Sarthak Gaurav

Assistant Professor, SJMSOM
211, SJMSOM Building


Sarthak is an Assistant Professor in Economics area. His research and teaching interests are in the areas of development economics, applied econometrics, insurance markets, behavioural economics, and entrepreneurship.  He has published research articles in journals such as Journal of Marketing Research, World Development, Oxford Development Studies, and Economic and Political Weekly. Prior to joining SJMSOM, he worked as a post-doctoral researcher at the Asia Research Centre of London School of
Economics and Political Science (LSE) and the Centre de Sciences Humaines (CSH), New Delhi in the well-known ‘Palanpur Study’. He has a Ph.D. in Economics from the Indira Gandhi Institute of Development Research (IGIDR) and was a Visiting Doctoral Scholar at Wharton School, the University of Pennsylvania in 2011.

He was also a Young Scientist at the International Institute of Applied Systems Analysis (IIASA), Laxenburg, Austria in 2010. He has won two ILO Research Grants, a USAID Visiting Doctoral Fellowship, and was selected by the Reserve Bank of India for participation in the 4th Lindau Meeting of Nobel Laureates in Economic Sciences. Prior to joining IGIDR for his Ph.D., he worked as a Development Consultant at the Centre for Insurance and Risk Management at IFMR, Chennai.

Research Areas

Agriculture, Behavioural Economics, Development Economics, Risk and Insurance

Academic Background

• 2008–2012: PhD Economics, IGIDR, Mumbai
Thesis: Risk and Vulnerability among Agricultural Households in India, Supervisors: Prof.Srijit. Mishra, Committee Members: Prof.Shawn Cole, Harvard Business School, Prof.Sripad

• 2011: Visiting Doctoral Scholar, Wharton School, University of Pennsylvania

• 2005–2007: MSc Economics, Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India (Second Rank)

• 2002‐2005: BA Economics (Hons.), BJB College, Utkal University, Bhubaneswar, Odisha, India (First Rank)


2019 “The Market for Cryptocurrencies: An Ode to Hayek”, Economic and Political
Weekly, 54(2), pp.12‐15.
2018 “Pesticide usage by Cotton Farmers: Changes over a Decade”, Economic and Political
Weekly, 53(19), pp.43‐51 (with Thiagu Ranganathan and Imdadul Halder)
2018 ‘Anomaly in Decision Making under Risk: Violation of Stochastic Dominance among
Farmers in Gujarat, India’, IIMB Management Review, 30(3), pp.258‐269 (with Thiagu
Ranganathan and Ashish Singh).
2017 ‘How Efficient are India’s Cooperative Banks? Evidence from DCCBs’, Economic and
Political Weekly, 52(12), pp.115‐124 (with Jisha Krishnan). Reprinted in Indian Cooperative
Review, National Cooperative Union of India (2018)
2016 ‘Demand for Price Insurance among Farmers in India: A Choice Experiment‐Based
Approach’, Margin: The Journal of Applied Economic Research, 10:2, pp. 198‐224 (with Thiagu
Ranganathan and Ashish Singh).

2015 ‘Are Rainfed Agricultural Households Insured? Evidence from Panel Data in Village
Vidarbha, India’, World Development, 66, pp. 719‐736.
2015 ‘Farm Size and Returns to Cultivation in India: Revisiting and Old Debate’, Oxford
Development Studies, 43(2), pp.165‐193. (with Srijit Mishra).
2014 ‘Household Headship and Academic Skills of Indian Children: A Special Focus on
Gender Disparities’, European Journal of Population, 29(4), pp. 445‐466 (with Ashish Singh and
Upasak Das).
2014 ‘Cash Holdings and Finance Constraints in Indian Manufacturing Firms’, Research in
Applied Economics, 6(3), pp.56‐75 (with Vikash Gautam and Ashish Singh).
2013 ‘An Inquiry into the Composition of Farm Revenue Risk: The Case of Six Western
Vidarbha Districts’, Economic and Political Weekly, 48(26:27), pp. 125‐128 (with Thiagu
2012 ‘An Inquiry into the Financial Literacy and Cognitive Ability of Farmers: Evidence
from Rural India’, Oxford Development Studies, 40 (3), pp. 358‐380 (with Ashish Singh; Winner
of the Sanjay Lall Student Prize 2011‐12).
2011 ‘Marketing Complex Financial Products in Emerging Markets: Evidence from Rainfall
Insurance in India’, Journal of Marketing Research, 48(S), pp.150‐162 (with Shawn Cole and
Jeremy Tobacman)

