    • Topic 2: Social Networks and Communications.
    • Topic 3: Marketing and Communications Networks.
    • Topic 4: Dynamic Competition Analysis in the Digital Ecosystem.

    The Institutional Framework

    • Topic 1: Regulatory Aspects of the EU.
    • Topic 2: Competition Policy.
    • Topic 3: The Demand Side, Universal Service and Consumer Protection.
    • Topic 4:  The Role of Research Infrastructure in Technological Innovation: International Evidence.

    Concluding Aspects: Round Table

    Mergers in the telecommunication sector; a competition perspective.

    Group 2

    Election of a third course of specialization

    Seminars on Competition Economics (3 ECTS)

    Seminars on Competition Policy

    Part 1: Theory

    • Introduction to Competition Economics
    • Collusion and horizontal agreements
    • Abuse of a dominant position
    • Horizontal and vertical mergers

    Part 2: Competition Policy in Practice

    • The Role of Economic Analysis in Antitrust
    • Economic Analysis of Cartels
    • The Impact of Government Intervention on Competition


    Cost-Benefit Analysis (6 ECTS)

    • Introduction: The rationale of cost benefit analysis, and steps of cost-benefit analysis
    • Economic evaluation of social benefits                                
    • Economic evaluation of indirect effects              
    • Opportunity costs, market and shadow prices
    • Economic valuation of non-marketed goods (I)
    • Economic valuation of non-marketed goods (II)
    • Discounting and decision criteria (I)  
    • Discounting and decision criteria (II)
    • Uncertainty and risk analysis
    • Application                                                                                                             

    Research Paper (Language according student preference) (2 ECTS)

    Students will write and present a dissertation about a chosen sector. A professor or specialist in the sector must direct this paper. In either case, the Director must approve. This research work will be graded base on its relevance, writing, and presentation.



    Faculty from the Economics and Business Economics Departments of the University Carlos III de Madrid (UC3M) in collaboration with professionals of important firms are in charge of the teaching of these specialization courses.

    All faculty members of UC3M have Doctorate Degrees (Ph.D) from prestigious, internationally known universities, like the London School of Economics (LSE), University of California in Los Angeles (UCLA), and San Diego (UCSD). The professionals collaborating in the program come from different public and private companies who share their invaluable experience and in-depth knowledge of the different sectors. This collaboration, so far, has included firms as Iberdrola, RENFE, Telefónica, Samsung, Red Eléctrica de España, OMIE, CINTRA, Grupo Alsa, NERA, Quality Systems España, Spim, FEDIT, Auna, Cotec, and institutions such as Consejo Superior de Cámaras Oficiales de Comercio, Industria y Navegación de España, Comisión del Mercado de las Telecomunicaciones, Comisión Nacional de la Energía, and Comisión Nacional de Competencia.

    One of the key aspects for the success of these Specialist courses is the quality and research experience of instructors and the continuous updating of the syllabus of the courses to incorporate recent economic policy topics.


      Places available: 20

      Requirements: All candidates must hold a college degree or equivalent (in any country). Candidates in their last year to complete their degree may also apply. In this case, the acceptance is conditioned upon the completion of the degree.

      Admission Process:

      The deadline for submitting applications is June 30th. If after this date there are vacancies, an extraordinary period might be open in September.

      Candidates interested in enrolling in the program need properly scanned the following documents:

      • Application Form
      • Curriculum Vitae
      • Copy of DNI, NIE, or passport
      • Official academic transcript of the highest studies completed (including grades)
      • University degree
      • 1 photo
      • Any other information the applicant might consider relevant



      The request is made electronically through our application.



      Universidad Carlos III de Madrid
      Graduate Center
      Specialist Degree in Economics of Regulated Market
      Campus Madrid Puerta de Toledo
      Ronda de Toledo, 5


      The tuition fee is:

      • Students UE: 4.000 € *
      • Students NO-UE: 5.000 € *

      * Scholarships up to 60% of discount on the tuition fees. See "Practical Information".

      To be paid in three instalments:

      • First and place reservation: 500 euros after receiving admission in the program.
      • Second: 1.750 € EU students, or 2.250 € No-UE students before October 31.
      • Third: 1.750 € EU students, or 2.250 € No-UE students before March 30.

    This program offers a well-known accreditation of knowledge in economics of regulation applied to particular sectors (Energy, Transport and Telecommunications), which should facilitates your promotion within the company and improves your job opportunities in the near future. Most program speakers of each sector are high executives from the most important firms or well-known professors with experience in these sectors.

    Finally, since a large number of students work in firms of the same field, this Expert Degree offers a unique opportunity to expand your professional network.

  • AIDS


    Thanks to sponsors of our program it is possible to offer up to 60% of discount on the tuition fees.

    To apply for this scholarship the student will have to send the following documents by email to

    • Application for aids
    • Letter of Motivation to the program director (Prof. Álvaro Escribano)
    • Copy received message of admission.



    Length and Timetable 

    The specialization courses will take place at the Campus Madrid-Puerta de Toledo and most of the other courses will be taught at the Campus Getafe .

    The 20 ECTS required to complete the degree may be done in a single semester if all courses selected by the student are taught in that semester, otherwise, they would be completed in two semesters.

    Classes for the first semester begin at the end of September until the end of January, the second term begins in early February and ends in late May. All classes are taught in the afternoon, from 16:00 to 19:30.



    The aim is to provide students the knowledge of the economic sector in which regulatory issues and business decision arise. For this, tools and techniques of the economic analysis will be used within each studied industrial sector. As a final result, the student should be able to perform reports related to the evaluation of projects within the area of specialization.



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