Dr.
Anmol Ratan
Email: anmolratan@[Link]
WhatsApp: +61-473215963; Tel: +91-9266511611
Citizenship
Australian Citizen; Overseas Citizen of India (OCI) (NRI)
Academic Appointments
Visiting Professor, Nalanda University (Designated as Institute of National Importance in
India) (2025-present)
Associate Professor, Thapar School of Liberal Arts and Sciences (TSLAS), Thapar Institute of
Engineering and Technology (2024-2025)
Lecturer (Assistant Professor), Department of Economics, Monash University (2010-2023)
Visiting Associate, Humanities and Social Sciences, California Institute of Technology (2016,
2019)
Visiting Scholar, University of Technology, Sydney (2015)
Visiting Scholar, Becker Friedman Centre for Chicago Price Theory, University of Chicago
(2009)
Research Associate, Department of Economics, Delhi School of Economics (2001-2003)
Lecturer, Department of Economics, University of Delhi (2000-2001)
Education
Ph.D., University of Maryland, Agricultural Economics (2010)
o Dissertation: “Essays in Behavioral Economics: Applying Prospect Theory to
Auctions”
o Committee: Prof. Andreas Lange (chair), Prof. John Rust, Prof. Erkut Ozbay
M.S., University of Maryland, Agricultural Economics (2007)
M.A., Delhi School of Economics, University of Delhi (India), Economics (2001)
B.A., University of Delhi (India), Honors in Economics (1998)
Research Interests
Experimental and Behavioral Economics; Decision making under risk and uncertainty; Markets and
Distributional Outcomes; Auctions; Game theory; Computational Economics; Microeconomic theory
Publications
Peer-reviewed Journal Publications
Kim, D. H., & Ratan, A. (2022). Disentangling risk aversion and loss aversion in first-price
auctions: An empirical approach. European Economic Review, 150, 104284.
Wen, Y., Masschelein, S., & Ratan, A. (2022). Loss aversion in asymmetric anti-coordination
games. Southern Economic Journal, 88(4), 1549-1573. [cite: 6, 9]
Brewer, P., & Ratan, A. (2019). Profitability, efficiency, and inequality in double auction
markets with snipers. Journal of Economic Behavior & Organization, 164, 486-499.
Brewer, P., & Ratan, A. (2019). Data and Replication Supplement for Double Auction Markets
with Snipers. Data in Brief, Manuscript ID: DIB-D-19-01553R1.
[Link]
Ratan, A., & Wen, Y. (2016). Does regret matter in first-price auctions? Economics Letters,
143, 114-117.
Ratan, A. (2015). Does displaying probabilities affect bidding in first-price auctions?
Economics Letters, 126, 119-121.
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Ratan, A. (2013). Anticipated regret or endowment effect? A reconsideration of exchange
asymmetry in laboratory experiments. The BE Journal of Economic Analysis & Policy, 14(1),
277-298.
Lange, A., & Ratan, A. (2010). Multidimensional Reference-Dependent Preferences in Sealed
Bid Auctions: How (Most) Lab Experiments Differ from the Field. Games and Economic
Behavior, 68(2), 634-645.
