Photo of Jussi Keppo

Jussi Keppo

Associate Professor and Dean's Chair

Research Director, Institute of Operations Research and Analytics


Professor Keppo teaches risk management and analytics courses, and directs analytics executive education programs at NUS Business School. He is also Research Director of the Institute of Operations Research and Analytics at NUS. Previously, he taught at the University of Michigan.

He has several publications in the top-tier journals such as Journal of Economic Theory, Review of Economic Studies, Management Science, Operations Research, and Journal of Business on topics such as investment analysis, banking regulation, learning, and strategic incentives. His research has been featured also in numerous business and popular publications, including the Wall Street Journal and Fortune.

Professor Keppo’s research has been supported by several Asian, European, and US agencies such as the National Science Foundation. He serves on the editorial boards of Management Science, Mathematics of Operations Research, Journal of Risk, Production and Operations Management, and Journal of Energy Markets. He has consulted several startups, Fortune 100 companies, and financial institutions.

Research Interests


  • Stochastic control
  • Statistical analysis of stochastic processes
  • Optimization


  • Risk management
  • Decision making under uncertainty
  • Strategic incentives
  • Information economics


Downloadable Papers

Published Papers

  • "Discrete dividend payments in continuous time," (co-authored with M. Reppen and H. M. Soner), forthcoming in Mathematics of Operations Research.
  • "Project IDentif.AI: Harnessing Artificial Intelligence to Rapidly Optimize Combination Therapy Development for Infectious Disease Intervention," (authors: A. Abdulla, B. Wang, F. Qian, T. Kee, A. Blasiak, Y. H. Ong, L. Hooi, F. Parekh, R. Soriano, G. G. Olinger, J. Keppo, C. L. Hardesty, E. K. Chow, D. Ho, and X. Ding), Advanced Therapeutics, 2020, DOI link:
  • "Opaque Bank Assets and Optimal Equity Capital," (co-authored with M. Dai and S. Huang), Journal of Economic Dynamics and Control, 2019, 100, pp. 369-394. DOI link:
  • "Implied Efficiency Curves from Analysis of Operational Patterns," (co-authored with S. Brelin, M.A. Lien, S.-E. Fleten, and A. Pichler), in Proceedings of the 6th International Workshop on Hydro Scheduling in Competitive Electricity Markets (edited by A. Helseth), Springer, 2019. DOI link:
  • "Risk-Aversion and B2B Contracting under Asymmetric Information: Evidence from Managed Print Services," (co-authored with J. Ning, V. Babich, and J. Handley), Operations Research, 2018, 66, pp. 392-408. DOI link:
  • "Risk Targeting and Policy Illusions - Evidence from the Announcement of the Volcker Rule," (co-authored with J. Korte), Management Science, 2018, 64, pp. 215-234. DOI link:
  • "Hiring, Firing, and Relocation under Employment Protection," (co-authored with M. Dai and T. Maull), Journal of Economic Dynamics and Control, 2015, 56, pp. 55-81. DOI link:
  • "What is the true cost of active management? A comparison of hedge funds and mutual funds," (co-authored with A. Petäjistö), Journal of Alternative Investments, 2014, 17, pp. 9-24. DOI link:
  • "The Credits that Count: How Credit Growth and Financial Aid Affect College Tuition and Fees," (co-authored with K. Best), Education Economics, 2012, pp. 1-25. DOI link:
  • "Risk Management in Electric Utilities," (co-authored with S.-E. Fleten and E. Näsäkkälä) in Handbook of Integrated Risk Management in Global Supply Chains (edited by O. Boyabatli, L. Dong, P. Kouvelis, and R. Li), John Wiley & Sons, 2012. DOI link:
  • "Risk, Financing and the Optimal Number of Suppliers," (co-authored with V. Babich, G. Aydin, P-Y. Brunet, and R. Saigal) in Supply Chain Disruptions (edited by H. Gurnani, A. Mehrotra, and S. Ray), Springer-Verlag, 2010. DOI link:
  • "Unintended Consequences of the Market Risk Requirement in Banking Regulation," (co-authored with L. Kofman and X. Meng), Journal of Economic Dynamics and Control, 2010, 34, pp. 2192-2214. DOI link:
  • "Optimal Consumption and Portfolio Decisions with Partially Observed Real Prices," (co-authored with A. Bensoussan and S.P. Sethi), Mathematical Finance, 2009, 19, pp. 215-236. DOI link:
