Ola Kvaløy – Dean, Professor of Economics

Ola Kvaløy is dean and professor of economics at the University of Stavanger School of Business and Law. He received his PhD from the Norwegian School of Economics (NHH) in 2003, and is currently affiliated with NHH as adjunct professor.

Published Updated on


Kvaløy specializes in the field of organizational economics and behavioral economics. He has worked extensively on incentive theory and contract theory, in particular trust-based relational contracts. He has also done experimental work on incentives, motivation and investment behavior.

Kvaløy has been principal investigator in several large research projects funded by the Norwegian Research Council, and has published his research in leading international journals such as American Economic Review, Journal of Labor Economics, Management Science and Review of Finance.

Kvaløy is an op-ed columnist in the Norwegian business newspaper, Dagens Næringsliv, and sits in the editorial board of the economics festival Kåkånomics. He is also currently member of two governmental expert committees on taxation and climate change, respectively.


Publications by Ola Kvaløy.

Balanced scorecards: A relational contract Approach, Journal of Accounting Research, 2022 (with Trond E. Olsen)

Fair Advice (with Kristoffer W. Eriksen, Sebastian Fest and Oege Dijk) Journal of Banking & Finance, 2022, 106571

Investing other People’s Money (with Sascha Füllbrunn and Wolfgang Luhan). 2022. Handbook of Experimental Finance, Edward Elgar Publishing.

Leadership styles and labor-market conditions (with Robert Dur and Anja Schöttner). Management Science, vol 68, 2022, 3150-3168

How (not) to motivate online workers: Two controlled field experiments on leadership in the gig economy (with Sebastian Fest, Petra Nieken and Anja Schöttner), The Leadership Quarterly vol 32, 2021, 101514

Effort provision in a game of luck (with Mads N. Arnestad, Kristoffer W. Eriksen and Bjørnar Laurila). Frontiers in Psychology, 2021, 12, 1-10.

Conspiracy against the public – An experiment on collusion (with Åshild A. Johnsen). Journal of Behavioral and Experimental Economics, vol 94, 2021, 101742

Risk-taking on behalf of others, Journal of Behavioral and Experimental Finance, vol. 26, 2020,100283 (with Kristoffer W. Eriksen and Miguel Luzuriaga)

Gjedrem, William Gilje; Kvaløy, Ola (2020) Relative performance feedback to teams, Labour Economics ISSN 0927-5371. Volum 66. DOI: 10.1016/j.labeco.2020.101865

Relational contracts, multiple agents and correlated outputs, Management Science, 2019, 65(11):5360-5370 (with Trond E. Olsen) 

Produktivitet og insentiver i offentlig sektor, BETA Tidsskrift for bedriftsøkonomi , 2018, 32 (2), s. 148–164 (with Klaus Mohn)

A Trust game in loss domain, Experimental Economics vol. 20, 2017, 860–877 (with Miguel Luzuriga and Trond Olsen)

No guts, no glory: An experiment on excessive risk-taking, Review of Finance vol. 21, 2017, 1327–1351 with Kristoffer W. Eriksen)

Incentive provision when contracting is costly, Economicavol. 83, 2016 741–767 (with Trond E. Olsen)

Does strategic kindness crowd out prosocial behavior?Journal of Economic Behavior and Organization, vol. 132, 2016, 1–11 (with Åshild Auglænd Johnsen)

Incentives to MotivateJournal of Economic Behavior and Organization, vol. 116, 2015, 26–42 (with Anja Schöttner)

Hidden Benefits of Reward: A Field Experiment on Motivation and Monetary Incentives, European Economic Review, vol. 76, 2015, 188–199 (with Petra Nieken and Anja Schöttner)

The Tenuous Relationship Between Effort and Performance Pay, Journal of Public Economicsvol. 121, 2015, 32–39 (with Trond E. Olsen).

Playing the Trust Game with Other People’s Money, Experimental Economics, vol. 17, 2014, 615–630 (with Miguel Luzuriaga).  

Myopic Risk-taking in Tournaments Journal of Economic Behavior and Organization, vol. 97, 2014, 37–46, (with Kristoffer W. Eriksen). 

The Rise of Individual Performance PayJournal of Economics & Management Strategy, vol. 21, 2012, 493–518 (with Trond E. Olsen). 

An Empirical Study of Performance Appraisal and Career Opportunities International Journal of Business and Management, vol. 7, 2012, 22–35, (with Arngrim Hunnes and Klaus Mohn)

Tournaments with Prize-Setting Agents, Scandinavian Journal of Economics vol. 113, 2011, 729–753 (with Kristoffer W. Eriksen and Trond E. Olsen).

Performance Pay and Dynamic Social Preferences, Journal of Economic Psychologyvol. 31, 2010, 698–704

Myopic Investment Management, Review of Financevol. 14, 2010, 521–542 (with Kristoffer W. Eriksen).

