30+
Clients served already
Your trusted competition economists
Built for compressed timetables, written for close scrutiny.
Theseus Economics is a senior-led competition economics consultancy and one of the largest specialist competition economics practices in the CEE region, advising on merger control, conduct, damages, state aid and complex regulatory disputes. We take pride in our best-in-class customer service and disciplined pricing, without compromising on quality. We help law firms and sophisticated clients turn difficult economics into work product that is clear, defensible and immediately usable.
Senior delivery from day one
24/7/365 availability
Clear narratives that survive pressure
15+10
Experts plus contractor buffer capacity for large matters
12
Working languages across the platform
3
Offices: Luxembourg, Budapest and Prague
20+
Reports already put on the record or into decisive negotiations
140+
Years of collective antitrust economics experience
22
Only 22 months on the market
5
Highly complex mergers cleared without remedies
2
Settlement agreements reached
Why litigators keep coming back
The value is not just in being right. It is in being usable under pressure.
Senior leadership on the frontlines, transparent resourcing, agile decision-making, and work built to withstand close reading — that is the difference between economics that merely exists and economics that actually helps.
Senior attention from day one
The people you meet are the people who shape the theory, draft the deliverables and answer the hard questions. There is no bait-and-switch between pitch and production. This guarantees an impeccable work product.
Rapid, thoughtful responses
Fast scoping, fast proposals and fast turnarounds, without downgrading the economics into shorthand. Urgency is built into the operating model, not treated as an exception.
Commercial discipline
Clear staffing, clear budgets, clear workflow. Fees are tied to delivery rather than to bulky overhead or ornamental hierarchies.
Methods that survive cross-examination
Counterfactuals, AEC tests, fair-price benchmarks, pass-on, interest, market definition and causality are handled with auditable logic rather than hopeful assertions.
No ivory towers
We work shoulder-to-shoulder with counsel. Serving the end-Client as a unit. Drafts evolve through strategy, evidence and commercial reality together: not in parallel worlds.
Work product that lands
Authorities, judges and counterparties need narratives they can actually process. We translate technical economics into disciplined, readable positions that move the matter.
Our team
Senior experts who remain on the front line of the work.
The structure is intentionally senior-skewed, visible and accountable. The people introduced in the room are the people who materially shape the economics, the methodology and the final drafting.
Senior Expert
PhD: Université libre de Bruxelles
Senior Expert
PhD: Trinity College Dublin
Senior Expert
PhD: Universität Regensburg
Senior Expert
PhD: Northeastern University
Senior Expert
MSc: Corvinus University
Senior Expert
PhD: Oxford University
Senior Expert
PhD: Kiel University
VP of Business Development
PhD: Semmelweis University
Strategy Consultant
MSc: London School of Economics
Lead Market Analyst
MSc: Corvinus University
Senior Analyst
PhD: Narxoz University
Senior Analyst
PhD: Hong Kong University of Science and Technology
Analyst
BSc: KZ National Research University
Analyst
BSc: KZ National Research University
Analyst
MSc: University of Bologna
Pricing
Best-in-market pricing because the operating model is deliberately lean.
Theseus Economics prices aggressively because the structure allows it. The firm is senior-led, compact in management, quick in decisions and disciplined about overhead. As an entrant, it also accepts lower margins where fees are aligned with actual delivery.
Typical direct competitors
Theseus Economics
Oversized management teams and slower decision loops.
Agile operating model with efficient decision-making and very short internal routing.
A larger share of delivery pushed down to junior pyramids with limited senior drafting time.
Senior advisors and experienced professionals remain materially involved in the actual work product.
Heavier overhead bases that must be recovered across matters, which pushes budgets upward.
Fees are charged only for actual delivery and are not padded to absorb costly organizational overhead.
Template-led workflows and internal routines that can leave the client paying for process as much as for substance.
Combination of efficiency and expertise, resulting in genuinely tailored analyses and an exceptionally customer-centric delivery model.
Capabilities
The core areas where counsel most often needs us.
Theseus Economics was built by senior experts from consulting, enforcement, regulation and academia. The practice is focused, competition-led and deliberately un-generic.
Mergers & acquisitions
Phase I and Phase II support, overlap analysis, efficiencies, remedy design, theory-of-harm response, strategic market definition and transaction narratives built for real review risk.
Conduct, dominance & complaints
Theories of harm, white papers, complaints, market investigations, exclusivity, rebates, information exchange, refusal-type disputes and the economics needed to make conduct legible.
Damages, quantum & counterfactuals
Follow-on and commercial damages, pass-on, umbrella effects, interest, scope of harm, volume effects and counterfactual modelling built from raw operational data rather than intuition.
State aid, public support & regulated sectors
Notifications, compatibility logic, overcompensation analysis, ex-post audits and the economics of public support where technical detail must still remain decision-ready.
Proceedings support & compliance strategy
Economic strategy for live proceedings, internal positioning on business practices, rapid-response memoranda, presentation-ready analysis and support that stays close to the legal objective.
Data, econometrics & explainability
Proprietary and licensed analytical tooling, big data handling, machine-learning-enabled workflows where useful, and transparent modelling where every assumption can be defended.
