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Research Interests

Microeconomic Theory. Game Theory. Finance. Industrial Organisation. Economic Epidemiology.


Holds degrees from the University of Copenhagen (BSc Economics, MSc Economics), the London School of Economics (MSc Econometrics and Mathematical Economics) and the London Business School (PhD Economics). Was awarded a Mid-Career Fellowship by the British Academy (2012-2013).

Recent Publications

Published Papers

Toxvaerd, F.M.O. Rational Disinhibition and Externalities in Prevention, (2019) International Economic Review, 60, 1737-1755
Toxvaerd, F.M.O. Dynamic Limit Pricing, (2017) The RAND Journal of Economics, 48(1), 281-306
Chen, F. and Toxvaerd, F.M.O The Economics of Vaccination, (2014) Journal of Theoretical Biology, 363, 105-117
Gershkov, A. and Toxvaerd, F.M.O On Seller Estimates and Buyer Returns, (2013) Economic Theory Bulletin, 1 (1), 47-55
Toxvaerd, F.M.O. Strategic Merger Waves: a Theory of Musical Chairs, (2008) Journal of Economic Theory, 140(1), 1-26

Working Papers

Toxvaerd, F.M.O. and Matthies, K., Rather Doomed than Uncertain: Risk Attitudes and Sexual Behavior under Asymptomatic Infection, submitted
Toxvaerd, F.M.O. and Rowthorn, R., The Optimal Control of Infectious Diseases via Prevention and Treatment, updated 2015. Additional appendix available
Toxvaerd, F.M.O., On the Dynamics of Beliefs and Risky Sexual Behavior, 2014

Cambridge Working Papers in Economics

Toxvaerd, F. and Rowthorn, R. On the Management of Population Immunity, (2020) CWPE2080
Rowthorn, R. and Toxvaerd, F.M.O The Optimal Control of Infectious Diseases via Prevention and Treatment, (2020) CWPE2027
Toxvaerd, F.M.O Equilibrium Social Distancing, (2020) CWPE2021

Recent Activities

COVID-19 Symposium of the EEA
Dr. Flavio Toxvaerd spoke recently about ‘Future Challenges for Economic Epidemiology’ at the COVID-19 Symposium of the European Economic Association. A video of Dr. Toxvaerd's talk is available to watch on the EEA youtube channel.
Published on - Monday 7th September 2020

Behaviour and Mandatory Face Masks
Dr. Flavio Toxvaerd has written a new entry for the Economics Observatory asking Do people change their behaviour when face masks are mandatory?
Published on - Tuesday 1st September 2020

EEA Congress Covid 19 Symposium
Dr. Flavio Toxvaerd will be speaking at the Covid 19 Symposium on August 28th 2020 at 15.30 CEST organised by the EEA Congress and will look at future challenges for the epi-economics literature. Prof. Oriana Bandiera Prof. Oriana Bandiera will discuss the impact on lower-income countries and appropriate policy responses while Prof. Daron Acemoglu Prof. Daron Acemoglu looks at the political ramifications of the crisis.
Published on - Friday 28th August 2020

Herd Immunity – Crucial Yet Irrelevant
Dr. Flavio Toxvaerd has published a new Bennett Institute for Public Policy blog "Herd Immunity – Crucial Yet Irrelevant" and working paper "On the Management of Population Immunity" (joint with Prof. Robert Rowthorn). Both the paper and blog look at the use of costly treatments or vaccinations on infectious diseases and the idea that once immune, individuals indirectly protect the remaining susceptibles, who benefit from a measure of herd immunity.
Published on - Tuesday 18th August 2020

Economic Aspects of the COVID-19 Crisis in the UK
Professor Vasco Carvalho and Dr Flavio Toxvaerd are among the authors of a Royal Society DELVE Initiative Report which looks at the new challenges for the economy and public health that the COVID-19 Pandemic will bring over the coming years.
Published on - Friday 14th August 2020

Research Grants

Mid-Career Fellowship: The Economics Of Infectious Disease (British Academy)

Keynes Fund Sponsored Projects

Giannitsarou, C., Toxvaerd, F. and Collier, N., Mapping of Rumours and Information Diffusion (JHOQ)

COVID-19 Economic Research

Special Feature: The Economics of Infection


PIIB Paper 9 - Industrial Organisation Theory

PhD Students


Jakob Berndt
PhD Title: Indoctrination and Belief Manipulation in Social Networks
Research: Microeconomic Theory, Information Economics, Networks
Yi Wei
PhD Title: Dynamic Competition, Collusion and Intertemporal Capacity Constraint

Dr Flavio Toxvaerd

University Lecturer

Research Group:
Microeconomic Theory

CV: Curriculum Vitae

Personal Site:

Contact Details
Room: 32
Office Hours: By appointment only
College: Fellow Clare College