Santosh Anagol

Santosh Anagol
  • Associate Professor of Business Economics and Public Policy

Contact Information

  • office Address:

    1458 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: economic development, household finance

Links: Personal Website


Santosh Anagol is an Associate Professor in the Business Economics and Public Policy Department at Wharton. His research focuses on financial market issues in emerging markets. One recent project studies how the regulation of fees has shaped the Indian mutual fund industry. Another project studies the behavior of life insurance agents and how they respond to changes in regulatory policy. His dissertation studied inefficiencies in the Indian market for dairy cows and buffaloes, which are commonly purchased by microfinance borrowers. His teaching focuses on the effects of economic regulation on business. He received his PhD from Yale University in 2009 and his undergraduate degree from Stanford in 2002, and was a Fulbright Scholar to India in 2002-2003.


Ph.D., Economics, Yale University, December 2009

M.Phil., Economics, Yale University, 2005

M.A., Economics, Yale University, 2004

B.A., Economics with Minor in Mathematics, Stanford University, 2002

Academic Employment

Associate Professor of Business Economics and Public Policy, The Wharton School, University of Pennsylvania, July 2017 – present

Assistant Professor of Business Economics and Public Policy, The Wharton School, University of Pennsylvania, July 2009 – present

Continue Reading


For a current list of publications and working papers, see


Past Courses


    This course examines the non-market components of business and the broader political, regulatory, and civil context in which companies function. This course addresses how businesses interact with political and regulatory institutions, as well as the general public, with a focus on the global economy. The first portion examines the realities associated with political economy and the actual making of laws and regulations by imperfect politicians and regulators. The second portion analyzes the economic rationale for legislation and regulation in the presence of market failures. The course covers specific market failures and potential solutions including government regulation.


    This course will examine how and when data can be used specifically to infer whether there is a causal relationship between two variables. We will emphasize (a) the critical role of an underlying economic theory of behavior in interpreting data and guiding analysis, as well as (b) a range of advanced techniques for inferring causality from non-experimental data, such as randomized controlled trials, regression discontinuity, difference-in-difference, audit (mystern shopping) approaches and stock-market event studies. The issue of causality, asnd the relevance of thinking about models and methods for inferring causality, is just as central and important for "Big Data" as it is when working with traditional data sets in business and public policy. The emphasis will not be on proofs and derivations but rather on understanding the underlying concepts, the practical use, implications and limitations of techniques. Students will work intensively with data, drawing from examples in business and public policy, to develop the skills to use data analysis to mke better decisions. All analysis will be conducted using STATA or R. The goals of the course are for students to become expert consumers able to interpret and evaluate empirical studies as well as expert producers of convincing empirical analysis themselves.


    Of the many ways that doctoral students typically learn how to do research, two that are important are watching others give seminar presentations (as in Applied Economics Seminars) and presenting one's own research. The BEPP 900 course provides a venue for the latter. Wharton doctoral students enrolled in this course present applied economics research. Presentations both of papers assigned for other classes and of research leading toward a dissertation are appropriate in BEPP 900. This course aims to help students further develop a hands-on understanding of the research process. All doctoral students with applied microeconomic interests are encouraged to attend and present. Second and third year Applied Economic Ph.D. students are required to enroll in BEPP 900 and receive one-semester credit per year of participation.


    This course will cover current microeconomic issues of developikng countries including poverty, risk, savings, human capital, and institutions. We will also explore the causes and consequences of market failures that are common in many developing countries with a focus on credit, land, and labor markets. The course is designed to introduce recent research with focus on empirical methods and testing theories with data.

Awards and Honors

  • Finalist (top 5), Hamilton Project Policy Innovation Competition, 2007
  • Economic Growth Center Prize, Yale University, 2003-2007


In the News

How Ignoring the Fine Print Caused Indian Investors to Pay More for Less

For years, researchers have tried to determine if mutual fund investors pay attention to -- or simply ignore -- fees when choosing where to put their money. Recent policy experimentation in the Indian mutual funds market provided data that sheds light on this question. Wharton professor Santosh Anagol and PhD student Hoikwang Kim analyze what happened, finding that most investors don't read the fine print on fees when choosing a fund -- a decision that often ends up hurting them financially.

Knowledge @ Wharton - 2010/11/10
All News

Awards and Honors

Finalist (top 5), Hamilton Project Policy Innovation Competition 2007
All Awards