Do Financial Advisors Exhibit Myopic Loss Aversion?, Financial Markets and Portfolio Management, vol. 24, 2010, pp. 159–170 (with Kristoffer W. Eriksen).

Endogenous Verifiability and Relational Contracting, American Economic Review vol. 99, 2009, 2193–2208  (with Trond E. Olsen). (working paper version)

Cooperation in Knowledge-Intensive Firms, Journal of Human Capital, vol. 2, 2008, 410–440 (with Trond E. Olsen)

Relative Performance Evaluation, Agent Hold-Up, and Firm Organization. Journal of the Japanese and International Economies (special issue), vol. 22, 2008, 229–241 (with Trond Olsen).

Do Norms Matter for Firm Boundaries? Journal of Socio-Economics, vol. 37, 2008, 969–975.

Cost Structure and Vertical Integration Between Farming and Processing, Journal of Agricultural Economics, vol. 59, 2008, 296–311 (with Ragnar Tveterås).

Asset Specificity and Vertical Integration. Scandinavian Journal of Economics, vol. 109, 2007, 551–572

Team Incentives in Relational Employment Contracts. Journal of Labor Economics, vol. 24, 2006, 139–169 (with Trond E. Olsen).

Self-enforcing Contracts in AgricultureEuropean Review of Agricultural Economics, vol. 33, 2006, 73-92. (EAAE award for best European paper in Agricultural Economics, 2006)

The Economic Organization of Specific Assets in the Offshore Industry. The Changing World of Oil: An Analysis of Corporate Change and Adaptation (J. Davis et. al. eds), 2006, Ashgate.

Op-Ed Columnist

Articles in the Norwegian financial newspaper, Dagens Næringsliv.

Oljesmurt sokkeldirektorat. Dn 26 april 2024

På tide å senke skattene. DN 23 februar 2024

Vi bør ikke tukle med skjermingsreglene, Dagens Næringsliv, 23 januar, 2023

Fornuft og følelser i skattepolitikken, Dagens Næringsliv, 13 januar, 2023

Eierskap i feil retning, Dagens Næringsliv, November 4, 2022

Vi trenger mer midlertidig ansettelse i offentlig sektor, Dagens Næringsliv September 9, 2022

Bokbransjen bør lære av musikkbransjen, Dagens Næringsliv, July 15, 2022

Fra eiermakt til ledermakt, Dagens Næringsliv, July 23, 2021

Når forskerer ikke forstår hverandre, Dagens Næringsliv, May 28, 2021

Når økonomien blir misjon, Dagens Næringsliv, April 23, 2021

Der alle tenker nytt, Dagens Næringsliv, March 9, 2021

Stat, kapital og samrøre, Dagens Næringsliv, March 5, 2021

Bobler til besvær. Dagens Næringsliv, January 15, 2021

Velfungerende markeder gir bedre ledelse. Dagens Næringsliv, October 9, 2020

Den samfunnskritiske blårussen, Dagens Næringsliv, August 21, 2020

Urovekkende oppstasing av middelmådige Equinor-resultater, Dagens Næringsliv, July 3, 2020

Koronagenerasjonen kan bli mer opptatt av penger, Dagens Næringsliv, May 15, 2020

Koronabekjempelsen: Derfor tar vi for hardt i, debattinnlegg i Dagens Næringsliv, March 30, 2020

