Puneet Arora

Puneet Arora

Assistant Professor, Economics and Public Policy

Management Development Institute, Gurgaon

Biography

I am an Assistant Professor in the Economics and Public Policy area at the Management Development Institute Gurgaon. I am an economist with research interests in the area of behavioral and experimental economics, applied in the contexts of education, labor, and household finance. I conduct field, lab and online experiments to study human behavior.

I received my PhD in Economics degree in 2020 from Georgia State University, an MA degree in Economics degree in 2013 from Delhi School of Economics, and a BA Honors in Economics degree in 2009 from Hansraj College, University of Delhi. I am also an Invited Researcher at JPAL.

Interests
  • Behavioral & Experimental Economics
  • Education and Labor
  • Household Finance
  • Ethics and Morality
Education
  • PhD in Economics, 2020

    Georgia State University

  • MA in Economics, 2013

    Delhi School of Economics, University of Delhi

  • BA(H) in Economics, 2009

    Hans Raj College, University of Delhi

Experience

 
 
 
 
 
Assistant Professor
Apr 2023 – Present Gurugram
 
 
 
 
 
Postdoctoral Research Fellow
Sep 2022 – Mar 2023 Prague
 
 
 
 
 
Assistant Professor
Jul 2020 – Jun 2022 Ahmedabad
 
 
 
 
 
Assistant Professor
Jul 2015 – Jun 2016 Delhi

Selected Publications

(2026). Point Scale Framing and Student Performance - Evidence from a Field Experiment. Economics Letters.

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(2026). Conversations, Return Horizons, and the Stock Market Participation Puzzle. International Journal of Bank Marketing.

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(2025). I Promise to Work Hard - The Impact of Commitment Pledges on Student Performance. Education Finance and Policy.

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(2025). Loan Selection, Attribute Substitution and Information Effect. In Review of Behavioral Finance.

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(2024). Related Examinations and Tax Compliance. In Journal of Behavioral and Experimental Economics.

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(2024). Are Students Really Biased against Female Professors? - Experimental Evidence from India. In Journal of Development Economics.

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(2023). Systemic Financial Crises and Income Inequality in OECD Countries. In Open Economies Review.

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(2023). Can rank-based non-monetary rewards improve student attendance? Experimental Evidence from India. In Journal of Behavioral and Experimental Economics.

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(2022). Can social recognition for teachers and principals improve student performance? Evidence from India. In Applied Economics Letters.

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(2022). A For Effort - Incomplete Information and College Students' Academic Performance. In Economics of Education Review.

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(2022). Grade reporting and student performance. In Education Economics.

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(2018). Government effectiveness in the provision of public goods - the role of institutional quality. In Journal of Applied Economics.

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Working Papers

Behavior, Attention, and Belief - A Field Experiment on the Role of Identity in Discretionary Professional Interactions
Discretionary professional interactions, requests for mentorship, guidance, or support with no formal obligation to respond, shape advancement, yet whether they follow the equal-treatment norms enforced for formal decisions remains largely untested, since discrimination research is built almost entirely around settings where a decision-maker holds formal authority over a material outcome. We study this through a preregistered field experiment in which 7,281 Indian university faculty received outreach emails from real male student interns disclosing their own genuine caste identity, crossed with task complexity and financial incentives. Faculty engage similarly with advantaged and disadvantaged-caste students at the checkpoints an organizational audit would capture, clicking and completion. An exploratory attention measure, email reopens, tells a more tentative story - disadvantaged-caste emails are reopened somewhat fewer times, a gap concentrated under a financial honorarium, counter to the standard prediction that incentives narrow such disparities. A further, descriptive divergence separates behavior from belief among survey completers - STEM faculty click most often, yet report the least inclusive attitudes and lowest willingness to sustain engagement. Behavior, attention, and belief thus move independently under the same identity treatment, helping explain why the discrimination literature finds mixed results, and showing that response or completion rates, an audit’s most available metrics, need not reveal where equal treatment breaks down.
Incentives to Work Out- Evidence from Field Experiments (with U. Narang)
Firms designing incentive programs face important questions about their effectiveness - When do financial rewards work, when does social information work, and does combining them do more than either alone to influence consumer behavior? We address these using a randomized field experiment at a U.S. university recreation center, assigning participants of a group exercise program to one of four conditions - financial incentives (FI), rank information (RI), both (combined), or neither (control). Our results show that neither FI, RI, nor their combination significantly increases workout frequency or variety over the four-week intervention. However, FI and the combined treatment each improve goal completion (i.e., meeting weekly workout targets), relative to control, reflecting a shift in the temporal distribution of effort rather than an increase in total activity. Only the combined treatment shows persistence of effects on goal completion in the two weeks after the incentive period ends. Our mechanism analyses show stronger effects among participants who engage early on with the incentive program and explain the added value of rank information when paired with financial incentives for high-ranking participants and for openers of rank emails. The treatment effects are heterogeneous; the combined treatment works best for participants with salient intrinsic goals such as weight loss, whereas FI alone is effective for those without such goals. Both work better for consumers with past experience in the workout program. Our findings suggest that the effectiveness of incentive programs depends on consumer motivation and program engagement with implications for how firms should target and structure wellness offerings.

Research-in-Progress

Peer Success and Investment Decisions - Luck versus Skill (with Divya Aggarwal)
Investors now see other investors’ gains on trading apps, on social media, and in the testimonials of financial influencers. We study how such information affects investment decisions and whether it matters if the gain is attributed to luck or to skill. In a laboratory experiment with 739 postgraduate management students in India, 81 percent of whom already invest, participants allocate an endowment across cash and four risky assets in three incentivized rounds. Treated participants learn that a real participant from an earlier session earned about forty percent more than the endowment, and the experimenters attribute this gain to luck or to skill; a third arm adds a goal-selection prompt to the luck attribution. Peer success does not increase risk-taking. When the gain is attributed to luck, participants move about six percentage points of the endowment out of the most speculative asset and become more loss averse; attributing it to skill has no effect, and the goal prompt cancels the luck response. Participants are also strongly overoptimistic about their own portfolios. They state a 51 percent chance of a forty percent gain whose objective probability is 3 percent, and they pay more for a claim on their own portfolio than for an objectively better lottery. Peer success raises this optimism further, at a cost to their earnings. Labeling displayed gains as luck is a cheap way to temper speculation, while inflated beliefs about one’s own prospects call for disclosures of a different kind.

Teaching

Management Development Institute (MDI) Gurgaon (April 2023-present)

  • Ethics in Public Service (Post Graduate course)
  • Business Ethics (Post Graduate course)
  • Managerial (Micro)Economics (Post Graduate course)
  • Behavioral Science in Decision-making (PhD course)

Amrut Mody School of Management, Ahmedabad University (August 2020-June 2022)

  • Empirical Research Methods for Economics (Winter 2022 - Post Graduate course)
  • Experimental and Behavioural Economics (Monsoon 2021 - Post Graduate course)
  • Principles of Microeconomics (2021, 2022 - Undergraduate course)
  • Principles of Macroeconomics (2021 - Undergraduate course)

Indian School of Business and Finance (2013-14 and 2015-16)

  • Principles of Microeconomics (Undergraduate course)
  • Intermediate Microeconomics (Undergraduate course)
  • Mathematical Economics (Undergraduate course)

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