  • "Hydropower with Financial Information," (co-authored with E. Näsäkkälä), Applied Mathematical Finance, 2008, 15, pp. 1 – 27. DOI link:
  • "Optimal Electoral Timing: Exercise Wisely and You May Live Longer," (co-authored with L. Smith and D. Davydov), Review of Economic Studies, 2008, 75, pp. 597-628. DOI link:
  • "The demand for information: more heat than light," (co-authored with G. Moscarini and L. Smith), Journal of Economic Theory, 2008, 138, pp. 21-50. DOI link:
  • "A Computational Scheme for the Optimal Strategy in an Incomplete Market," (co-authored with X. Meng and M. G. Sullivan), Journal of Economic Dynamics and Control, 2007, 31, pp. 3591-3613. DOI link:
  • "Optimal bank capital with costly recapitalization," (co-authored with S. Peura), Journal of Business, 2006, 79, pp. 2163-2201. DOI link:
  • "Pricing of point-to-point bandwidth contracts," Mathematical Methods of Operations Research, 2005, 61, pp. 191-218. DOI link:
  • "Electricity load pattern hedging with static forward strategies," (co-authored with E. Näsäkkälä), special issue on Energy Pricing and Risk Management, Managerial Finance, 2005, 6, pp. 115-136. DOI link:
  • "Pricing of Swing Options," Journal of Derivatives, 2004, 11, pp. 26-43. DOI link:
  • "Modeling Electricity Forward Curve Dynamics in the Nordic Market," (co-authored with N. Audet, P. Heiskanen, and I. Vehviläinen) in Modeling Prices in Competitive Electricity Markets (edited by D. W. Bunn), Wiley Series in Financial Economics, 2004. ISBN: 978-0-470-84860-9
  • "Timing of investments in oligopoly under uncertainty: A framework for numerical analysis," (co-authored with P. Murto and E. Näsäkkälä), European Journal of Operational Research, 2004, 157, pp. 486-500. DOI link:
  • "Real Options and a Large Producer: the Case of Electricity Markets," (co-authored with H. Lu), Energy Economics, 2003, 25, pp. 459-472. DOI link:
  • "Optimality with telecommunications network," IMA Journal Management Mathematics, 2003, 13, pp. 211-224. DOI link:
  • "Managing electricity market price risk," (co-authored with I. Vehviläinen), European Journal of Operational Research, 2003, 145, pp. 136-147. DOI link:
  • "Option pricing for large agents," (co-authored with M. Jonsson), Applied Mathematical Finance, 2002, 9, pp. 261-272. DOI link:
  • "Optimality with hydropower system," IEEE Transactions on Power Systems, 2002, 3, pp. 583-589. DOI link:
  • "A Game Model of Irreversible Investment under Uncertainty," (co-authored with P. Murto), International Game Theory Review, 2002, 4, pp. 127-140. DOI link:
  • "The impact of delivery lags on irreversible investment under uncertainty," (co-authored with L. Alvarez), European Journal of Operational Research, 2002, 136, pp. 173-180. DOI link:
  • "Optimal portfolio hedging with nonlinear derivatives and transactions costs," (co-authored with S. Peura), Computational Economics, 1999, 13, pp. 117-145. DOI link:
  • "Pricing of electricity tariffs in competitive markets," (co-authored with M. Räsänen), Energy Economics, 1999, 21, pp. 213-223. DOI link:
  • "Calling for the true margin," Applied Financial Economics, 1997, 7, pp. 207-212. DOI link:


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Consulting and Industry Projects

  • Agri-Food and Veterinary Authority of Singapore
  • Alfred Berg ABN AMRO
  • ANZ
  • Applifier
  • ArrowStreet Capital
  • AXA Insurance
  • Bank of Finland
  • Bayer Health Care
  • CD Financial Technology Ltd.
  • ConocoPhillips
  • DBS Bank
  • Dimension Data
  • Dow Chemicals
  • DTE Energy Trading
  • EigenValue Ltd.
  • Eli Lilly and Company
  • Facebook
  • Finnish Options Exchange
  • Fortum Power and Heat
  • Gaia Group
  • GrabTaxi Holdings
  • Helsinki Energy
  • Institute for Infocomm Research
  • Integrys Energy Services
  • Kulicke & Soffa
  • Maplewood Ltd.
  • Merit Network
  • Necessity & Chance LLC
  • NTUC First Campus Co-operative
  • OCBC Bank
  • Postipankki Ltd.
  • Precision Executive Search360 Ltd.
  • R-Klinik
  • Unilever
  • University Financial Associates LLC
  • Xerox
  • X0PA Artificial Intelligence
  • WorldQuant