Dr Fabrizio Adriani

Associate Professor in Economics and Financial Economics

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Personal details

PhD Universita’ di Roma “Tor Vergata”

Laurea Universita’ di Roma “Tor Vergata”

I am an economist interested in finance. From a technical viewpoint, my expertise is in Game Theory, in particular games of incomplete information (signalling games, global games, Bayesian persuasion).

Main themes: Behavioural Economics, Finance & Intermediation, Industrial Organization.

Personal webpage: https://sites.google.com/site/fabrizioadriani/


  • EC3058: Corporate Finance
  • EC7061: Corporate Finance

Administrative responsibilities

  • Deputy REF Lead, School of Business


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.

“The In_ationary Consequences of a Currency Changeover: Evidence from the Michelin Red Guide”, with G. Marini and P. Scaramozzino. Oxford Bulletin of Economics and Statistics, 2009, 71, 111-133.

“Does the digital divide matter? The role of information and communication technology in cross-country level and growth estimates” with L. Becchetti. Economics of Innovation and New Technology 2005, 14, 435-453.

“Observed and 'fundamental' price earning ratios: a comparative analysis of high-tech stock evaluation in the US and Europe” with M. Bagella and L. Becchetti. Journal of International Money and Finance 2005, 24, 549-581.

“Do High-Tech Stock Prices Revert to Their Fundamental Value?” with L. Becchetti. Applied Financial Economics 2004, 14, 461-476.

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School of Business
University of Leicester
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