Martti Vihanto

Postdoctoral ResearcherProfile picture.jpg

Areas of expertise

Institutional economics, economic psychology

Tel.:+358 29 450 4118 / +358 50 505 8028                                                                     


Martti Vihanto started his studies at the Turku School of Economics in 1975 and has been a staff member since graduation in different positions. He studied at the Australian National University in 1983. Docent of Economics since 2000. Docent of Law and Economics in the University of Eastern Finland. Vihanto deals in his research and instruction with bounded rationality in economic decision making and, connected to it, the role of behavioral anomalies, evolutionary processes and social institutions in the economy. A lifelong enthusiasm for philately, specifically worldwide stamp collecting.

Academic Background

M. Sc. (1980), Lic. Sc. (1987), Ph. D. (1995), all in Econ. & Bus. Adm., Turku School of Economics


Economic psychology, institutional economics, supervision of Bachelor Theses.

Research Interests

Pluralistic, heterodox and multidisciplinary approaches to economics.
Extensions of a Finnish textbook on institutional economics (in progress), website

Selected Publications

Competition Between Local Governments as a Discovery Procedure. Journal of Institutional and Theoretical Economics 148(3), 1992, 411−436.

Extending Austrian Economics toward Psychology: Rules in Loan Decisions. Review of Austrian Economics 17(4), 2004, 323−344.

Rationaalisuusoletuksen valinta oikeustaloustieteessä. Oikeus 35(2), 2006, 225−240.

Tunteiden ja sosiaalisen pääoman murtautuminen taloustieteeseen. In Luottamus, sosiaalinen pääoma, historia, ed. by Jarkko Keskinen and Kari Teräs. Historia mirabilis referee-series 5. Turun Historiallinen Yhdistys, Turku 2008, pp. 55−75.

Markkina- ja sääntelyhäiriöiden vertailu hyvinvointiarvioinnissa. Hallinnon Tutkimus 29(1), 2010, 41−52.