Vesa Kanniainen, curriculum vitae

Professor Emeritus of Economics, Discipline of Economics, University of Helsinki
Date of birth: Rovaniemi, March 13, 1948.


Candid. of Sc,, University of Helsinki 1971.

Master of Sc., University of Helsinki 1972

Licent. of Sc., University of Helsinki 1972

Fellowship, London School of Economics and
Political Science, 1972-73

Ph.D., University of Helsinki, 1976

Dr in Military Studies (Sotatieteiden tohtori), (The National Defence University) Maanpuolustuskorkeakoulu, 2018

Dr in Business Studies (Kauppatieteiden tohtori), University of Eastern Finland (Itä-Suomen yliopisto), 2019.


Visiting Assistant Professor, Department of
Economics, Brown University, Rhode Island, USA, 1977-78

Visiting Assistant Professor, Department of
Economics, Washington State University, Washington, USA, 1978-79

Acting Professor of International Economics,
University of Tampere, September 1980-January 1981

Acting Professor of Economics, Department of
Economics, University of Helsinki, February 1981-1994

Professor of Economics, Department of Economics,
University of Helsinki, 1994-2017.

Visiting Fellow and Guest Lecturer, Center for
Economic Studies, University of Munich, Summer 1994. Teaching: Optimal
Stochastic Control.

Guest Lecturer, Spring, 1995, UppsalaUniversity. Teaching: Optimal Stochastic Control.

Guest Lecturer, Autumn, 1998, University of Hamburg. Teaching:
Optimal Stochastic Control, Economic Theory of Information

Tuntiopettaja, Maanpuolustuskorkeakoulu/Yleisesikuntaupseerikurssit, Helsinki, 2018 - (jatkuu). Opetusalueet: kansantalous, matemaattinen peliteoria


Most recent publication: 2021 -

"Strategic and Tactical Nuclear Weapons in Politics and Warfare", National Defence University, 2023.

"The European Union Should Progress into a Strong Consensus Federation", 2023, to be submitted.

"Gallup Democracy in Exercising the Nato Membership Option: The Cases of Finland and Sweden", CESifo Economic Studies 68(3), 2022, 281-296.

"Making the Eurozone Function Again: A Solution for the European Debt Problem is Hard but Not Impossible", EconPol Forum 24(4), 2023, 34-37.

"Pricing the Pharmaceuticals when the Ability to Pay Differs", Journal of the Finnish Economic Associaation 2(1), 2021, 25-48. Co-authors: Juha Laine, Ismo Linnosmaa.


The Future of the Euro. The Options for Finland, (in Finnish), edited by Vesa Kanniainen & EuroThinkTank of Finland, a shorter English version published in CESifo Forum 2014, 15, 56-64.

Kanniainen, V., Ala-Peijari J., Koskenkylä, H., Lepomäki, E., Malinen T. ja Miettinen, S., (2014), ”Suomi tarvitsee työmarkkinatutkimuksen uudelleen suuntaamista, Kansantaloudellinen aikakauskirja 4/2014.

"The Role of Capital Flows in the Adjustment of Money Demand: The Case of Finland", Empirical Economics, 9, l984, 75-85, co-author: Juha Tarkka.

"On Offsetting Capital Flows and Monetary Autonomy of a Small Open Economy", Economica, 51, l984, 177-186.

"Inflation in an Open Economy: Tests with Finnish Data l960(I)-l981(IV)", Weltwirtschaftliches Archiv, 119, l983, 317-328, co-author: Pertti Tornberg.

"Unanticipated Inflation, Taxation, and Common Stocks", Journal of Business Finance and Accounting, 9:4,l982, 459-469.

"Notes on the Asset Market Approach to Exchange Rate Determination", Schweizerische Zeitschrift fur Volkswirtschaft und Statistik, l982, 205-213, co-author: Juhani Raatikainen.

"The Redistribution of Wealth in Inflation", Journal of Banking and Finance, 3, l979, 177-185.

"A Demand for Model with a Flexible Adjustment Process", Department of Economics, Brown University, WP 1977-27, The Scandinavian Journal of Economics, l979:4, 521-533.

