Social Sciences – Economics 2012 “If we have to progress as a country, we really need • Ph.D. in Economics from Prof. Arunava Sen's research recognizes that far higher numbers of people contributing ideas. Princeton University information pertinent to economic policy And, I think that's what the Prize (Infosys Prize) will • M.Phil. in Economics from design is held by individuals who may do. It will make research not just respectable but Oxford University benefit by misrepresenting it, and that policy attractive and inspirational for younger people.” implementation is constrained by the freedom • M.A. in Economics from of individuals to act. Therefore, it has large the Delhi School of implications on real‑world policy‑making. Economics, University of His main contribution (in joint work with Delhi Prof. Dilip Abreu) shows that any social choice rule can be approximated by one that is Arunava Sen a Nash equilibrium of such Professor, Planning Unit, Indian Statistical Institute, New Delhi individual interaction. Examining individual strategic behavior One of the areas in which Mechanism design is a Prof. Sen's work could be Prof. Sen's work can be sub‑field of game theory applied to is the issue The theory of mechanism used to design the best that allows economists of land acquisition in Have you ever wondered design can be applied to Prof. Arunava Sen's research outcomes or desirable to analyze and compare the Special Economic how individuals decide who practical problems such centers around game theory, outcomes, where the way in which markets Zones (SEZs) or for other to vote for in an election and as auctioning of resources mechanism design, social individuals realize that or institutions, such as a industrial developments. how this effects the outcomes such as oil, setting rules for choice, and auction design. they have strategic power. government, can efficiently His findings reveal that in a democracy? How does voting in elections and even His work has been at the His research recognizes allocate goods and services it may be impossible one understand and analyze deciding the number of public purely theoretical level. that information always allowing for the to achieve the kind of outcomes in events such as goods that the government However, his work could have applicable to designing possibility that the buyers voluntary participation, the Indian Premier League should provide. Similarly, profound implications for the economic policy is and sellers are privy to efficiency and auctions? Economists use the area of social choice way policies are formulated held by individuals information that the other incentive compatibility game theory for this purpose. theory is the philosophical by the government. Prof. Sen who may benefit from is not aware of. that is required for Game theory is the formal and mathematical study of has done extensive research misrepresenting it, and government policies analysis of strategic behavior. the types of conclusions that in social choice theory and the implementation of this to work. He outlines It considers situations where can be drawn from studying builds on the work of Kenneth policy is restricted by the other alternatives that several agents mutually affect individual preferences as a Arrow and Amartya Sen in ability of individuals to act the government could each other and tries to predict whole to produce a social this field. independently based on implement. outcomes. welfare function. their information. 48 | Celebrating 5 years – Infosys Science Foundation.