Book Chapters
2018 ‘Changing Activities, Changing Markets: Agriculture’ (with Himanshu), in Himanshu,
Peter Lanjouw and Nicholas Stern, How Lives Change: Palanpur, India, and Development
Economics, Publisher: London: Oxford University Press, pp.161‐195.
2016 ‘Land Ownership and Tenancy in Odisha’, in: Prasanta Pattanaik, Santosh Panda and
Pulin Nayak (eds.) The Economy of Odisha: A Profile. New Delhi: Oxford University Press
(with Srijit Mishra), pp.54‐86.
2014 ‘To Bt or Not to Bt: Risk and Uncertainty Considerations in Technology Assessment’,
in: N.Lalitha and P.K.Viswanathan (eds.), India’s Tryst With Bt Cotton, Concept: New Delhi.
Book Reviews
2009 ‘Crisis in Indian Agriculture’. Review of Agrarian Crisis in India, Reddy, .N. and S.
Mishra (eds.), Indian Journal of Labour Economics, 52(1), pp.180‐84.
Policy Research
2016 ‘Agricultural Development of Khagaria and Saharsa district in Bihar’, with Ambrish
Dongre (A study for PRADAN)
2013 ‘Evaluation of India’s Pilot Crop Insurance Schemes’, Ministry of Agriculture,
Government of India (Agricultural Finance Corporation of India, 2013).
2012 ‘Evaluation of Weather Based Crop Insurance Scheme in India (WBCIS)’, Ministry of
Agriculture, Government of India (Agricultural Finance Corporation of India, 2012).
2012 ‘Do Caste and Social Interactions Affect Risk Attitudes and Adoption of Innovations?
Evidence from Rainfall Insurance Adoption in Gujarat, India’, ILO Microinsurance
Innovation Facility Research Paper, 25(2012) (with Ashish Singh and Thiagu Ranganathan)
2010 ‘A Randomized Evaluation of the Impact of Financial Literacy on Rainfall Insurance
Take‐up in Gujarat’, ILO Microinsurance Innovation Facility Research Paper, 1(2010) (with
Shawn Cole and Jeremy Tobacman)
2010 ‘Marketing Complex Financial. Products in Emerging Markets: Evidence from Rainfall
Insurance in India’, BASIS‐AMA Paper, 2010 (with Shawn Cole and Jeremy Tobacman).
2008 ‘Bihar‘s Agriculture Development‐ Opportunities and Challenges’, Special Task Force
on Bihar, Planning Commission, Government of India, 2008 (Chapter 9: Integrated
Agricultural Risk Management). ‘Managing Risk: Agriculture and Natural Disaster’, Special
Task Force on Bihar, Planning Commission, Government of India, 2008 (Chapter 10:B
Developmental Strategies, Policies and Instrumental Directions).

Conferences and Invited Talks
• Organizing Secretary, Workshop on ‘Frontiers in Management Science’, with
Monash University, IIT Bombay, January 2019
• Invited Speaker, ‘National Seminar on Agriculture’ at Ravenshaw University,
Cuttack, February 2019
• Invited Speaker, ‘9th Annual Conference, Skills Training for Advancement in Rural
Societies Forum’, Wardha, December 2018
• Invited Speaker, ‘Economic Costs of Climate Change in Rural India’, Madras School of Economics, July 12‐13, 2018
• Invited Seminar, ‘Basis Risk in Weather Insurance’, Monash University, March 2018
HDCA Conference, Tokyo 2016
• Invited Talk, ‘Incomplete Information Games’, NMIMS, Mumbai, 2018
• Invited Talk, ‘Growth and Development through the lens of Village Studies’, NMIMS, 2018
• Research Methodology at Sarla Anil Modi School of Economics, NMIMS, Mumbai (2016, 2017, 2018)
• Research Methodology Sessions at IGIDR, Mumbai (2016)

