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Cambridge Endowment for Research in Finance (CERF)


Flavio Toxvaerd

Title of research: Rumours and Information Transmission in Real and Financial Markets

In this project,  I analyse the propagation of rumours and information in populations in which individuals make economic decisions such as investments, decisions about where to live and work and which portfolios to hold. In doing so, I make use of rumour models developed within the field of mathematical epidemiology. Using the analogy of an ‘infection in mind’, these models characterise how information, spreading from one individual to another, propagates through a population. In contrast to the existing theory, I couple these (purely mechanical) models with models of economic and financial decision making.

Research Update - Report March 2016

Research Update - Report September 2015

Research Update - Report April 2015

Research Update - Report 2014



Latest news

PhD advisor and co-author of CERF post-doc Xinyu Hou wins Nobel Prize in Economics

11 October 2022

Philip H Dybvig from Washington University is (joint with Bernanke and Diamond) a recipient of this year’s Nobel Memorial Prize in Economic Sciences for his research on banks and financial crises. Prof. Dybvig is the former PhD advisor of Dr Xinyu Hou who is currently a post-doctoral researcher at the Cambridge Endowment...