Business Analytics

Business Analytics is mainly about utilizing data to achieve knowledge on businesses’ performance, financial assessments, the surrounding environment and problem solution in general. Business Analytics as an academic field is applicable for a range of different areas, where the common foundation stems from economic and financial theory in combination with utilizing data.


“Business analytics is the scientific process of transforming data into insight for making better decisions. Business analytics is used for data-driven or fact-based decision making, which is often seen as more objective than other alternatives for decision making.” 

(Camm, J. D., Cochran, J. J., Fry, M. J., & Ohlmann, J. W. (2020). Business analytics. Cengage Learning.)

The main research areas for the research group are:

  • Productivity and efficiency analysis
  • Finance
  • Behavioural Analytics
  • Econometrics
  • Dynamic pricing


Recent Accepted Publications


Slåtten, T., & Lien, G. (2022). Frontline nurses’ appraisal of organizational attractiveness and the role of management support, interdepartmental collaboration climate, and service quality of care. International Journal of Quality and Service Sciences, Vol. 14 No. 2, pp. 197-216.

Mutonyi, B.R., Slåtten, T., Lien, G., & González-Piñero, M. (2022). The impact of organizational culture and leadership climate on organizational attractiveness and innovative behavior: a study of Norwegian hospital employees. BMC Health Services Research, 22, 637.

Uddin, G. S., Sahamkhadam, M., Yahya, M., & Tang, O. (2022). Investment opportunities in the energy market: What can be learnt from different energy sectorsInternational Journal of Finance & Economics.

Uddin, G. S., Yahya, M., Goswami, G. G., Lucey, B., & Ahmed, A. (2022). Stock market contagion during the COVID-19 pandemic in emerging economiesInternational Review of Economics & Finance79, 302-309.

Lien, G., Kumbhakar, S.C., Mishra, A.K., Hardaker, J.B. (2022). Does risk management affect productivity of organic rice farmers in India? Evidence from a semiparametric production model. European Journal of Operational Research (forthcoming).

Ewald, C.-O., Haugom, E., Kanthan, L., Lien, G., Salehi, P., Størdal, S. (2022).  Salmon futures and the Fish Pool market in the context of the CAPM and a three-factor modelAquaculture Economics & Management, 26(2), 171-191.

Kumbhakar, S. C., & Lai, H. P. (2022).  Recent advances in the panel stochastic frontier models: heterogeneity, endogeneity and dependenceInternational Journal of Empirical Economics 2250002. 

Kumbhakar, S. C., Alemayehu, F. K., & Tveteraas S. L. (2022). Estimation of staff use efficiency: Evidence from the hospitality industryTechnological Forecasting & Social Change, 178, 121585.

Rahman, M. L., Troster, V., Uddin, G. S., & Yahya, M. (2022). Systemic risk contribution of banks and non-bank financial institutions across frequencies: The Australian experienceInternational Review of Financial Analysis79, 101992.

Ewald, C.-O., Taub, B. (2022). Real options, risk aversion and markets: A corporate finance perspectiveJournal of Corporate Finance, 72, 102164.

Ewald, C. O., Haugom, E., Lien, G., Song, P., Størdal, S. (2022). Riding the Nordic German Power-Spread: The Einar Aas ExperimentThe Energy Journal43(5).

Łaszkiewicz, E., Heyman, A., Chen, X., Cimburova, Z., Nowell, M., Barton, D. N. (2022). Valuing access to urban greenspace using non-linear distance decay in hedonic property pricingEcosystem Services53, 101394.

Malasevska, I., Haugom, E., Lien, G., Hinterhuber, A., Alnes, P.K. (2022).  Managing structural constraints in recreational alpine skiing: a choice modelling approachManaging Sport and Leisure (forthcoming).

Slåtten, T., Lien, G., Mutonyi, B.R. (2022). Promoting organizational vision integration among hospital employeesBMC Health Services Research 22, 26.

Slåtten, T., Lien, G., Mutonyi, B.R. (2022). Precursors and outcomes of work engagement among nursing professionals—a cross-sectional studyBMC Health Services Research 22, 21.


Uddin, G. S., Yahya, M., Bekiros, S., Jayasekera, R., & Kling, G. (2021). Systematic risk in the biopharmaceutical sector: a multiscale approachAnnals of Operations Research, 1-24.

Lai, H. P., Kumbhakar, S. C. (2021). A panel frontier system model with good and bad outputs and endogenous treatment decisionEconomics Letters198, 109649.

Malikov, E., Zhang, J., Zhao, S., Kumbhakar, S. C. (2021).  Accounting for cross-location technological heterogeneity in the measurement of operations efficiency and productivityJournal of Operations Management, 1– 32.

Lai H., Kumbhakar, S. C. (2021). Panel stochastic frontier model with endogenous inputs and correlated random components. Journal of Business & Economic Statistics (forthcoming).

Kumbhakar, S. C., Tsionas, M. G. (2021). Dissections of input and output efficiency: A generalized stochastic frontier modelInternational Journal of Production Economics232, 107940.

