Contact Information at the Department of Economics, Aalto University. NB. What used to be known as the Helsinki School of Economics (HSE) became The School of Business of the newly founded Aalto University in 2010. The Department of Economics is a member of Helsinki GSE (Helsinki Graduate School of Economics), together with the economics departments of the University of Helsinki and Hanken School of Economics.


Selvityksiä : Hitas | Pysäköinti | Tontit : [Policy reports in Finnish]


Steeper at the Top: Cognitive Ability and Earnings in Finland and Norway. With Bernt Bratsberg and Ole Rogeberg.
European Sociological Review, 2024, jcae020. (Forthcoming). Advance access: []
Replication package: [  |  GitHub]
Related Finland-only note (unpublished): On the Shape of the Ability-Earnings Relation, 2023.

Welfare Effects of Housing Transaction Taxes: A Quantitative Analysis with an Assignment Model. With Niku Määttänen.
Economic Journal, 2022, 132(644), 1566-1599. []
Replication package: []

The Survival of Mediocre Superstars in the Labor Market. With Thomas Peeters and Stefan Szymanski.
The Journal of Law, Economics and Organization, 2022, 38(3), 840-888. []

Secular Rise in Economically Valuable Personality Traits
with Markus Jokela, Matti Sarvimäki, Tuomas Pekkarinen, and Roope Uusitalo.
Proceedings of the National Academy of Sciences, 2017, 114(25), p. 6527-6532. [jstor, doi]
Appendix | VoxEU column

Returns to Office in National and Local Politics: A Bootstrap Method and Evidence from Finland
with Kaisa Kotakorpi and Panu Poutvaara.
Journal of Law, Economics, & Organization, 2017, 33(3), p. 413-442. [doi]

Is Economics a House Divided? Analysis of Citation Networks. With Ali Sina Önder.
Economic Inquiry, 2015, 34(3), p. 1491-1505. [doi] [data]

Income Distribution and Housing Prices: An Assignment Model Approach. With Niku Määttänen.
Journal of Economic Theory, 2014, 151, p. 381-410. [doi]
An early version used data from Helsinki instead of the U.S.

Exit Options and Dividend Policy under Liquidity Constraints. With Pauli Murto.
International Economic Review, 2014, 55(1), p.197-221. [jstor, doi]
Matlab programs (zip).

Self-Esteem, Moral Capital and Wrongdoing. With Ernesto Dal Bó.
Journal of the European Economic Association, 2013, 11(3), p. 599-663. [doi]

Divisions Within Academia: Evidence from Faculty Hiring and Placement.
Review of Economics and Statistics, 2011, 93(3), p. 1053-1062. [jstor , doi]
Hiring/Placement matrix for economics in 2004: HiringMatrix.csv.
All data files and programs (zip).

Superstars and Mediocrities: Market Failure in the Discovery of Talent.
Review of Economic Studies, 2009, 76(2), p. 829-850. [jstor, doi]
An earlier version circulated under the title “Mediocrity in Talent Markets.”
Web appendix: Model with gradual learning.
Superstars and Mediocrities - a simple example + director's cut of Applications.

Talk on Uncertain Superstars (28 mins)

The Difference that CEOs Make: An Assignment Model Approach
American Economic Review, 2008, 98(3), p. 642-668. [jstor, doi]

Transfer Fee Regulations and Player Development.
Journal of the European Economic Association, 2006, 4(5), p. 957-987. [jstor, doi]
Accompanying calculations and extensions (
.nb file)

Does Trade Raise Income? Evidence from the Twentieth Century. With Douglas A. Irwin.
Journal of International Economics, 2002, 58(1), p. 1-18. [doi]

Research papers

A Theory of Inter-Industry Poaching

Overworked and Overpaid: Failure in the Market for Job Experience


Helsinki GSE departmental seminar aka the Colloquium (schedule)
Map of Helsinki for economists
Intermediate Microeconomics  (part 1)  |  (part 2)  |  (schedule)  |  Problem set questions  |  Model solutions
MSc Thesis seminar
Labor Economics
BSc in Economics at Aalto
Akateeminen talousblogi
Various graphs


English pronunciation reform (39s) | (1m 34s)

Tilannehuone (Situation Room)

2020-04 - 2021-12

Helsinki GSE Corona crisis situation room
Graph and Data vault
Tuloksia ja avointa dataa (varajakelu)

Aalto EI

Selvityksiä (Aalto Economic Institute)

Hitas ja säännelty omistusasuminen Helsingissä (2022) [pdf]
Markkinaehtoisen pysäköinnin perusteet (2019) [pdf]
Helsingin asuntotonttien luovutuksesta (2018) [pdf]

Aalto EI