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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

Giannitsarou, C., Kissler, S. and Toxvaerd, F. Waning Immunity and the Second Wave: Some Projections for SARS-CoV-2, (2021) American Economic Review: Insights, forthcoming
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

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

Makris, M. and Toxvaerd, F. Great Expectations: Social Distancing in Anticipation of Pharmaceutical Innovations, (2020) CWPE2097
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
Giannitsarou, C., Kissler, S., Toxvaerd, F. Waning Immunity and the Second Wave: Some Projections for SARS-COV-2, (2020) CWPE20126

Recent Activities

Europe Walks a Tightrope as it Waits for Virus Immunity to Take Hold
As many countries are starting to vacinate against Covid, Dr. Flavio Toxvaerd explains that it becomes all the more important for people to avoid contracting coronavirus as vaccination picks up.
Published on - Monday 18th January 2021

Social Distancing: Two Extensions of the Standard Model Research Seminar
Dr. Flavio Toxvaerd gave a talk about his research into "Social Distancing: Two Extensions of the Standard Model" as part of the Adam Smith's Panmure House research seminar series.
Published on - Tuesday 12th January 2021

Did the Office for National Statistics Really Produce ‘False Data’ on Coronavirus Infections?
Dr. Flavio Toxvaerd was quoted in The Independent newspaper. The article looks at the suggestion that data revisions on new coronavirus cases by the official statistics body indicate that the UK might have gone into lockdown in November unnecessarily.
Published on - Thursday 10th December 2020

Good Health Policy Is Good Economic Policy
Dr. Flavio Toxvaerd has published a new blog for ProMarket (the online publication for The Stigler Center, University of Chicago Booth). Dr Toxvaerd's article "Managing the Covid-19 Pandemic: Good Health Policy Is Good Economic Policy" looks at the unavoidable link between health protection and wealth creation when choosing a response to the COVID-19 pandemic.
Published on - Wednesday 9th December 2020

How Do Countries Effectively Come Out of Lockdown?
Dr. Flavio Toxvaerd was interviewed by China Central Television where he spoke about the Chinese Health Codes and how other countries are realising that to effectively come out of lockdown, there must be an effective method of tracing contacts of the virus. Further more an electronic tracking method is a must-have for home isolation and travel.
Published on - Wednesday 9th December 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
PIIB Paper 9 - Industrial Organisation: Topics
MPhil S170 - Industrial Organisation

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
Darren Hoover
PhD Title:
Research: The Dynamics of Network Formation over Physical Spaces

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