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Another paper examines the extent to which CEO salaries are based on luck as opposed to their effort.

The phenomenon leads to a misallocation of resources and has a serious social cost. For example, one widely-cited paper develops a general empirical methodology to test for вЂtunnelingвЂ™ (whereby majority shareholders move resources from firms to other firms in their business groups where they have greater cash flow rights). Papers by Mullainathan and his frequent co-author Marianne Bertrand have had a big impact in the area of corporate governance. The paper sheds light on the process of institutionalization of corruption and also shows how corruption imposes a social cost.

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The team studied how easy it was to get a license without even taking a driving test and also what was the conduit of corruption. Mullainathan and his co-authors investigated petty corruption in India by doing a clever experiment in вЂObtaining a Driver's License in Delhi: An Experimental Approach to Studying CorruptionвЂ™ (The Quarterly Journal of Economics, 2007) by involving 822 applicants for driverвЂ™s license. The insights from a number of behavioral experiments are nicely summarized in a widely cited book done with his psychologist colleague, Eldar Shafir-Scarcity: Why Having Too Little Means So Much? (2013). This is a simple but extremely useful insight to policy makers. The insight not only strengthens the rationale for transfers to the poor but also suggests that any transfers should be done in installments rather than as lump sums. They save too little, borrow too much, and fail to enroll in assistance programs. Moreover, they exhibit self-defeating behavior. This is one of the reasons why seemingly well-designed poverty schemes fail the poor are often found not to make the most of what is offered.

MullainathanвЂ™s most valuable and original contributions is the research pointing out how poverty (and more generally perceived scarcity in any form) adversely affects вЂmental bandwidthвЂ™ (cognitive ability) which, in turn, hampers sound decision-making. He has also made important methodological contributions.ДЄmong Prof. He has contributed significantly to many different sub-fields of economics such as development, public finance, corporate governance, and especially behavioral economics.

Few economists working in either India or abroad have shown the versatility and creativity as has Prof.

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