"The Role of Bank Overdrafts in the Finnish Financial System", Empirical Economics, 3, l978, 31-47.


“Union Power, Entrepreneurial
Risk and Entrepreneurship”, Small
Business Economics
, 2009, 33: 293-302, co-author:
Mikko Leppämäki.

” Imperfect
Transmission of Tacit Knowledge and Other Barriers to Entrepreneurship”, Comparative Labor Law & Policy Journal,
28, Summer 2007, 675-693, co-author: Panu Poutvaara.

“When A Loser
Gains: Free Riding in The Innovation of Network Goods”, Journal of Economics, 87, 2006, 55-17, co-authors: Amihai Glazer
and Mikko Mustonen.

taloustiede: katsaus ja arviointeja”, Kansantaloudellinen

“Entrepreneurship and labor market
institutions”, Economic Modelling 22,
5, 2005, 828-947, co-author: Timo Vesala.

“Start-up Investment with Scarce Venture Capital
Support”, Journal of Banking & Finance, 28, 2004, 1935-1959, co-author: Christian Keuschnigg.

“The Optimal Portfolio of Start-up Firms in
Venture Capital Finance, Journal of Corporate Finance 9, 2003, 521-534, co-author: Christian Keuschnigg.

“Entrepreneurship, Economic Risks, and Risk
Insurance in the Welfare State: Results with OECD Data 1978-93”, German Economic Review, 2, August 2001, 195-218, co-author: Pekka Ilmakunnas.

“Empire building by corporate managers: The
corporation as a savings instrument”, Journal of Economic Dynamics & Control, 24 (2000), 127-142.

“Endogenous Imitation and Implications for
Technology Policy”, Journal of Institutional and Theoretical Economics,
156, 2000, 360-381, co-author: Rune Stenbacka.

“Do patents slow down technological progress?
Real options in research, patenting, and market introduction”, International
Journal of Industrial Organization
18, 2000, 1105-1127, co-author: Tuomas

"Optimal Production of Innovations Under
Uncertainty", Journal of Economics, 57, 1993, 147-168.

"Optimal Production and Inventory Policies:
The Incentive Effects of Taxation", in Optimal Decisions in Markets and Planned Economies, ed. by R.E.Quandt and D.Triska, Westview Press, l990.

Corporate Taxation

“Tax Neutrality: Illusion or Reality”. FinanzArchiv 69, (2013), 167-193, co-author: Panteghini, Paolo M.

“Nordic Dual Income Taxation of Entrepreneurs”, International
Tax and Public Finance,
14, 2007, 407-426, co-authors: Seppo Kari and Jouko Ylä-Liedenpohja.

”Yrittäjyyden ja yritysten verokannustimet”, Kansantaloudellinen aikakauskirja, 2007:1, 8-27.

“Why is the Corporation Tax not Neutral? Anticipated Tax Reforms, Investment Spurts and Corporate Borrowing?”, Finanzarchiv 1999, 56, 3/4, 285-309, co-authors: Luis Alvarez Jr., Jan Södersten.

“Failures in Corporate Governance: Can the Corporation Tax Improve Efficiency?”, Finanzarchiv 1999, 56, 3/4, 310-334.

"Tax Policy Uncertainty and Corporate Investment. A Theory of Tax-Induced Investment Spurts", Journal of Public Economics, 69, 1998, 17-48, co-authors: Luis Alvarez Jr., Jan Södersten.

"On Financial Adjustment and Investment
Booms: Lessons from Tax Reforms", FinanzArchiv, 52, 1995, 212-233, co-author: Jan Södersten.

"The Importance of Reporting Conventions for the Theory of Corporate Taxation", Journal of Public Economics, 1995, co-author: Jan Södersten.

"Optimal Taxation of Intangible Capital", European Journal of Political Economy, 11, 1995, 361-378, co-author: Kåre P. Hagen.

"Costs of Monitoring and Corporate Taxation", Journal of Public Economics, 55, 1994, 307-21,
co-author: Jan Södersten.

"The Cost of Holding Inventories, and the Demand for Labor and Capital under Corporate Taxation", Canadian Journal ofEconomics, XXIII, l990, 226-235, co-author: Hannu Hernesniemi.