Liu, H. Y., Jay, M., Chen, X. (2021). The Role of Nature-Based Solutions for Improving Environmental Quality, Health and Well-BeingSustainability13(19), 10950.

Chen, X., Schøyen, Ø. (2021). Rejecting Non-Paternalist Motivation: An Experimental Test. Journal of Experimental Political Science, 1-7.

Arocena, P., Kumbhakar, S.C. (2021). Cost assessment of (un) bundling: Separation of vertically integrated public utilitiesHandbook of Production Economics, 1-36.

Danelon, A.F., Spolador, H.F., Kumbhakar, S.C. (2021). Weather and population size effects on water and sewer treatment costs: Evidence from BrazilJournal of Development Economics, 102743.

Thrane, C., Uzagalieva, A., Menezes, A. (2021). A Multivariate logit for propensity to choose package tour over independent travelEconomia Internazionale/International Economics74(3), 369-388.

Sirnes, E. and Dinh, M.T.H. (2021). Tick Size and Price Reversal after Order ImbalanceInternational Journal of Financial Studies9(2), p.19.

Milford, A. B., Lien, G., Reed, M. (2021). Different sales channels for different farmers: Local and mainstream marketing of organic fruits and vegetables in NorwayJournal of Rural Studies88, 279-288.

Ewald, C., Zou, Y. (2021). Stochastic volatility: A tale of co-jumps, non-normality, GMM and high frequency dataJournal of Empirical Finance64, 37-52.

Chen, J., Ewald, C., Ouyang, R., Westgaard, S., Xiao, X. (2021).  Pricing commodity futures and determining risk premia in a three factor model with stochastic volatility: The case of Brent Crude oilAnnals of Operations Research (forthcoming).

Størdal, S., Lien, G., Trømborg, E. (2021). Impacts of infectious disease outbreaks on firm performance and risk: The forest industries during the COVID-19 pandemic. Journal of Risk and Financial Management 14(7), 318.

Alnes, P.K., Malasevska, I., Mydland, Ø., Haugom, E.  (2021).  Price differentiation in the alpine skiing industry—The challenges of demand shifting and capacity constraints under pandemicsJournal of Outdoor Recreation and Tourism 35 (Sept), 100409 .

Haugom., E., Malasevska, I., Lien, G. (2021). The relative importance of ski resort- and weather-related characteristics when going alpine skiing: data from a rating-based conjoint survey. Data in Brief 37 (August), 107252.

Mutonyi, B.R., Slåtten, T., Lien, G. (2021). Fostering innovative behaviour in health organizations: a PLS-SEM analysis of Norwegian hospital employees. BMC Health Services Research 21, 470.

Slåtten, T., Mutonyi, B.R., Lien, G. (2021). Does organizational vision really matter? An empirical examination of factors related to organizational vision integration among hospital employees. BMC Health Services Research 21, 483.

Mydland Ø., Lien G. (2021). Application of production economics in the electricity distribution sector. In: Ray S.C., Chambers R.G., Kumbhakar S.C. (eds) Handbook of Production Economics. Springer, Singapore.

Slåtten, T., Lien, G., Evenstad, S.B.N. Onshus, T. (2021). Supportive study climate and academic performance among university students: the role of psychological capital, positive emotions and study engagement. International Journal of Quality and Service Sciences Vol. ahead-of-print, No. ahead-of-print.

Khanal, A.R., Mishra, A.K., Lien, G. (2021). Effects of risk attitude and risk perceptions on risk management decisions:  Evidence from farmers in an emerging economy. Journal of Agricultural and Resource Economics (forthcoming)

Ebersberger, B.,Herstad, S. & Nordli, A. (2021). Hospitality innovation strategies: Robustness analysis of paths to firm performance. Tourism Management, 85, 104310.

Haugom, E., Malasevska, I., Alnes, P.K., & Mydland, Ø. (2021). Willingnes to pay for "green skiing". Hospitality and Tourism Managment, 47, 252-255.

Størdal, S., Lien, G., Mydland, Ø., & Haugom, E. (2021). Effects of strong and weak non-pharmaceutical interventions on stock market returns: A comparative analysis of Norway and Sweden during the initial phase of the COVID-19 pandemic. Economic Analysis and Policy 70, 341-350.

Ewald, C.-O., Haugom, E., Lien, G., Størdal, S., & Wu, Y. (2021). Trading Time Seasonality in Commodity Futures: An Opportunity for Arbitrage in the Natural Gas and Crude Oil Markets? (February 24, 2021 at SSRN).

Malikov, E., & Lien, G. (2021). Proxy variable estimation of multiproduct production functionsAmerican Journal of Agricultural Economics103(5), 1878-1902.

Kumbhakar, S. C., & Tsionas, M. G. (2021). Estimation of costs of technical and allocative inefficiencyJournal of Productivity Analysis, 55:41–46.

Ewald, C., Zou, Y., 2021. Analytic formulas for futures and options for a linear quadratic jump diffusion model with seasonal stochastic volatility and convenience yield: Do fish jump? European Journal of Operational Research294(2), 801-815.

Kumbhakar, S. C., Li, M., Zhao, S. (2021). Estimation of technical change: Direct semi/nonparametric approaches. Economics Letters, 199, 109734.

