Juuso Toikka is an Associate Professor of Business Economics and Public Policy at the Wharton School and holds a secondary appointment as Associate Professor of Economics at the School of Arts and Sciences of the University of Pennsylvania. His research is in the field of microeconomic theory, specifically in game theory, contract theory, and the economics of intellectual property rights. A central theme in Professor Toikka’s work is the focus on the role of information in shaping cooperation and competition in dynamic economic and social situations. His recent research studies team incentive schemes that guarantee good performance in a wide range of settings.
Professor Toikka received his PhD from the Stanford University in 2010. Prior to joining Wharton in 2018, he was first an Assistant Professor and then the Gary Loveman Career Development Associate Professor of Economics at MIT. He serves currently as an associate editor of the American Economic Review, Journal of Economic Theory, Theoretical Economics, and the Journal of the European Economic Association.
Tianjiao Dai and Juuso Toikka (Draft), Robust Incentives for Teams.
Juan Escobar and Juuso Toikka (2013), Efficiency in Games with Markovian Private Information, Econometrica, 81 (5), pp. 1887-1934.
Klaus Kultti, Tuomas Takalo, Juuso Toikka (2006), Simultaneous Model of Innovation, Secrecy, and Patent Policy, American Economic Review, Papers and Proceedings, 96 (2), pp. 82-86.
Klaus Kultti, Tuomas Takalo, Juuso Toikka (2006), Cross-licensing and Collusive Behaviour, Homo Oeconomicus, 23 (2), pp. 181-193.
This course establishes the micro-economic foundations for understanding business decision-making. The course will cover consumer theory and market demand under full information, market equilibrium and government intervention, production theory and cost optimization, producing in perfectly competitive and monopoly markets, vertical relations, and game theory, including simultaneous, sequential, and infinitely repeated games. Finally, we will wrap up game theory with an application to auctions. Students are expected to have mastered these materials before enrolling in the second quarter course: Microeconomics for Managers: Advanced Applications.
This course will cover the economic foundations of business strategy and decision-making in market environments with other strategic actors and less than full information, as well as advanced pricing strategies. Topics include oligopoly models of market competition, creation, and protection, sophisticated pricing strategies for consumers with different valuations or consumers who buy multiple units (e.g. price discrimination, bundling, two-part tariffs), strategies for managing risk and making decisions under uncertainty, asymmetric information and its consequences for markets, and finally moral hazard and principle-agent theory with application to incentive contacts.