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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

Matthies, K. and Toxvaerd, F.M.O. Rather Doomed than Uncertain: Risk Attitudes and Transmissive Behavior Under Asymptomatic Infection, (2022) Economic Theory, accepted
Toxvaerd, F.M.O. and Rowthorn, R. On the Management of Population Immunity, (2022) Journal of Economic Theory, 204
Dangerfield, C., Fenichel, E. P., Finnoff, D., Hanley, N., Heape, S. H., Shogren, J. F. and Toxvaerd, F. Challenges of Integrating Economics into Epidemiological Analysis of and Policy Responses to Emerging Infectious Diseases, (2022) Epidemics, forthcoming
Conforti, C., Berndt, J., Pilehvar, M. T., Giannitsarou, C., Toxvaerd, F. and Collier, N. Incorporating Stock Market Signals for Twitter Stance Detection, (2022) Proceedings of the 60th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers), 4074-4091
Giannitsarou, C., Kissler, S. and Toxvaerd, F.M.O. Waning Immunity and the Second Wave: Some Projections for SARS-CoV-2, (2021) American Economic Review: Insights, 3, 321-338

Working Papers

Ashfaq, M. and Toxvaerd, F.M.O. DP17954 Manufacturer Certification in Second-Hand Markets, 2023, CEPR Press Discussion Paper No. 17954
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

Auld, C. and Toxvaerd, F.M.O. The Great COVID-19 Vaccine Rollout: Behavioral and Policy Responses, (2021) CWPE2136
Toxvaerd, F.M.O. Contacts, Altruism and Competing Externalities, (2021) CWPE2135
Giannitsarou, C., Kissler, S., Toxvaerd, F.M.O. Waning Immunity and the Second Wave: Some Projections for SARS-COV-2, (2020) CWPE20126
Makris, M. and Toxvaerd, F.M.O. Great Expectations: Social Distancing in Anticipation of Pharmaceutical Innovations, (2020) CWPE2097
Toxvaerd, F.M.O. and Rowthorn, R. On the Management of Population Immunity, (2020) CWPE2080

Recent Activities

Associate Professor Toxvaerd interviewed on cost of living crisis
An analysis of the UK cost of living crisis discussed by Associate Professor Flavio Toxvaerd from the Faculty of Economics on Radio Ciudad.
Published on - Thursday 25th May 2023

How did Treasury policy-makers approach the economic response to Covid-19?
Dr. Flavio Toxvaerd has published an article in the Economics Observatory. With the worst of the pandemic now behind us, it is time to take stock of how the government dealt with the crisis and to learn important lessons for the future
Published on - Thursday 24th November 2022

Slowing the spread of the next epidemic
VoxTalks have released a podcast based on Dr Flavio Toxvaerd's recent paper, "Epidemics in Space: Control, Targeting and Delegation".
Published on - Friday 21st October 2022

Policy coordination and geographical targeting during pandemics
Dr Flavio Toxvaerd and Darren Hoover (Faculty of Economics, PhD student) have published an article for VOXeu that considers whether countries coordinate control measures during pandemics and should policies be locally targeted?
Published on - Wednesday 12th October 2022

A more expansive definition of herd immunity
Dr. Flavio Toxvaerd was interviewed for The Deepness, an online dive deep into the world of science.
Published on - Thursday 22nd September 2022

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: Topics
MPhil S170 - Industrial Organisation

PhD Students


Yi Wei
PhD Title: Dynamic Competition, Collusion and Intertemporal Capacity Constraint
Darren Hoover
PhD Title:
Research: The Dynamics of Network Formation over Physical Spaces
Marium Ashfaq
PhD Title:
Research: Industrial Organization and Behavioural Economics

Dr Flavio Toxvaerd

University Associate Professor

Research Group:
Microeconomic Theory

CV: Curriculum Vitae

Personal Site:

Contact Details
Twitter: @toxvaerd1
Room: 32
Office Hours: By appointment only
College: Fellow Clare College