Professor Jacco Thijssen
Professor of Mathematical Finance and Director of Research

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Professor Jacco Thijssen completed his "doctoraal" in Econometrics & Operations Research, as well as his PhD in Mathematical Economics, at Tilburg University in his native Netherlands. After lecturing in Economics at Trinity College Dublin for seven years and stints at York's departments of Mathematics and Economics and Related Studies, he joined the York Management School in July 2014. 

His main research interests are on the intersection of industrial organization and corporate finance, where he tries to understand optimal dynamic decision making under uncertainty, using techniques from optimal control theory, optimal stopping theory, game theory, and infinite dimensional analysis.

Subject Group

Accounting and Finance



  • Investment under Uncertainty
  • Applications of Optimal Stopping Theory
  • Timing Games
  • Theory of Incomplete Markets

Current Research Project

Investment under uncertainty in the future energy system: The role of expectations and learning [InvestExL]

Electricity companies are facing great uncertainty with respect to investment in renewable electricity capacity. By actively gathering new information and updates on important framework components, companies can learn about the future profitability of potential investment opportunities over time and take this knowledge into account to make better investment decisions. InvestExL will address how green investors should design and time their investments in view of ongoing learning about risks.

The 4-year study is a co-operation between the Department of Industrial Economics and Technology Management at Norwegian University of Science and Technology, Hydro Energi AS, Tilburg University (NL), the University of Illinois at Urbana-Champaign (US), the University of York (UK) and the University of Lisbon (P).


Selected publications

Thijssen J.J.J., Hellmann T, (2018), “Fear of the Market or Fear of the Competitor? Ambiguity in a Real Options Game”, Forthcoming: Operations Research.

He Z., O'Connor F., Thijssen J.J.J., (2018), “Is gold a Sometime Safe Haven or an Always Hedge for equity investors? A Markov-Switching CAPM approach for US and UK stock indices”, International Review of Financial Analysis, 60, 30-37.

Dalby P.A.O., Gillerhaugen G.R., Hagspiel V., Leth-Olsen T., Thijssen J.J.J., (2018), Green investment under policy uncertainty and Bayesian learning, Energy, 161, 1262-1281.

Elsner B., Narciso G., Thijssen J.J.J., (2018), “Migrant Networks and the Spread of Information", Oxford Bulletin of Economics and Statistics, 80, 659-688.

Thijssen J.J.J., Bregantini D., (2017), “Costly sequential experimentation and project valuation with an application to health technology assessment", Journal of Economic Dynamics and Control, 77, 202-229.

Tan R.Q., Manahov V., Thijssen J.J.J., 2017, “The effect of ambiguity on the UK stock market: Evidence from a new empirical approach”, Investment Management and Financial Innovations, 14, 133-147.

Eveson, S.P., Thijssen, J.J.J. (2016), "Pareto optimality and existence of quasi-equilibrium in exchange economies with an indefinite future", Journal of Mathematical Economics, 67, 138-152.

Delaney, L. and J.J.J. Thijssen (2015), "The Impact of Voluntary Disclosure on a Firm's Investment Policy", European Journal of Operational Research, 242(1), 232-242.

Thijssen, J.J.J., Kuno J.M. Huisman, and Peter M. Kort (2012), “Symmetric Equilibrium Strategies in Game Theoretic Real Option Models”, Journal of Mathematical Economics48, 219-225.

Hendrickx, R.L.P, J.J.J. Thijssen, and P.E.M. Borm (2012), “Minimum Cost Spanning Tree Games and Spillover Stability”, Theory & Decision73, 441-451.

Thijssen, J.J.J. (2011), “Incomplete Markets, Knightian Uncertainty, and Irreversible Investment”, Journal of Economic Dynamics and Control35, 909-921.

Thijssen, J.J.J. (2010), “Preemption in a Real Option Game with a First Mover Advantage and Player-Specific Uncertainty”, Journal of Economic Theory145, 2448-2462.

Thijssen, J.J.J. (2008), “Optimal and Strategic Timing of Mergers and Acquisitions Motivated by Synergies and Risk Diversification”, Journal of Economic Dynamics and Control32, 1701-1720.

Talman, A.J.J. and J.J.J. Thijssen (2006), “Existence of Equilibrium and Price Adjustments in a   Finance Economy with Incomplete Markets”, Journal of Mathematical Economics42, 255-268.

Thijssen, J.J.J., K.J.M. Huisman and P.M. Kort (2006), “The Effects of Information on Strategic   Investment and Welfare”, Economic Theory28, 399-424.

 Jacco Thijssen

The York Management School
University of York
Freboys Lane
York YO10 5GD

Telephone: +44 (0) 1904 325004
Room: RCH/226