Hvorfor er norske lærere lønnstapere? Dagens Næringsliv, March 13, 2020

Tid for de nære ting, Dagens Næringsliv, January 23, 2020

Markedets synlige hånd, Dagens Nærinsliv, November 8, 2019

Jo raskere ting endrer seg, Dagens Næringsliv, September 13, 2019

Den nye rockonomien, Dagens Næringsliv, July 19, 2019

Farvel profittmaksimering, Dagens Næringsliv, May 24, 2019

Lokalsamfunnet 3.0, Dagens Næringsliv, Mars 22, 2019

De heldige sjefene. Dagens Næringsliv, January 25, 2019

Byråkratenes agenda. Dagens Næringsliv, November 30, 2018

Betingelsesløst og universelt. Dagens Næringsliv, October 5, 2018

Meningsfull profitt, Dagens Næringsliv, August 17, 2018

Også penger motiverer. Dagens Næringsliv, June 15. 2018

Venstresidens plan B. Dagens Næringsliv, May 4, 2018

Økonomer tar ledelse. Dagens Næringsliv, March 9, 2018

#viogså. Dagens Næringsliv, January 19, 2018

Glassklippen. Dagens Næringsliv, November 24, 2017

Flokken eller individet? Dagens Næringsliv, October 6, 2017

Likheten har sin pris, Dagens Næringsliv, August 18, 2017

Kan vi stole på robotene?, Dagens Næringsliv, June 30, 2017 

Innvandrerregnskapet står til stryk, Dagens Næringsliv, May 5, 2017

Lykkelig uvitende, Dagens Næringsliv, March 16, 2017

Tvilsomme motiver, Dagens Næringsliv, January 27, 2017

Sjakken og økonomien, Dagens Næringsliv, November 25, 2016

Den gode historien, Dagens Næringsliv, October 14, 2016

Realfagshysteriet, Dagens Næringsliv, August 26, 2016

Sviktende oppfatninger, Dagens Næringsliv, July 15, 2016

Løgnens økonomi, Dagens Næringsliv, May 27, 2016

Staten og kapitalen, Dagens Næringsliv, April 15, 2016

Tilbake til fremtiden, Dagens Næringsliv, February 19, 2016

Det perfekte problem, Dagens Næringsliv, December 11, 2015

Opprett en dultepatrulje, Dagens Næringsliv, October 23, 2015

Kommunale følelser, Dagens Næringsliv, September 4, 2015

Syndere i sommersol, Dagens Næringsliv, July 17, 2015

Selvtillit banker selvinnsikt, Dagens Næringsliv, June 6, 2015

Flaks lønner seg, Dagens Næringsliv, April 17, 2015

Tillit og frihet, Dagens Næringsliv, February 20, 2015

Tillit i det 21. århundre, Dagens Næringsliv, January 2, 2015

Tenk på et tall, Dagens Næringsliv, November 7, 2014

Motivasjonsindustrien, Dagens Næringsliv, October 10, 2014

Tilgjengelig og tvetydig, Dagens Næringsliv, August 15, 2014

Vinnerens forbannelse, Dagens Næringsliv, June 27, 2014

Lat og motivert, Dagens Næringsliv, May 9, 2014

Offer for egen suksess, Dagens Næringsliv, March 21, 2014

Kontroll eller gulrot, Dagens Næringsliv, January 31, 2014

Økonomenes jul, Dagens Næringsliv, December 13, 2013

Solbergs privatsaker, Dagens Næringsliv, November 1, 2013

Op-ed articles in the period 2008–2013:
  • Kampen mot byråkratiet, Dagens Næringsliv, September 13, 2013
  • Ikke jordbærplukkere, Dagens Næringsliv, July 19, 2013
  • Svikt i tiggemarkedet?, Dagens Næringsliv, June 7, 2013
  • Forandring fryder ikke, Dagens Næringsliv, April 19, 2013
  • Ugunstig utvalg, Dagens Næringsliv, March 1, 2013
  • Overdrevne ambisjoner, Dagens Næringsliv, January 18, 2013
  • Feite katter, Dagens Næringsliv, December 7, 2012
  • Organisasjonssvikt, Dagens Næringsliv, October 12, 2012
  • Risikoelskerne, Dagens Næringsliv, August 24, 2012
  • Mental regnskapsføring, Dagens Næringsliv, July 13, 2012
  • Velgjørende strømminger, Stavanger Aftenblad, June 18, 2012
  • Vekstens velsignelser, Stavanger Aftenblad, April 30, 2012
  • Når middelmådighet lønner seg, Stavanger Aftenblad, March 5, 2012
  • Forbrytelse og straff, Stavanger Aftenblad, January 23, 2012
  • Begeistringsplikten, kommentar, Rogalands Avis, December 3, 2011
  • Nyrikdommens kommunale ansikt, Stavanger Aftenblad, November 28, 2011
  • Kvalitetsmusikk - en nåverdibetraktning, Morgenbladet, November 25, 2011
  • Enerne krever bonus, Dagens Næringsliv, November 1, 2011
  • Økonomer og magefølelsen, Stavanger Aftenblad, October 17, 2011
  • Kampen om medianvelgeren, Stavanger Aftenblad, September 5, 2011
  • Argumenter på anbud, Stavanger Aftenblad, June 20, 2011
  • Dyre planleggingsdager, Stavanger Aftenblad, May 9, 2011
  • Tillit under press, Stavanger Aftenblad March 21, 2011
  • For mange flinke folk i finans, Stavanger Aftenblad, February 7, 2011
  • Incentiver til Besvær, Dagens Næringsliv, May 21, 2010
  • Andres penger (with Kristoffer Eriksen), Stavanger Aftenblad, September 14, 2009
  • Incentiver under lupen (with Klaus Mohn), Dagens Næringsliv, February 3, 2009
  • Trenger vi psykologi for å forklare finanskrisen? Forskning.no, December 5, 2008
  • Hvordan forklare finanskrisen? Morgenbladet, November 28, 2008
  • Valutalån for risikoelskere, Stavanger Aftenblad, October 29 , 2008


Any Other Life, Elektrolüd Records, 2022

Laughing Days (with The Rent Seekers), Whaleisland Records, 2019

Besides (with Lano Places), CCAP, 2011

Walk Again (with Lano Places), CCAP 2002

Everyone likes to be lonely (with Lano Places), CCAP 2001