Test us and see why our Clients keep coming back. Request a proposal that helps already. Always free of charge, no strings attached.
Our proposals do much more than quote a number. They start to move the matter: scope the question properly, identify the methodological route, and expose the real data plan — including workarounds where the record is imperfect.
Tailored scope of work
Credible methodological route
Realistic data plan and workarounds
Team proportionate to the matter
Timetable and budget you can actually approve
Flexible fee discussions where appropriate
Confidential, senior-led and free of charge. Hand-crafted for each matter at an incredible pace.
Start the conversation See how we run matters
Selected mandates
Representative past matters, described by the problem solved.
Examples of the economics that held under real scrutiny, imperfect records, compressed timetables and decision-makers or opposing counsel who were ready to challenge every step.
From white paper to formal agency traction
Built the economic core of a complaint around conduct by a globally powerful undertaking, translating fragmented commercial evidence into a theory of harm that progressed from advocacy into formal public enforcement.
One economic narrative across multiple reviewers
Ran overlap analysis, efficiencies logic and remedy positioning for a transaction scrutinised by several authorities at once, keeping one coherent economic story intact while the legal tests and timetables differed.
Rebuilding the market map when the labels made no competitive sense
Took sprawling internal categories and re-clustered them around substitution, workflow and buyer choice, then used that cleaner map inside a live review over whether a supposed intermediary was really a rival, an input, or both.
Counterfactual pricing built from raw operating records
Used raw purchase and sales invoices, external fundamentals and contractual price linkages to build a sequential but-for model: benchmark price, claimant price, sourcing cost, then volume response.
Showing the damage did not stop at the narrow product
Constructed an internal upstream benchmark and tested reference by reference whether adjacent products and downstream transformed goods moved with it, expanding the economically affected perimeter on evidence rather than assertion.
When the claimant’s files were incomplete but the question still had to be answered
Worked through anonymised tenders, missing unit data, partial chronologies and absent site-level splits, separating what could be claimant-specific from what had to be inferred or cross-checked against cleaner comparators.
Testing when price had become legally unfair
Combined market definition, dependency analysis, cost-plus benchmarking and capital-based return logic to distinguish hard commercial negotiation from pricing detached from economic value.
Treating several clauses as one foreclosure system
Assessed exclusivity, hiring restraints, minimum-volume obligations and retroactive rebates as mutually reinforcing barriers affecting access, costs and demand, then quantified the harm channel by channel.
Running the test even when internal costs were withheld
Defended the use of inferred and third-party data to reconstruct the relevant cost benchmark and preserve an as-efficient-competitor analysis that would otherwise be blocked by information asymmetry.
Disassembling a damages model before the court could lean on it
Exposed a “fair price” theory built on selective single observations, missing controls and weak causality, replacing narrative assertion with a full counterfactual critique grounded in demand and cost drivers.
Reconstructing growth after discriminatory ranking interference
Modelled counterfactual traffic, monetisation and acquisition cost, while policing double-counting and alternative explanations, to quantify how a platform would likely have developed absent anticompetitive conduct.
Making compatibility and overcompensation work on the same numbers
Supported notification, audit and compensation questions in regulated settings where the same dataset had to satisfy economic logic, regulatory scrutiny and administrative practicality at once.
How we work
What working with us looks like when the matter is live.
Close cooperation. No ivory towers. No template-thick work product that arrives too late. The operating model is intentionally simple because the legal environment already is not.
Scope precisely
We sharpen the actual economic question first: what must be shown, to whom, by when, and with what tolerance for uncertainty.
Read the decision-maker
Authorities, judges, counterparties and boards process evidence differently. We build the work around the real audience, not an abstract one.
Build the counterfactual
Prices, volumes, market shares, incentives or compensation only make sense against a disciplined but-for world. That reconstruction is the centrepiece, not an appendix.
Quantify what matters
We focus on the economic result that will actually move the matter: noise and sophistication for its own sake does not deserve centre stage.
Write for scrutiny
The work is drafted to be used, challenged, rerun and defended. Where appropriate, assumptions, data treatment and methodology are transparent enough to be audited.
Stay present
We do not vanish after delivery. We stay close for questions, criticism, hearing preparation, negotiation leverage and the inevitable second-round challenge.
Senior-led drafting
Reproducible logic
Commercially intelligible budgets
Authority-ready narrative
Transparent data workarounds when needed
Fast turnaround without juniorising the output
Our offices
Three offices. One delivery standard.
The footprint is regional for a reason: close enough to move quickly across CEE and Benelux matters, lean enough to keep decision-making short and staffing legible.
CEE coverage, fast senior access and direct coordination on live matters.
Long-standing operating base for proceedings support, reports and day-to-day execution.
Benelux-facing base for contentious matters, proposals and M&A works.
Contact
Start with a confidential conversation.
Tell us the question, the timetable, the decision-maker and the pressure point. We will respond quickly, scope the issue properly and indicate what can realistically be done next. Use the form for a clean first approach; secure exchange arrangements can follow immediately after.
General enquiries
info@theseus-economics.com
Phone
+36 30 012 3697
Working footprint
Luxembourg • Budapest • Prague
Best first message
Matter type, timetable, what has already happened, and where the economics currently hurts.
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