The effect of V co-doping of Nb-SrTiO3 is studied by full-potential density functional theory. We obtain a stronger increase of the carrier density for V than for Nb dopants. While in Nb-SrTiO3 a high carrier density counteracts a high thermoelectric figure of merit, the trend is inverted by V co-doping. The mechanism leading to this behavior is explained in terms of a local spin-polarization introduced by the V ions. Our results indicate that magnetic co-doping can be a prominent tool for improving the thermoelectric figure of merit.

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