Professor of Practice at Aalto econ department. Current focus:

  1. Equilibrium impacts of new technologies in electricity markets.
  2. Role of incumbents and market power in energy transitions.
  3. Environmental public good problems, solutions via cooperation and collusion.

General interests: energy and environmental economics, structural industrial organization.

Recently published

"Greed is good? The market equilibrium impacts of reducing hydropower capacity for biodiversity protection", 2023, Journal of Environmental Economics and Management.

“Rivers under pressure – interdisciplinary feasibility analysis of sustainable hydropower”, 2023, with Antti Iho, Niko Soininen, Saija Koljonen, Janne Artell, and Antti Belinskij, Environmental Policy and Governance.

“Joint assessment of generation adequacy with intermittent renewables and hydro storage: A case study in Finland”, 2021, Electric Power Systems Research.

“Gone with the Wind? An Empirical Analysis of the Renewable Energy Rent Transfer”, 2020, with Matti Liski, Journal of the Association of Environmental and Resource Economists.

Working papers

“Ownership and Collusive Exit: Theory and a Case of Nuclear Phase-out” (with Matti Liski)

“Rational Rationing: A Price-Control Mechanism for a Persistent Supply Shock” (with Reyer Gerlagh and Matti Liski)

“Redistribution Through Technology: Equilibrium Impacts of Mandated Efficiency in Three Electricity Markets” (with Matti Liski, R&R at Rand)

“Dynamic Lindahl equilibrium under uncertainty: A model for global cooperation on climate change” (with Markku Kallio and Hanna Virta)

Work in progress

“Impact of ocean acidification to climate-economy interaction” (with Markku Kallio and Kari Laasonen)

“What is water? Economics of hydropower”

Old stuff

"Nordic electricity peak prices during the winter 2009–2010" (with Marika Bröckl, Elina Virtanen, and Markku Kallio)

"Examining and proposing measures to activate demand flexibility on the Nordic wholesale electricity market 2011" (with Marika Bröckl, Elina Virtanen, and Jussi Keppo)


Digital markets (link)

Empirical Industrial Organization: Static models (link)

Empirical Industrial Organization: Topics (link)

Energy and Environmental Economics (link)

BSc thesis seminar (link)


An Art-Science production. Because why not?




Iivo Vehviläinen

Aalto University, School of BIZ, Department of Economics

Helsinki Graduate School of Economics

Helsinki, Finland

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