Work-In-Progress
Kim, D.H. & Ratan, A. (2020): Disentangling Risk-Aversion and Loss Aversion in First-Price
Auctions: An Empirical Approach
Ratan, A., Nibbering, D., & Brewer, P. (2020): Inequality in extreme demand-supply Double
auction markets
Ratan, A. & Voors, M. (2019): Tests of Distributional outcomes in Double Auction markets:
Evidence from a field experiment
Ratan, A. & Luxford, A. (2022): Exchange Asymmetry and Charitable Objects
Teaching Experience
Principal Instructor, Nalanda University, Rajgir, Bihar, India
Game theory and Strategic Interaction (Microeconomics sequence for MA economics
program)
Principal Instructor, Thapar School of Liberal Arts and Sciences (TSLAS)
Economics of the Digital Markets (SE3425) (First offering in India)
Principles of Macroeconomics (SE2402), Experimental and Behavioral Economics (SE 3421),
Intermediate Microeconomics (SE 2406)
Principal Instructor, Monash University
Managerial Economics (ECF 5927), Game Theory and Business Strategy (ECF 5200),
Intermediate Microeconomics (ECC 2000), Principles of Microeconomics (ECP 1100)
Principal Instructor, University of Delhi
Principles of Microeconomics, Undergraduate Program (2000-2001), Principles of
Macroeconomics, Undergraduate Program (2000-2001), Indian Economy since
Independence (Planning and Performance)
Graduate Teaching Assistant, University of Maryland
Microeconomic Applications in Agricultural and Resource Markets (AREC 610)
Optimization in Agricultural and Resource Economics (AREC 620)
Graduate Teaching Assistant, Delhi School of Economics, University of Delhi (India)
Introductory Statistics and Econometrics (MA Economics Program) (2002)
Comparative Economic Development (MA Economics Program) (2001)
Economic Development and Planning in India (2002-2003)
Academic Supervision
Masters Students Advised, Monash University
Anthony Luxford (2021): Thesis Title: “Exchange Asymmetry and Charitable Objects” (Best
paper by an honors student in 2021, Title 34 published at
[Link]
Daniel Harrison (2013): Thesis Title: “Positive reinforcement through net losses presented as
wins and its effect on player persistence in multiline Electronic Gaming Machines (EGMs)”
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Referee Services (Peer-Reviewed Journals)
Journal of Political Economy; American Journal of Agricultural Economics; European Economic
Review; Economic Inquiry; Journal of Environmental Economics and Management; Journal of
Economic Behavior and Organization; Journal of Economic Psychology; Public Finance Review;
Journal of Institutional and Theoretical Economics; Journal of Agricultural and Resource Economics;
Environmental and Resource Economics; Australian Journal of Agricultural and Resource Economics
Invited Seminars
California Institute of Technology, Pasadena, CA, USA (2009, 2016, 2019); Delhi School of Economics,
New Delhi, India (2009); Indian Statistical Institute, New Delhi, India (2010); Jawaharlal Nehru
University, New Delhi, India (2010); Queensland University of Technology (2011); Xiamen University,
China (2012); University of New South Wales (2014)
Conference Presentations
BREW, Ashoka University (India, Dec 2024), Asia-Pacific Experimental Science Association Meetings
(Brisbane 2018, Kuala Lumpur 2011); Australia NZ Workshop in Experimental Economics (Auckland
2018, Melbourne 2017, Hobart 2015, Sydney 2010); Society for the Advancement of Behavioral
Economics (Newcastle 2017); Experimental Science Association World Meetings (Sydney 2015);
Experimental Science Association North American Meetings (Santa Cruz 2013, Tucson 2009);
Econometric Society Australasian Meetings (Sydney 2013); Econometric Society Asian Meetings
(Singapore 2013); Allied Social Science Association Meetings (San Francisco 2009)
Summer Schools
Asia Summer Institute in Behavioral Economics (Singapore 2010, 2011)
International Foundation of Research in Experimental Economics Graduate Student
Workshop, Georgetown (GMU) (2007)
Grants
Multiple Research grants for running experiments by the Department of Economics, Monash
University (2010-2022)
Seed funding grant (with Paul Brewer), Monash Business School for developing software for
analysis of Double Auction markets (2016)
Goldhaber Travel Grant, Graduate School, University of Maryland (awarded to outstanding
graduate students for conferences in the US mainland) (2008)
International Foundation of Research in Experimental Economics Graduate Student
Workshop, Georgetown (George Mason University) (2007)
Other Professional Experience/Positions
Design and Establishment of the Experimental Lab under construction at TSLAS (with Prof.
Rajiv Sarin)
Ran Lab experiments at Xiamen University, Delhi School of Economics (2011-2012), Monash
University (2011-2015) (Clayton Campus in Australia, Sunway campus in Malaysia)
Consultant, Computational Programming of Farm Decision Making, Analysis of Online Used
Car Auctions (with Prof. John Rust) (June-August 2008, August 2009-March 2010)
Ran Field Experiments for Prof. John List at Sports Card Show, Richmond, VA, USA (June
2005)
Other Administrative Experience
Organized seminars (series) at Monash University, Department of Economics
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Assisted with open day information sessions for various economics degrees offered by
Monash University, Department of Economics:
Attendance at Graduation ceremonies
Member of the department research Committee (2017-2018) at Monash University
Overseas Student Presentations/Exchange student events: Promotion of Monash University
Student Exchange program (units taught by the Economics department) to prospective
students at WISE, Xiamen University, China (2012). The talk I gave to the students was
covered by a local student’s newspaper at Xiamen University.