Musau, A., Kumbhakar, S. C., Mydland, Ø., & Lien, G. (2021).  Determinants of allocative and technical inefficiency in stochastic frontier models: An analysis of Norwegian electricity distribution firms. European Journal of Operational Research, 288, 983-991.

Haugom, E., Malasevska, I., & Lien, G. (2021).  Optimal pricing of alpine ski passes in the case of crowdedness and reduced skiing capacityEmpirical Economics, 61, 469-487. 


Thrane, C. (2020). Surveyeksperimentet: Et underutnyttet forskningsdesign for sosiologisk kausalanalyse. Norsk Sosiologisk Tidsskrift 4(6), 324-337.

Størdal, S., Dinh, M.T.H, Haugom, E., & Lien, G. (2020). Norwegian stock market behaviour during the initial phase of the COVID-19 pandemic. Beta – Scandinavian Journal of Business Research 34(2), 207-221.

Kumbhakar, S. C., & Tsionas, M. G. (2020). Dissections of input and output efficiency: A generalized stochastic frontier modelInternational Journal of Production Economics, 107940.

Lai, H. P., & Kumbhakar, S. C. (2020). A panel frontier system model with good and bad outputs and endogenous treatment decisionEconomics Letters, 109649.

Malasevska, I., Haugom, E., Hinterhuber, A., Lien, G., & Mydland, Ø. (2020).  Dynamic pricing assuming demand shifting: the alpine skiing industryJournal of Travel & Tourism Marketing, 37(7), 785-803.

Haugom, E. (2020).  Essentials of Pricing Analytics: Tools and Implementation with Excel. Routledge. 290 Pages. ISBN 9780367363239

Zhang, R., Kumbhakar, S. C., & Lai, H. P. (2020). Estimation of panel model with heteroskedasticity in both idiosyncratic and individual specific errorsEconometric Reviews, 1-18.

Slåtten, T., Mutonyi, B. R., & Lien, G. (2020).  The impact of individual creativity, psychological capital, and leadership autonomy support on hospital employees’ innovative behaviourBMC Health Services Research 20(1096)

Tsionas, M. G., & Kumbhakar, S. C. (2020). Stochastic frontier models with time-varying conditional variancesEuropean Journal of Operational Research (forthcoming).

Bueie, H., Lie, J. (2020). Programmering og generalisering. Tangenten - Tidsskrift for matematikkundervisning. 12-16.

Ewald, C.-O., Haugom, E., Lien, G., Størdal, S. & Song, P. (2020). Riding the Nordic German Power-Spread: The Einar Aas Experiment. Available at SSRN 3557286.

Haugom, E.; Molnar, P. & Tysdahl, M. (2020). Determinants of the Forward Premium in the Nord Pool Electricity MarketEnergies 13(5), 1111. 

Thrane, C. & Haugom, E. (2020). Peer effects on restaurant tipping in Norway: An experimental approachJournal of Economic Behavior & Organization 176, 244-252.  

Kumbhakar, S. C., Mydland, Ø., Musau, A., & Lien, G. (2020). Disentangling costs of persistent and transient technical inefficiency and input misallocation: The case of Norwegian electricity distribution firms. Energy Journal 41(3), 143-160.

Thrane, C. (2020). Statistisk dataanalyse. Pensum på 1-2-3. Cappelen Damm Akademisk: Oslo.

Thrane, C. (2020). Applied Regression Analysis. Doing, Interpreting and Reporting. Routledge: Abingdon, England.

Mutonyi, B.R., Slåtten, T., & Lien, G. (2020). Organizational climate and creative performance in the public sector. European Business Review 32(4), 615-631.

Lavik, M., Lien, G., Korsaeth, A., & Hardaker, J. (2020). Comparison of conventional and IPM cropping systems: A risk efficiency analysisJournal of Agricultural and Applied Economics 52(3), 385-397.

Mutonyi, B.R., Slåtten, T., & Lien, G. (2020). Empowering leadership, work group cohesiveness, individual learning orientation and individual innovative behaviour in the public sector: Empirical evidence from Norway. International Journal of Public Leadership 16, 175-197.

Mydland, Ø. (2020).  Lost economies of scope and potential merger gains in the Norwegian electricity industryEmpirical Economics58(6), 3077-3100.

Lavik, M.S., Hardaker, J.B., Lien, G., & Berge, T.W. (2020). A multi-attribute decision analysis of pest management strategies for Norwegian crop farmers. Agricultural Systems,178, 102741.

Mydland, Ø., Kumbhakar, S.C., Lien, G., Amundsveen, R., & Kvile, H.M. (2020).  Economies of scope and scale in the Norwegian electricity industryEconomic Modelling 88, 39-46.

For older publications, click here.


Ongoing Projects


Website:  IpaaSki

Objectives: Develop and implement new and innovative pricing schemes to create value in the Alpine Skiing industry.

Participants: Erik Haugom (leader), Per Kristian Alnes, Iveta Malasevska, Gudbrand Lien, Ørjan Mydland, Andreas Hinteruber