"An Alternative Corporation Tax: Implications for Efficiency of Investment and Valuation of Shares", Finnish EconomicPapers, 1, l988, 72-81.

"Corporate Taxation, Inventory Undervaluation and Neutrality", The Finnish Economic Journal l981:4, 435-445, co-author: Seppo Honkapohja.

The Articles in the Dissertation for the University of Eastern Finland, 2019

“Corporate Social Responsibility – A Synthesis”

”Corporate Social Responsibility: Can Markets
Control?”, Homo Oeconomicus, 23, 2006, 153-179, co-author: Elise

“Firm’s Ethics, Consumer Boycotts, and Signalling”, European
Journal of Political Economy
, 26, 2010, 340-350, co-authors: Amihai Glazer,
Panu Poutvaara.

“Cascade Effects in Consumer Boycotts under Social
Group Identity” a revision of the paper presented at the International
Conference on Social Responsibility, HTW Berlin, 2017, HECER Discussion Papers
N:o 425, 2018.

”Ethics and Global Economics”, Mission and Money.
Christian Mission in the Context of Global Inequalities,
May 30, 2016,
pages 21-39. Eds. Mari-Anna Auvinen-Pöntinen and Jonas Adelin Jørgensen, BRILL,
Leiden, Boston.

“What is Wrong with the West’s Economies? Comment to
Professor Edmund Phelps”, Homo Oeconomicus, 33(4), 2016, 333-339.

The Articles in the Dissertation for the National Defence University, 2018

“Defence Commitment in Deterrence of War”, CESifo Economic Studies, (2018), 1-22, doi: 10.1093/cesifo/ify001.

“Security Gradient and National Defense – The
Optimal Choice between a Draft Army and a Professional Army”, Defence and Peace Economics, 2016, March 1, 1-21, co-author: Staffan Ringbom.

“The Option Value of Membership in a Defence Alliance”, FinanzArchiv, 2017,
73(4), 1-20, co-author: Staffan Ringbom.

“Offset Contracts as an Insurance Device in Building the National Defence”, Defence and Peace Economics, 2017, June, 1-13, co-author:
Juha-Matti Lehtonen.

“Collective Procurement in Building National Defence: Why Are There So Few?”, Defence and Peace Economics,
https//, co-author: Juha-Matti

“Cyber Technology and Arms Race”, German Economic Review, October 17, 2018,

Law and Economics

Näkökulmia oikeustaloustieteeseen, 1997, Helsinki: Gaudeamus (toimittajat: Vesa Kanniainen, Kalle Määttä)

"Oikeustaloustiede. Johdantoa lähestymistapoihinja käsiteisiin", kirjassa
Näkökulmia oikeustaloustieteeseen, 1997, Helsinki: Gaudeamus (toimittajat: Vesa Kanniainen, Kalle Määttä)

"Coasen teoreema: esittely ja arviointi, kirjassa Näkökulmia oikeustaloustieteeseen, 1997, Helsinki: Gaudeamus (toimittajat: Vesa Kanniainen, Kalle Määttä)

"Yritysjohdon kannustinpalkkaus ja päämies-agenttiteoria", kirjassa Näkökulmia oikeustaloustieteeseen, 1997, Helsinki: Gaudeamus (toimittajat: Vesa Kanniainen, Kalle Määttä)

Näkökulmia oikeustaloustieteeseen 2, 1998, Helsinki: Kauppakaari OYJ, (toimittajat: Vesa Kanniainen, Kalle Määttä)

"Immateriaalioikeuksientaloustiede", kirjassa Näkökulmia oikeustaloustieteeseen 2,
1998, Helsinki: Kauppakaari OYJ (toimittajat: Vesa Kanniainen, Kalle
Määttä). Kirjoittajat: Vesa Kanniainen, TuomasTakalo, Samuli Simojoki.

"Ryhmäkanne: oikeustaloustieteellinen näkökulma", kirjassa Näkökulmia oikeustaloustieteeseen 2,
1998, Helsinki: Kauppakaari OYJ (toimittajat: Vesa Kanniainen, Kalle
Määttä).Kirjoittajat: Vesa Kanniainen, Kalle Määttä, Jaakko Rautio.

