Institute Lecture on "Are More Choices Better and Other Tales About Decision-
Title: "Are More Choices Better and Other Tales About Decision-making?"
Speaker:Prof. Sudipta Sarangi
Professor and Head, Economics
Virginia Tech, Blacksburg
The institute organized an institute lecture by Prof Sudipta Sarangi on the 27th of July, 2018 at the Victor Menezes Convention Centre, IIT Bombay. The talk forayed into some interesting areas in the realm of decision making.
Our world abounds in choices; be it in things as mundane as a daily dose of a hot beverage and pieces of clothing; or the programs one may enroll in as a student. But will this luxury of having so many choices translate into better choices? This and many more questions formed the foundation of this institute lecture delivered by Prof. Sudipta Sarangi. With the aid of an extensive set of simple economic experiments, the noted professor addressed several questions that have piqued the interest of behavioral scientists and economist in recent years. Is there a utility to having abundant choices and is there a correlation between the quality of choices and the gender ,age and education of the individual? Furthermore, the possibility of suitable social constructs to outsource our decision making to those who might know better was explored. Other concerns dwelt upon included the relevance of having groups take decisions in place of single individuals, and the importance of social constructs that could help people take better decisions.
About the Speaker:
Prof. Sudipta Sarangi is currently the Department Head and Professor of Economics at Virginia Tech. He obtained his Ph.D in 2000. His areas of focus include experimental and behavioral economics and network theory. A research associate of DIW Berlin, GATE, University of Lyon-St. Etienne and the Lima School of Economics, he has acted as consultant to several organizations like the World Bank and FAO. He currently serves as a Co-Editor of the Journal of Economic Behavior and Organization.