Dr Kim Kaivanto
PhD (Warwick)
Lecturer
Department
Economics
Office Hours
Michaelmas: Thu 9:00--10:00; Lent: Thu 10:00--11:00
Professional Role
Deputy Director of MSc Money, Banking & Finance,
LUMS Research Ethics Committee (member),
LUMS Enterprize Committee (member)
Current Teaching
Econ 325 Advanced Microeconomic Theory, Econ 400 Topics in Economics (A), Econ 412/452 Behavioural Finance
Research Interests
Decision making under risk and uncertainty; the valuation, investment decision and financing of innovation- and R&D-intensive projects; corporate finance; generalised royalty-based instruments (sales contingent claims); technology policy; particular interest in the civil aerospace industry, the air transport industry, and the finance industry.
Research Grants
2010 EPSRC ‘TEDDI’ project,
2008 Joule Centre award joint with LEC,
2007 LU Grant for ‘The Role of Alternation Bias in Paradoxes of Judgment and Perception’.
Profile
Kim Kaivanto holds the post of Lecturer in Economics. He also holds the administrative role of Deputy Director of the MSc in Money, Banking and Finance. Prior to joining LUMS, Kim held research fellowships at the Eitan Berglas School of Economics and Warwick Business School.
Kim's research issues from a core interest in theoretical and descriptive models of decision making and behaviour under risk and uncertainty. This is then carried through into and applied to more specific financial and investment problem settings: e.g. the efficiency gain in relationship lending as a real option quantifying informational rents; optimal exercise policies for relationship lenders' sequences of information-based real options and the formalisation of long-termism and short-termism; Knightian uncertainty in aggregate-level beliefs (syndicate surrogate functions and compound market beliefs); risk-spreading performance of royalty contracts relative to empirical dividend policies; incomplete markets and the financing of R&D investment; and incomplete markets and the economic criteria for 'subsidy' (the opportunity cost of capital in the subsidy-criteria employed by the WTO and the EU). Kim has a substantive interest in the special problems and issues associated with the financing and valuation of R&D as well as in the governmental R&D support schemes formally intended to alleviate these problems. Kim has studied these problems in the specific context of civil aerospace R&D and the associated UK dti-administered Launch Aid support scheme. Kim has worked on a diverse range of research and consultancy projects, including such special topics such as venture capital, the exploitation of social science research, and airport slot allocation rulings.
In and out of work, Kim finds personal satisfaction and enjoyment in facing diverse challenges, seeking limits, and finding solutions to problems.
Publications
- Kaivanto K, 2008, 'Alternation Bias and the Parameterization of Cumulative Prospect Theory', in Advances in Decision Making Under Risk and Uncertainty, Theory and Decision Library C 42, Springer-Verglag, Berlin, pp. 91-107
View details - Kaivanto K and Stoneman P, 2007, 'Public provision of sales contingent claims backed finance to SMEs: A policy alternative', Research Policy, vol 36, no. 5, pp. 637-651.
View details - Kaivanto K, 2007, 'Trade-related job loss, wage insurance and externalities: an ex ante efficiency rationale for wage insurance', The World Economy, vol 30, no. 6, pp. 962-971.
View details - Kaivanto K, 2006, 'Premise and practice of UK launch aid', Journal of World Trade, vol 40, no. 3, pp. 495-525.
View details - Kaivanto K and Stoneman P, 2004, Risk shifting, technology policy and sales contingent claims: when is Launch Aid to the aerospace industry a subsidy?, Centre for Economic Policy Research, London
View details - Kaivanto K, 1997, 'An alternative model of pro-cyclical absenteeism', Economics Letters, vol 54, no. 1, pp. 29-34.
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