Dr Fabrizio Adriani

Professor of Economics and Finance

Fabrizio Adriani

School/Department: Business

Telephone: +44 (0)116 252 3371


Web: Personal website


Dr Adriani’s research focuses on a game theoretic approach to social norms, modelling the interactions between people under a set of specified rules. Dr Adriani uses game theory to explore how and why certain norms can be sustained and the conditions that can lead to different norms emerging or disappearing.

During the COVID-19 outbreak Dr Adriani has developed a network model of contagion. He is studying the effects of the interventions that aim to identify and contain outbreaks, such as mass testing and contact tracing. These interventions lead to a fall in the risk of infection, which people respond to by reducing social distance. If these interventions rely on infrequent or inaccurate testing, this may reduce the effectiveness of the intervention, allowing the risk of infection to increase again.

Dr Adriani’s research shows the difference that intervention has on an individual’s efforts at social distancing and the effect of the speed of the intervention, the structure of people’s social networks and the prevailing social norms.


My research is highly eclectic and interdisciplinary in nature, spanning from the Economics of Social Norms and Cultural Transmission, to more traditional themes in Economics and Finance, like the role of financial intermediaries or price competition with asymmetric information.

The common denominator in all my projects is the adoption of insights from Game Theory and, in particular, Information Economics.

I believe that information transmission is one of the most powerful forces shaping institutions and behaviour, and my research tries to shed light on its role.


Optimal Similarity Judgements in Intertemporal Choice (and beyond), with S. Sonderegger forthcoming, Journal of Economic Theory.

A Theory of Esteem Based Peer Pressure, with S. Sonderegger. Games and Economic Behavior 2019, 314-335.

Signaling About Norms: Socialization Under Strategic Uncertainty, with S. Sonderegger. Scandinavian Journal of Economics, 2018, 685-716.

Teaching by Example and Induced Beliefs in a Model of Cultural Transmission, with J. Matheson and S. Sonderegger. Journal of Economic Behavior and Organization, 2018, 145, 511-529.

The Signaling Value of Punishing Norm Breakers and Rewarding Norm Followers, with S. Sonderegger. Games, 2018, 9(4), 102 (special issue on Games and Norms).

Trust, Trustworthiness and the Consensus Effect: An Evolutionary Approach, with S. Sonderegger. European Economic Review, 2015, 102-116.

How do Financial Intermediaries Create Value in Security Issu-es?, with L. Deidda and S. Sonderegger. Review of Finance, 2014, 1915-1951.

“Competition and the Signaling Role of Prices” with L. Deidda. International Journal of Industrial Organization, 2011, 29, 412-425.

“Why do Parents Socialize their Children to Behave Pro-Socially? An Information-Based Theory”, with S. Sonderegger. Journal of Public Economics, 2009, 93, 1119-1124.

“Price Signaling and the Strategic Benefits of Price Rigidities”,with L. Deidda.Games and Economic Behavior, 2009, 67, 335-350.


  • EC3058: Corporate Finance
  • EC7061: Corporate Finance


PhD Universita’ di Roma “Tor Vergata”

Laurea Universita’ di Roma “Tor Vergata”
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