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Kim Kaivanto supervises 1 postgraduate research students. If these students have produced research profiles, these are listed below:

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Dr Kim Kaivanto


Kim Kaivanto

Lancaster University

The Management School



Tel: +44 1524 594030

Office Hours:

Michaelmas: Wed 9:00--10:00; Lent: Wed 09:00--10:00

Professional Role

Director of MSc Money, Banking & Finance,
Director of LExEL,
LUMS Research Ethics Committee (member),
LUMS Enterprise, Engagement and Impact Committee (member)

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’.

Current Teaching

Econ 401/451 Economics for Money, Banking and Finance; Econ 412/452 Behavioural Finance; Econ 420 MSc MBF Dissertation module; Econ 810 Applied Behavioural Economics


PhD (Warwick)

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.


Kim Kaivanto holds the post of Lecturer in Economics. He also holds the administrative role of 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 government-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.

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