Website of Sander Heinsalu.

Sander Heinsalu


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I am a Senior Economist at Compass Lexecon.



The returns to investing in education: Report for the Confederation of School Trusts.

Infection arbitrage.

Mathematica code. Short popular science video. SEIR model spreadsheet. Slides.

Costlier switching strengthens competition even without advertising.

Herding driven by the desire to differ.


Do the poor pay lower hedonic prices in low-income countries? (with Mihkel Tombak)

Mathematica code pdf 1, pdf 2, pdf 3.

Price competition with uncertain quality and cost.

Investing in trading opportunities in dynamic adverse selection.

Signalling with breakthroughs.

Corrigendum to "Managerial Incentive Problems: A Dynamic Perspective".

Bounds on the damages from a price overcharge.

Economics Bulletin, 2023.

Greater search cost reduces prices.

Economic Theory, 2022. Online appendix. Older version in which firms have asymmetric costs and valuation distributions. Slides.

Promotion of (interaction) abstinence increases infection prevalence.

Journal of Economic Behavior and Organization, 2021.

Investing to access an adverse selection market.

International Journal of Industrial Organization, 2020. Mathematica code.
Older version in which the seller observes the prices before entry.
Older version that allows a small positive costless entry probability.

Reversals of signal-posterior monotonicity imply a bias of screening.

Journal of Economic Theory, 2020. Mathematica code.

Competitive pricing despite search costs when lower price signals quality.

Economic Theory, 2020. Online Appendix. Slides.
Older version with a minimal monetary unit. Online Appendix. Slides.

Dynamic noisy signalling.

American Economic Journal: Microeconomics, 2018. Online appendix. Slides.

Good signals gone bad: dynamic signalling with switched effort levels.

Journal of Mathematical Economics, 2017.

Universal type structures with unawareness.

Games and Economic Behavior, 2014. Working paper version.

Equivalence of the information structure with unawareness to the logic of awareness.

Journal of Economic Theory, 2012. Working paper version.

Unofficial research

Effects of foods on gastrointestinal symptoms. A web app that analyses the effects of inputs on outputs in the data in a CSV file uploaded by the user. Source code in GitHub.


Australasian Economic Theory Workshop 2018
Economic Theory seminars 2017-2018


Australian National University

Strategic thinking (econ2141, undergraduate course) 2021. Lecture recordings.
Game theory (econ3152/4453/8053, undergraduate, Honours and Masters course) 2020. Lecture recordings.
Optimisation for economics and finance (econ8013, Masters course) 2020. Lecture recordings.
Game theory (econ3152/3153/4453/8053, undergraduate, Honours and Masters course) 2019
Topics in game theory (econ4476/8076, Honours and Masters course) 2018

University of Queensland

Mathematical techniques for economics (econ7150, Masters course) 2015
Microeconomics A (econ6010/8010, Honours and PhD course) 2015

Guest lectures

Massachusetts Institute of Technology: Game theory with unawareness IAP 2020
University of Tartu: Introduction to game theory (mathematics undergraduate 1st year course) 2019



Compass Lexecon
14th floor, 5 Aldermanbury Square
London EC2V 7HR
United Kingdom

Orcid: 0000-0003-4136-6175, arXiv: heinsalu_s_1


Blog posts in English
Photos on Flickr
Youtube channel