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Every Thursday a business school professor, an expert in his or her field, will define five key terms on FT Lexicon, our online economics, business and finance glossary.

Tommaso Valletti has a magna cum laude degree in engineering from Turin and holds a MSc and PhD in economics from the London School of Economics, where he also taught until 2001. He is professor of economics at Imperial College Business School, and also professor of economics at the University of Rome Tor Vergata.

Professor Valletti’s main research interests are in industrial economics, regulation, and telecommunications economics. He is the editor of Information Economics & Policy, associate editor of the Journal of Industrial Economics and of Economica.

Professor Valletti is a member of the panel of academic advisers to Ofcom, the UK communications regulator. He is also a member of the panel of academic advisers of the UK Competition Commission. He has advised numerous bodies, including the European Commission, OECD, and the World Bank on topics such as network interconnection, mobile telephony markets, and spectrum auctions.

The five terms defined by Tommaso Valletti on FT Lexicon this week are:

Digital dividend

Network effect

Net neutrality

Waterbed effects

Two-sided markets

Compiled by Emmanuelle Smith

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