Gunnar Stensland




+47 55 95 92 73


+47 55 95 96 50


Professor, dr. polit., University of Bergen, 1988



Teaching languages:

Norwegian, English

Teaching areas:
  • Investments

  • Risk Management

  • Derivatives

Research areas:
  • Financial Economics

Selected publications:

  • Closed form spread option valuation, Quantitative Finance, forthcoming (with Petter Bjerksund).

  • Gas Storage Valuation: Price Modelling v. Optimization Methods, Energy Journal, 2011, 32(1), 203-227 (with Petter Bjerksund and Frank Vagstad).

  • Valuation and Risk Management in the Norwegian Electricity Market Energy, Natural Resources and Environmental Economics, in Energy Systems (series), Springer, 2010, 167-185 (with Petter Bjerksund and Heine Rasmussen).

  • Exercising flexible load contracts: Two simple strategies, Applied Stochastic Models in Business & Industry, 2008, 24(2), 93-107 (with Petter Bjerksund and Bjarte Myksvoll).

  • How to Extend the RiskMetrics™ Market Risk Universe. In Bjerksund, Petter and Øystein Gjerde (Eds.): Essays on Uncertainty. Festskrift til Steinar Ekerns 60-årsdag, NHH, 2002 (with Petter Bjerksund).

  • A self-enforced dynamic contract for processing of natural resources, in Brennan, Michael J. and Lenos Trigeorgis (Eds.): Project Flexibility, Agency, and Competition, Oxford University Press, New York, 1999, 109-127 (with Petter Bjerksund).

  • Implementing the Black-Derman-Toy Interest Rate Model, Journal of Fixed Income, 1996, 6(2), 67-75 (with Petter Bjerksund).

  • On Optimal Control of Income Generating Activities, and the Value of Flexible Production Design, International Review of Economics and Finance, 1996, 5(4), 349-361 (with Trond E. Olsen).

  • Utledning av rentens terminstruktur ved "maksimum glatthets"-prinsippet (Extracting the term structure from bond prices with maximum smoothness), Beta, 1996, 10(1), 2-6 (with Petter Bjerksund).

  • An American Call on the Difference of two Assets, International Review of Economics and Finance, 1994, 3(1), 1-26 (with Petter Bjerksund).

  • Closed Form Approximation of American Options, Scandinavian Journal of Management, 1993, 9(Suppl.), S87-S99 (with Petter Bjerksund).

  • American Exchange Options and a Put-Call Transformation: A Note, Journal of Business, Finance, and Accounting, 1993, 20(5), 761-764 (with Petter Bjerksund).

  • On Optimal Timing of Investment when Cost Components are Additive and Follows Geometric Diffusions, Journal of Economic Dynamics and Control, 1992, 16(1), 39-51 (with Trond E. Olsen).

  • Optimal Sequencing of Resource Pools under Uncertainty, Journal of Environmental Economics and Management, 1989, 17(1), 83-92 (with Trond E. Olsen).

  • Optimal Investment Using Empirical Dynamic Programming with Application to Natural Resources, Journal of Business, 1989, 62(1), 99-120 (with Dag Tjøstheim).

  • Optimal Shut down Desicions in Resource Extraction, Economic Letters, 1988, 26(3), 215-218 (with Trond E. Olsen).