Näkökulmia oikeustaloustieteeseen 3, Vesa Kanniainen – Kalle Määttä (toim.), Kauppakaari OYJ, Lakimiesliiton kustannus, Helsinki 1999.

Taloustieteellinen näkökulma kilpailuoikeuteen, Kauppakaari, Lakimiesliiton kustannus 2001, Kanniainen Vesa ja Määttä Kalle (toimittajat).

”Kilpailupolitiikan taloustiede”, artikkeli kirjassa Taloustieteellinen näkökulma kilpailuoikeuteen, Kauppakaari, Lakimiesliiton kustannus 2001, Kanniainen Vesa ja Määttä Kalle (toimittajat).

”Kilpailulainsäädännön toimivuuden mittarit taloustieteen näkökulmasta”, Kilpailuoikeudellinen vuosikirja 2002.

”Kartellivahingon ja sen määräntoteennäyttäminen vahingonkorvausoikeudenkäynnissä”, Defensor Legis N:o 3/2006, 419-440. Kirjoittajat: Kanniainen, V.,Saraste, T., ja Tammelin, K,.

Kartellit teoriassa ja käytännössä, 2011, Kanniainen, V., ja Määttä, K., Edilex lakikirjasto/8166.

Pienyritysten kohtaamat hallinto- ja muut sääntelykustannukset, 2008, Kanniainen, V., ja Määttä, K., Joensuu.

Other research topics

”Peliteorian käyttö konfliktien ja sotien ja analyysissa”, Maanpuolustuskorkeakoulu,
Sotatekniikan laitos, Julkaisusarja 3: Työpapereita nro 2. Helsinki 2019.

“Why to kill your own children - Medea in the light of an evolutionary approach”, The German-Greek Yearbook of Political

”The Economics of Peace and War: An Overview”, CESifo Economic Studies, co-author: P. Poutvaara.

“Kun teologia kohtaa taloustieteen:
Dialogia piispan kanssa”, Teologinen

Yritysten yhteiskuntavastuun taloustiede, BoD, 2015.

“Special issue on
Ethics and Economics: An Introduction”, Journal
of Economic Behavior and Organization
, 90, 2013, 134-136, co-author: Panu

“Honeybee Economics: Implications for Ecology Policy”,
HECER dp N:o 363, CESifo wp N:o 4204, 2013, co-authors: Tuula Lehtonen, Ilkka

“Efficient Pricing and Insurance Coverage
in Pharmaceutical Industry when the Ability to Pay Matters”, HECER – Helsinki
Center of Economic Research, 2013, dp N:o 372. Co-authors: Laine, Juha;
Linnosmaa, Ismo.

Foreign Trade as a Risk Insurance Device: From Cold War Bilateral Trade to
Globalized Markets”, Hecer, Discussion Paper No. 298, 2010, co-author: Jussi

“Do the Catholic and Protestant Countries Differ by Their Tax
Morale”, Empirica, 2010, 37, 271-290.
Co-author: Jenni Pääkkönen.

“Income Taxes,
Property Values and Migration”, Journal
of Public Economics
92, 2008, 915-923. Co-authors: Amihai Glazer and Panu

Leaders Should Make Long-term Decisions”, International
Tax and Public Finance
, 2007, 14, 55-69, co-author: Amihai Glazer.

“Bequests, Control Rights, and Cost-Benefit
Analysis”, European Journal of Political Economy, 19, 2002, 71-82, co-auhors: Amihai Glazer, Esko Niskanen.

“Why Invest in Your Neighbor? Social Contract on
Educational Investment”, International Tax and Public Finance, 7, 547-562, 2000, co-author: Panu Poutvaara.

"Balanced Trade Under Uncertainty: A Multiperiod Noncoperative Game Approach",
European Journal of Political Economy 5, l989, 113-123, co-author: Jussi Mustonen.

"On the shock-absorption view of money:
international evidence from the l960s and l970s", Applied Economics, 18, l986,1085-1101, co-author: Juha Tarkka.

"Adjustment Costs, Optimal Capacity
Utilization, and the Corporate Tax", Oxford Economic Papers, 37, l985, 486-499, co-author: Seppo Honkapohja.

