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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


Milford, A.B., Lien, G., Reed, M. (2021). Different sales channels for different farmers: Local and mainstream marketing of organic fruits and vegetables in Norway. Journal of Rural Studies (forthcoming).

Ewald, C.-O., Zou, Y. (2021). Stochastic volatility: A tale of co-jumps, non-normality, GMM and high frequency data. Journal of Empirical Finance (forthcoming).

Ewald, C.-O., Haugom, E., Kanthan, L., Lien, G., Salehi, P., Størdal, S. (2021). Salmon futures and the Fish Pool market in the context of the CAPM and a three-factor model. Aquaculture Economics & Management (forthcoming).

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 oil. Annals of Operations Research (forthcoming).

Ewald, C.-O., Haugom, E., Lien, G., Song, P., Størdal, S. (2021). Riding the Nordic German power-spread: The Einar Aas experiment. Energy Journal (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.

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

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 multi-product production functions. American Journal of Agricultural Economics (forthcoming).

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 Research (forthcoming).

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.

Slåtten, T., Lien, G., Evenstad, S.B.N., & Onshus, T. (2020). 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 (forthcoming).

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.


Bloznelis, D., Claeskens, G., & Zhou, J. (2019). Composite versus model-averaged quantile regression. Journal of Statistical Planning and Inference 200, 32-46

Bueie, H. (2019).  Programmering for Matematikklærere. Oslo: Universitetsforlaget, Print.

Fleten, S. E., Haugom, E., Pichler, A., & Ullrich, C. J. (2020). Structural estimation of switching costs for peaking power plantsEuropean Journal of Operational Research 285(1), 23-33.

Haugom, E., Malasevska, I., & Chen, G. (2019). The relative importance of ski resort-and weather-related characteristics when going alpine skiingCogent Social Sciences 5(1), 1681246..

Malasevska, I. & Haugom, E. (2019). Alpine skiing demand patterns. Scandinavian Journal of Hospitality and Tourism 19(4-5), 390--403.

Slåtten, T., Lien, G., Lupina, E., & Gravingen, K.A. (2019). Promoting an internal market-oriented culture (IMOC) in healthcare services. Journal of Service Science Research 11, 157-182.

Slåtten, T., Lien, G., Horn, C.M.F., & Pedersen, E. (2019). The links between psychological capital, social capital, and work-related performance - A study of service sales representatives. International Journal of Total Quality Management and Business Excellence 30, 195-209.

Batt-Rawden, V.H., Lien, G., & Slåtten, T. (2019). Team learning capability – an instrument in innovation ambidexterity? International Journal of Quality and Service Sciences 11(4), 473-486.

Slåtten, T., Lien, G., & Svenkerud, P.J. (2019). The role of organizational attractiveness in an internal market-oriented culture (IMOC): A study of hospital frontline employees. BMC Health Services Research 19: 307.

Alem, H., Lien, G., Hardaker, J.B., Guttormsen, A. (2019). Regional differences in technical efficiency and technological gap of Norwegian dairy farms: a stochastic meta-frontier model. Applied Economics 51(4), 409–421.

Alem, H., Lien, G., Kumbhakar, S.C., Hardaker, J.B. (2019). Are diversification and structural change good policy? An empirical analysis of the Norwegian agriculture. Journal of Agricultural and Applied Economics 51(1), 1–26.

Thrane, C. (2019). Performance and Actual Pay in Norwegian Soccer. Journal of Sports Economics 20(8), 1051-1065.

Thrane, C. (2019). Expert reviews, peer recommendations and buying red wine: experimental evidence. Journal of Wine Research 30(2), 166-177.

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