Industrial Organization Research Group

Industrial Organization Research Group

What does market power mean, how is it created, and how is it sustained? What does strategic interaction between firms mean and how does it affect market outcomes? Why do firms merge and when should a competition authority allow a given proposed merger? How should a firm price its products after the entry of a new competitor? How many cartels are there, and how harmful are they? Who benefited and who lost when the Finnish taxi-cab market was liberalized? Should the government subsidize the research and development activities of firms and if so, how and by how much?

All these are examples of the questions that economists specializing in Industrial Organization (IO) analyze. IO is the analysis of market imperfections and imperfectly competitive markets – meaning most if not all real-world markets. Whether you want to understand how well a market works from the point of consumers, firms, employees or the taxpayer (government), IO tools are indispensable for your analysis. IO blends economic theory, knowledge of institutions and empirical methods to address real world questions that are relevant for business and policy.

Elias Einiö, senior Researcher

Ari Hyytinen, professor

Mika Kortelainen, research leader

Marita Laukkanen, chief researcher

Matti Liski, professor

Mikko Mustonen, senior lecturer

Staffan Ringbom, senior lecturer

Tanja Saxell, senior researcher

Rune Stenbacka, professor

Tuomas Takalo, senior research adviser

Otto Toivanen, professor, Chair of the group

Janne Tukiainen, associate research professor

Markku Siikanen, post-doc

Geert Van Moer, assistant professor


Alexis Stevenson, PhD student

Jan Jääskeläinen, PhD student

Olga Neselevska, PhD student

Qiqi Zhang, PhD student

Timo Autio, PhD student

Aleksi Paavola, PhD student

Strategic behavior in pharmaceutical markets

International cartels

Helsinki GSE/FDPE IO PhD Student Workshop

  • Time: 22.5.19 wed 9.30 - 15.20
  • Place: room U405a, Aalto BSc center (attached to the Aalto main building, Not in Väre!), From the metro: Get out at Shopping center exit A and walk 200 m past the steep auditorium structure. The door on your right, Otakaari 1 M. Fourth floor.
  • To sign up with a paper or a research proposal, please send an e-mail to Mikko Mustonen (firstname.lastname[at]

Program for Helsinki GSE/FDPE Industrial Organization PhD workshop on May 22

9.30 Timo Autio:
Bank lending and sovereign debt availability: evidence from Italian SMEs (paper, 40 min)
Discussant: Mika Kortelainen (10 min, discussion 10 min).

10.30 Alexis Stevenson:
Patent Portfolio Management (research proposal, 30 min, 10 min for comments)

11.10 Jan Jääskeläinen:
Entry in public procurement (research proposal)

11.50 Lunch break

13.00 Katia Vozian:
Market Resilience and Dynamics of the Limit Order Book (paper)
Discussant: Vesa-Heikki Soini,

14.00 Aleksi Paavola:
Information (in)sensitivity of money market funds: Evidence from the US money market reform (research proposal)

14.40 Mikko Nurminen:
Mergers and acquisitions in the Finnish private health care market (co-author Tanja Saxell, research proposal)

15.20 The End



IO Student presentation seminars 
(a single 1 hour presentation or two short ones (for a total of one hour or, if needed, for more)

13.2.19 wed 9.30- (Economicum, Seminar room 1)

10.4.19 wed 9.30- (Otaniemi, Main building, U401)

12.6.19 wed 9.30- (Economicum, seminar room 1)



Program for Helsinki GSE Industrial Organization PhD workshop

December 19, 2018

Jan Jääskeläinen,
Service quality in public procurement for cleaning services (research proposal).
Discussant: Geert van Moer

Saara Tuuli,
The impact of banking regulation on the real economy (research proposal).
Discussant: Rune Stenbacka

10.45 – 11.00

Timo Autio,
Influence of the Venture Capitalists – Evidence from Finland (research proposal).
Discussant: Ari Hyytinen

12.00 -
lunch, TBC.

place: seminar room 1.