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Ola Kvaløy – Dean, Professor of Economics

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

Publisert: Endret:
Ola Kvaløy, dean and professor of economics at UiS Business School


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 risk-taking 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. He is also an op-ed columnist in the Norwegian business newspaper, Dagens Næringsliv.


(+47) 51 83 15 82


Publications by Ola Kvaløy.

Leadership and labor-market conditions, forthcoming Management Science (with Robert Dur and Anja Schöttner)

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

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 Agriculture, European 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.

Working papers

Working papers by Ola Kvaløy.

Effort Provision in a Game of Luck (with Mads N. Arnestad, Kristoffer W. Eriksen and Bjørnar Laurila)

Fair Advice (with Oege Djik, Kristoffer W. Eriksen and Sebastian Fest)

Conspiracy against the public – An experiment on collusion (with Åshild A. Johnsen)

Relative performance feedback to teams. (with William Gilje Gjedrem)

Crime and punishment: When tougher antitrust enforcement leads to higher overcharge (with Sissel Jensen, Trond Olsen and Lars Sørgard)

Op-Ed Columnist

Articles in the Norwegian financial newspaper, Dagens Næringsliv.

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


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