Research faculty

Per Hjertstrand

Associate Professor

Among the questions that Per Hjertstrand tries to answer with his research:

  • Is it possible to test whether firms maximize profits and minimize costs? If so, how are these hypotheses tested?
  • If it can be tested, does data show that firms efficiently maximize profits and minimize costs?
  • How to test if individuals/households maximize utility when consuming goods and services?
  • Does data show that individuals/households efficiently maximize utility?
  • What kind of information and how much information about the preferences of individuals, households and firms can be found in consumption and production data?



New research

Index Numbers and Revealed Preference Rankings Per Hjertstrand, James Swofford and Gerald Whitney

Per Hjertstrand's research interest is mainly econometrics, with focus on production and consumer analyses. At present, he is working on a project aiming at developing statistical procedures for testing if fundamental productions and consumer models can explain observed data.


Publications in peer-reviewed journals

Revealed preference tests of indirect and homothetic weak separability of nancial assets, consumption and leisure (with James Swofford), forthcoming in Journal of Financial Stability, 2019

Index numbers and revealed preference rankings (with James Swofford and Gerald Whitney), forthcoming in Macroeconomic Dynamics, 2019

Samuelson's approach to revealed preference theory: Some recent advances (with Thomas Demuynck). Forthcoming chapter in Paul Samuelson: Master of modern economics, R.G. Anderson, W.A. Barnett and R.A. Cord (Eds.), 2019, Palgrave Macmillan

Homothetic effciency: Theory and applications (with Jan Heufer), Journal of Business & Economic Statistics 37:2, 235-247, 2019

Homothetic preferences revealed (with Jan Heufer), Journal of Economic Behavior & Organization 157, 602-614, 2019

Why entrepreneurs choose risky R&D projects - but still not risky enough (with Erika Färnstrand Damsgaard, Pehr-Johan Norbäck, Lars Persson and Helder Vasconcelos), Economic Journal 127, F164-F199, 2017
 * Featured in a Vox column (

Mixed integer programming revealed preference tests of utility maximization and weak separability of consumption, leisure and money (with James Swofford and Gerald Whitney), Journal of Money, Credit and Banking 48, 1547-1561, 2016.

Revealed preference tests for weak separability: an integer programming approach (with Laurens Cherchye, Thomas Demuynck and Bram De Rock), Journal of Econometrics 186, 129-141, 2015.

Consistent subsets: computationally feasible methods to compute the Houtman-Maks-Index (with Jan Heufer), Economics Letters 128, 87-89, 2015.

Are the choices of people stochastically rational? A stochastic test of the number of revealed preference violations (with James Swofford), Empirical Economics 46, 1495-1519, 2014.

Indirect estimation of semiparametric binary choice models (with Joakim Westerlund), Oxford Bulletin of Economics and Statistics 76:2, 298-314, 2014.

Revealed preference tests for  consistency with weakly separable indirect utility (with James Swofford). Theory and Decision 72, 245-256, 2012.

Relative sources of european regional productivity convergence: A bootstrap frontier approach (with Kerstin Enflo). Regional Studies 43:5, 643-659, 2009.

A Monte Carlo study of the necessary and sufficient conditions for weak separability. Advances in Econometrics 24, 151-182, 2009.

Food demand in Sweden: A nonparametric approach. Published in Functional Structure Inference, W. A. Barnett and A. Serletis (eds.), 157-182, Chapter 9, 2007, Elsevier.

Per Hjertstrand


Ph : +46 8 665 4557


Per Hjertstrand has a Ph.D. degree in Economics from Lund University 2008. Between 2008 and 2012 he was a teacher and researcher at the Department of Economics at Lund University. During this period, he was also a frequent visitor and teacher at Hanken School of Economics in Helsinki.





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The Research Institute of Industrial Economics, IFN, is a private and independent foundation devoted to pursuing highly relevant research for trade and industry.

The researchers at IFN are united in their belief that economic methods offer a powerful tool for understanding society.

The main research programs are:

  1. economics of entrepreneurship
  2. globalization and corporate restructuring
  3. economics of the service sector
  4. economics of the electricity markets
  5. economics of institutions and culture.

Global Award

Research on entrepreneurship




The Global Award for Entrepreneurship Research is the foremost global award for research on entrepreneurship.This Prize is awarded annually with a prize sum of EUR 100,000.

IFN in cooperation with Entreprenörskapsforum and Vinnova are the principals of the award, in cooperation with the donor, Lars Backsell.

Professor Boyan Jovanovic, New York University, is the winner of the Global Award for Entrepreneurship Research 2019. 

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