Citations of Research
Top five peer-reviewed journals in Economics: The Quarterly Journal of Economics; Journal
of Economic Literature; Journal of Political Economy; American Economic Review; Journal of
Economic Theory
Other highly ranked peer-reviewed journals in Economics: American Journal of Agricultural
Economics; Rand Journal of Economics; Handbook of Behavioral Economics - Applications
and Foundations; American Economic Journal: Microeconomics; Games and Economic
Behavior; European Economic Review; Experimental Economics; Journal of Economic
Behavior and Organisation
Top Economists citing research:
Charles Plott (California Institute of Technology); Charles Sprenger (California Institute of
Technology); Peter Cramton (University of Maryland); Andreas Fuster (Swiss Finance Institute);
Botond Koszegi (Central European University); Tim Cason (Purdue University); Robert Sugden
(University of East Anglia); Ted O'Donoghue (Cornell University); Keith M. Marzilli Ericson (Boston
University); Graham Loomes (Warwick Business School)
Use of anecdotes from popular movies to inspire learning
I used anecdotes from popular movies and alternative media during lecture delivery to inspire
learning outcomes.
Movies: Moneyball, Thirteen Days (Cuban Missile Crisis), A Beautiful Mind
Documentaries: Algorithms, The Social Dilemma, Inside Bill’s Brain (a web series)
TV Series: The Queen’s Gambit, The Simpsons
Lecture in week 7-8 (Game theory unit taught to MBA students at Monash University) discussed the
following article which appeared after the announcement of the winner of the Nobel Prize in 2016:
‘The Simpsons’ Predicted Yesterday’s Nobel Prize in 2010 (As discussed in the following news article:
[Link]
937303/
Enhancement of teaching resources to discuss Matching theory to explain outcomes in Marriage
markets (two-sided matching)
Enhancement of lectures to introduce concepts in matching theory to assist students writing a term
paper for the course in Game theory. Introduction of strategic concepts in 2-sided markets (brides
and grooms in marriage market), stable matching and Gale-Shapley algorithm to discover stable
equilibria.
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Use of online platform (Moodle) for unit assessment tasks
I was an early adopter of online teaching tools (since 2016) for submission of tutorial exercises to
ensure transparency and integrity of submitted work. Students were very happy with this method
for homework assignments in ECF 5927.
Collaborations
Collaboration with Dr. Paul Brewer (Economic and Financial Technology Consulting LLC) led
to the development of market simulation software for research and pedagogical purposes.
Collaboration with [Link] to operationalize their software for classroom experiments.
Provided active feedback to seminar presentations
Mentorship and Influence
The following individuals were employed as research assistants for experiments conducted at the
Delhi School of Economics in 2011 and went on to pursue their Ph.D. in Economics at the following
institutions:
Puneet Arora (Georgia State University) (Assistant Professor, MDI Gurgaon)
Arjun Teotia (Georgia State University)
Sarvesh Bandhu (Indian Statistical Institute, New Delhi) (Assistant Professor, IIM Bangalore)
Neha Gupta (Assistant Professor at IIT Bombay)
Abhijit Ramalingam (Professor, Appalachian State University)
Nishith Prakash (Professor, Northeastern University)
Other former students now in Academia: Shilpa Agarwal (ISB Mohali)
Professional Affiliations
American Economic Association; Econometric Society; Experimental Science Association
Languages
English: Fluent; Hindi: Native
Computational Skills
Analysis and Programming: MATLAB; Maple; Mathematica; PERL; STATA; Scientific Word; Data
Science - Advanced Statistics using Python; Deep Learning
References
Prof. John List, Department of Economics, University of Chicago, 1126 East 59th Street,
Chicago, IL 60637, USA; Email: jlist@[Link] ; Tel.+1-(773) 702-9811
Prof. Rajiv Sarin, Department of Economics, Rice University, Kraft Hall
6100 Main Street, Houston, TX 77005, USA; Email: rsarin@[Link]; Tel.+91-981 5718599
Prof. Andreas Lange, Department of Economics, University of Hamburg, Von-Melle-Park 5,
D-20146 Hamburg, Germany; Email: [Link]@[Link] ; Tel: +49-(0)40-
42838-4035
Prof. Nicholas Feltovich, Department of Economics, Monash University, Clayton, VIC 3800
Australia; Email: [Link]@[Link] ; Tel.: +61-3 99020790
Dated: August 12, 2025
