Abhijeet Banerjee, Esther Duflo and Michael Kremer’s Nobel Prize for ‘randomised control trials’ or RCTs brought back fond memories of our Masters in Gokhale Institute of Politics and Economics. Professor P Venkatramaiah, who was teaching development economics and had done seminal work on input output economics, started with: “I don’t know what to teach you. My theories on development economics stand challenged.” He went on to teach us ‘game theory’ for which Nash, Selten and Harsanyi had won the Nobel Prize in 1994. A sidelight: He would prompt us to negotiate when we disagreed with our marks given in our weekly exams. Mostly, we lost.
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First Published: Thu, October 17 2019. 14:38 IST