Pre‐ 2016: Demand for Price Insurance Products among Farmers, 9th Annual Conference on
Economic Growth and Development, Indian Statistical Institute, Delhi (December 2013).
Size‐Class and Returns to Cultivation in India, AIEFS Biennial Meeting, Mumbai (August
2013). 4 Ten Years of Bt Cotton in India, New Delhi (June 2012). Research Training Seminar,
Xavier Institute of Management Bhubaneswar (February 2012). Population Association of
America 2012 Annual Meeting, San Francisco (May 2012). Financial Literacy and Rainfall
Insurance, CRED, Columbia University (2011). Agrarian Crisis and Food Security, National
Seminar on Agriculture, College of Agriculture and Banking, Pune (2010). Barriers to
Adoption of Rainfall Insurance in Gujarat, State‐level Consultation Meet on Weather
Insurance, Mahatma Gandhi Labour Research Institute (MGLRI), Ahmedabad (2010).
Making Rainfall Insurance Work for Rainfed Agriculture: Lessons from a Field Experiment,
National Symposium on Climate Change and Rainfed Agriculture, Central Research
Institute for Rainfed Agriculture (CRIDA), Hyderabad (2010). Risk Mitigation in Agriculture
and Current Strategies, USAID‐CMF Seminar on Risk Mitigation in Agriculture,
Ahmedabad (2009). Innovating at the BoP: Delivering Microinsurance in Kalahandi, and
Beyond (with Luis F. Ballesteros and Ana Paola Gomez), 10th Annual Conference on Money
and Finance in the Indian Economy at IGIDR, Mumbai (2008). New Lenses for Viewing
Financial Inclusion: Proximate and Solitary Exclusion, IFMR, Chennai (2008). Round Table
on Microinsurance Development in India, IAIS‐CGAP, Hyderabad (2007). Expert Advisory
Meet of Forward Markets Commission of India, Mumbai (2007). Policy Advocacy Meet of
the Consultative Group on Disaster Management, UNDP and MIDS, Chennai (2007)

Courses Taught

• Economics

• Game Theory

• Behavioural Economics

Honours and Awards

• Best Undergraduate in the Arts Stream and Best Undergraduate in Economics Trophy, BJB College, Bhubaneswar (2005)

• Gold Medal in Undergraduate Economics (Hons.), BJB College, Bhubaneswar (2005)

• Gold Medal in Political Science, BJB College, Bhubaneswar (2005)

• Best Undergraduate in Statistics, BJB College, Bhubaneswar (2005)

• Gold Medal, 6th National Children’s Science Congress; Team Leader for 86th Indian Science Congress (1998‐99), Chennai

• CBSE Merit Certificate for securing 100 in Science (2000)

Positions Held

• Sep 2015 – Assistant Professor, Economics Area, SJMSOM, IIT Bombay

• Sep 2014 – Aug 2015 : Research Associate, Centre de Sciences Humaines, New Delhi

• Mar 2013 – Sep 2014 : Postdoctoral Researcher, Asia Research Centre, London School of Economics and Political Science (LSE), London

• Nov 2012 – Mar 2013 : Research Assistant, Centre de Sciences Humaines, New Delhi

• 2007–2008 : Development Consultant, Centre for Insurance and Risk Management (CIRM), IFMR, Chennai

• 2006: Research Intern, UNDP Project on Strengthening State Plans for Human Development, Mumbai.

• 2011 USAID Visiting Doctoral Scholar, Wharton School, University of Pennsylvania

• 2011 Reserve Bank of India Fellowship for 4th Lindau Nobel Laureate Meetings (Economic Sciences), Lindau, Germany, 2011

• 2010 Young Scientist Summer Programme (YSSP) Fellow, International Institute for Applied Systems Analysis (IIASA), Laxenburg, Austria

• 2008–2012 Doctoral Fellowship, IGIDR, Mumbai

• Founding Member, Behavioural Lab, SJMSOM, IIT Bombay (2019)

• Member, Strategy Committee, SJMSOM, IIT Bombay (2018)

• Member, Committee for Restructuring MMgt Programme at SJMSOM, IIT Bombay (2017)

• Convener, Faculty Search Committee, SJMSOM, IIT Bombay (2016)

• Convener, Doctoral Consortium, SJMSOM, IIT Bombay (2016)

• Faculty Coordinator, E‐Club, SJMSOM, IIT Bombay (2016)

• Member, Sub‐Committee for UG/PG Economics, Symbiosis International University, Pune (2017)