"On the Effects of Taxation in the Stock
Market: Empirical Evidence with Finnish Data l968-l981, Journal of Business
Fin ance and Accounting
, 11, l984, 139-150, co-author: Vesa Kurikka.

"Changing the Tax Base and
Risk-Taking", Oxford Economic Papers , 36, l984, 162-174, co-author:
Erkki Koskela.

Editorial work

Associate editor.

of Economic Behavior and Organization
, Guest editor

Journal of Political Economy
Guest editor, 2009-2010.


Economic Studies, Guest editor


CESifo, Research Associate 1990-

IIPF, Member, Board Member (2007-2013)

Suomalainen tiedeakatemia, jäsen 2002-

EuroThinkTank, perustaja

Kansantaloustieteen alumnit Helsingin yliopistossa ry, perustaja, hallituksen jäsen

Maanpuolustuskurssiyhdistys, jäsen

Uudenmaan Maanpuolustusyhdistys, jäsen

Suomen Geopoliittinen Seura ry, jäsen

Suomen Sotatieteellinen Seura, jäsen

Societal impact

Asiantuntijalausunnot eduskunnan valiokunnille, useita kertoja

Satoja haastatteluja: televisio, radio, sanomalehdet

Konsultointi: kilpailupolitiikka, lääkealan yritykset

Luentoja yleisötilaisuuksissa, lukuisia


American Economic Review


Economic Journal

European Journal of Political Economy

European Economic Review


Finnish Economic Papers

German Economic Review

Homo Oeconomicus

International Tax and Public Finance

International Journal of Industrial Organization

Journal of Banking & Finance

Journal of Economics

Journal of Public Economics

Scandinavian Journal of Economics

Yearbook of Standardization


“Tiedon jano-palkinto 2001, JOKO.

Opponent in public defence of dissertations

Yrjänä Tolonen, On macroeconomic consequences
of trade with centrally planned
economies, University of Turku, 1986.

Kari Alho, Analysis of Financial Markets and
Central Bank Policy in the Flow-of-Funds Framework - An Application to the Case
of Finland,
University of Helsinki, 1988,

Raija Volk, Esseitä osuuskunnan
tuotanto-, hinnoittelu- ja investointikäyttäytymisestä,
University of
Jyväskylä, 1993.

Mats Dillen, Studies in Optimal Taxation,
Stabilization, and Imperfect Competition,
Uppsala University, 1993

Luis Alvarez, Expecations, Adjustment Costsand the Optimal Investment of a Value-
Maximizing Firm, University of Turku, 1993.

Hannu Piekkola, Capital Income Taxation and
Tax Criteria in International Capital
Markets, University of Helsinki, 1995.

Hovick Shahnazarian, “Three Essays onCorporate Taxation”. Uppsala University,

Anders Kjelman, Essays on Performance andFinancing Decisions during the 1990s
Recession in Finland, Åbo Akademi, 1997.

Tomas Forsfält, (Licentiate) Timing Optionsand Taxation, University of Stockholm, 1997.

Jussi Keppo, “On Arbitrage, Optimal Portfolioand Equilibrium under Frictions and
Incomplete Markets”, Helsinki University of Technology, 1998.

Timo Kaisanlahti, Sidosryhmät ja riski pörssiyhtiöissä, University of Helsinki, Faculty of Law,

Seppo Kari, Dynamic Behavior of the Firm
under Dual Income Tax
, Helsinki School of Economics, 1999.

Eva Erlandsson, Taxation and the Discount on
Closed-End Funds,
(Licentiate), University of Uppsala, 1999.

Carl Johan Lagerkvist, Essays on the User Cost of Capital and Financing of the Agricultural Firm, Swedish University of Agricultural Economics, Uppsala, 1999

Tarmo Valkonen, The Finnish Corporate and Capital Income Tax Reform. A General Equilibrium Approach, University of Tampere, 1999.

Tomas Forsfält, Timing Options and Taxation,Department of Economics, University of Stockholm, 1999.
Pekka Mannonen, Essays in Monetary Economics, Turku School of Economics, 2000.

Oskari Juurikkala, Essays on Psychology and Morality inEconomic Analysis of Law, University of Eastern Finland, 2012.