The ability to challenge or compete, specifically regarding a contract for goods or services in the UK. Contestability is integral to NHS policy, and central to ensuring fair competition within the market for NHS funded services.
In particular, to the best of our knowledge there is a lack of rigorous empirical analysis on contestability of content markets as well as theoretical investigations on the effect of access regulation vis-a-vis platform competition.
If contestability of markets has nothing to do with the size of firms or the number of competitors, and focuses only on the freedom to entry, there seems to be no role left for the government to "support" competition.
A delicate balance needs to be struck where regulators foster contestability (to streamline requirements for bank licensing, speed up the licensing process, and implement efficient bank resolution) without jeopardising bank stability (that is, maintaining a licensing process that keeps out unfit bankers).