IIT Jodhpur's CMCE is India's first to focus on AI application on Economics
The Centre for Mathematical and Computational Economics (CMCE) at IIT Jodhpur was established in 2020 as a specialized unit of the multidisciplinary School of Artificial Intelligence and Data Science. The centre which aims to improve the understanding of the evolving nature of economics in the internet era, is India's first such academic unit to focus on AI applications to economics and economic theories.
Key research areas at CMCE include Game Theory, Mechanism Design, Market Design and Auctions, Social Choice, Decision theory, Network Economics, Experimental Economics, and Artificial Intelligence and Machine Learning techniques to economic problems, an institute statement said.
The CMCE is an interdisciplinary unit that combines knowledge across the disciplines of computer science, engineering, mathematics, and statistics.
It is a specialized unit for the research and teaching of economic theory, combined with the use of modern tools of artificial intelligence, the IIT Jodhpur statement said adding that the current network of research collaborators of CMCE include faculty from IIT Delhi, Indian Institute of Management (IIM) Bangalore, Ashoka University, Shiv Nadar University, Indian Statistical Institute Kolkata, Indian Institute of Science Education and Research (IISER) Bhopal, Maastricht University (the Netherlands), and the Western Michigan University (U.S).
Several research projects at the Centre for Mathematical and Computational Economics IIT Jodhpur are ongoing. While the research project of Dr Dweepobotee Brahma, a faculty member from the centre, is on the cause and effect of socio-economic factors on various health outcomes, early warning signals of diseases that can help policymakers build screening criteria, Dr Ruhi Sonal's is on the usage of standard mathematical tools to understand how individuals make tactical decisions regarding joining networks and the overall environment in which these networks develop.
Dr Abhinaba Lahiri's research project is on the implications of a minor change in the opinions of an individual on the collective group decision. He is also working on generalizing existing special-case solutions in preference aggregation problems.
“Economics, through integration of data science, AI and computational techniques, have become more enabled for quantitative analysis of economies and behaviour and interactions of economic agents. This new CoE at IIT Jodhpur will deeply engage itself into knowledge generation and capacity building programmes in this area leading to new models of financial transactions, negotiations and market analysis. In the age of digital economy, this CoE, being unique in the country, will definitely make a significant impact in the country's economic growth and policy outcomes.” - Prof. Santanu Chaudhury, Director, IIT Jodhpur.
The Centre for Mathematical and Computational Economics, IIT Jodhpur, aims to be a top place for cutting-edge research in the combination of economic theory, Machine Learning and Artificial Intelligence. The centre conducts frequent research seminars and workshops. It also has plans for an active research visitors programme to provide a platform for engaging in international academic exchanges and collaborations, the statement added.