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R E S E A R C H AT O U L U B U S I N E S S S C H O O L

ECONOMICS Recent research at the Department of Economics focuses on environmental and energy economics, regional economics, long-run macrodynamics and decision-making under conditions of uncertainty. Heterogeneity is one current research topic very much on the agenda in all the research fields.This interest is based on theoretical breakthroughs, computational and methodological development and data availability. Methodological breakthroughs have made it possible to move from aggregate data to genuine individual and agentbased models and calculations. At the same time, the availability of micro data has increased markedly. This development has opened new avenues including heterogeneity in research.

not properly taken into account. We also study the heterogeneity of the power system, especially as it relates to intermittent energy sources like wind and sun. In our regional economic development research, we focus on the role of innovations and diversity in regional economic growth. In macrodynamics, the emphasis has been on overlapping generational models applied to the issues of social security and renewable natural resources. Our economic decisionmaking research is based in a novel way on combining genuine economic risk-taking data with medical and psychological data received from the North-Finland Birth Cohort research project.

Heterogeneity is one current research topic very much on the agenda in all the research fields.

Recent years have seen an increasing demand for high-quality governance mechanisms in corporations covering financial reporting, management control, auditing, and executive compensation. Therefore, research activity at the Department of Accounting covers the design of these broadly defined governance mechanisms. Recent research explores how such governance mechanisms can be designed in a sustainable manner to meet the challenges of the current business environment. Moreover, this question is addressed in the context of public organizations. The exploration of governance mechanisms covers both financial and management accounting points of view, and so approaches the issue of how to develop effective corporate governance mechanisms in private and public organizations from different angles.

In environmental economics, the main research themes of the department relate to attitudes towards environmental goods, and combining economic and biological factors in natural resource management. In our energy studies, we have shown how heterogeneity in utilities’ endowments makes it very possible that the wrong policy choices will be made, if that fact is

ACCOUNTING

Annual Report 2014  
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