Otto Toivanen

  • Arkadiankatu 7


Research output per year

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Personal profile

Artistic and research interests

My research interests are in the intersection of competition, innovation and regulation. In one of my main projects, I study the economics of innovation policy, more specifically the effects of R&D subsidies and R&D tax credits. In another project I study innovation at the level of individuals – questions like: what affects the probability of becoming an inventor, how large are the monetary returns to invention, how are non-inventing coworkers affected by invention? In a third project I study cartels.


I received my Ph.D. from University of Warwick. After receiving my Ph.D. I have worked at University of Warwick, at Helsinki School of Economics, as the director of both the joint research institute of the economics departments of Hanken School of Economics, Helsinki School of Economics (now Aalto University School of Business) and University of Helsinki and the Finnish Doctoral Programme in Economics. I moved to my current position at Aalto from KU Leuven.  I have been a visiting researcher at MIT, NBER and UC Berkeley.


I have been a member of the executive committee of EARIE and of the organization committee of the CEPR IO program, and on the editorial board of several journals. I have held several positions of trust, e.g., I am a member of the Economic Advisory Group on Competition Policy at EU’s competition authority (DG Competition) and chair of the Scientific Council of VATT Institute of Economic Research.

External positions

KU Leuven


  • competition
  • innovation
  • regulation

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Research Output

An anatomy of cartel contracts

Hyytinen, A., Steen, F. & Toivanen, O., Jul 2019, In : ECONOMIC JOURNAL. 129, 621, p. 2155-2191

Research output: Contribution to journalArticleScientificpeer-review

Open Access
  • Heritability of lifetime earnings

    Hyytinen, A., Ilmakunnas, P., Johansson, E. & Toivanen, O., Sep 2019, In : JOURNAL OF ECONOMIC INEQUALITY. 17, 3, p. 319-335

    Research output: Contribution to journalArticleScientificpeer-review

    Open Access
  • 1 Citation (Scopus)
    15 Downloads (Pure)

    Cartels uncovered

    Hyytinen, A., Steen, F. & Toivanen, O., 1 Nov 2018, In : AMERICAN ECONOMIC JOURNAL: MICROECONOMICS. 10, 4, p. 190-222 33 p.

    Research output: Contribution to journalArticleScientificpeer-review

    Open Access
  • 4 Citations (Scopus)
    85 Downloads (Pure)

    Design of public procurement auctions: Evidence from cleaning contracts

    Lundberg, S., Hyytinen, A. & Toivanen, O., 2018, In : RAND Journal of Economics. 49, 2, p. 398-426 29 p.

    Research output: Contribution to journalArticleScientificpeer-review

    Open Access
  • 3 Citations (Scopus)

    On the Returns to Invention within Firms: Evidence from Finland

    Aghion, P., Akcigit, U., Hyytinen, A. & Toivanen, O., May 2018, 130th Annual Meeting of the American-Economic-Association (AEA). American Economic Association, Vol. 108. p. 208-212 5 p. (Aea papers and proceedings).

    Research output: Chapter in Book/Report/Conference proceedingConference contributionScientific

    Open Access



    Toivanen, O.


    Project: Other external funding: Other government funding

    Competition and provider incentives in health care markets

    Toivanen, O. & Markkanen, J.


    Project: Academy of Finland: Other research funding


    Toivanen, O.


    Project: Other external funding: Other public funding

    Profi4 Toivanen E70300

    Pulkkinen, T., Mäkelä, K. & Toivanen, O.


    Project: Academy of Finland: Competitive funding to strengthen university research profiles

    KU Leuven/Toivanen

    Toivanen, O.


    Project: Other external funding: Other foreign funding