World
Princeton professor wins Nobel measuring poverty in India
Nobel Prize winner Angus Deaton's current research focuses on the determinants of health in rich and poor countries as well as on the measurement of poverty in India and around the world.
 
The British-born Princeton University professor has been awarded the 2015 Nobel Prize in economics for his contributions to understanding consumption at the individual level and in aggregate. Deaton, who also maintains a longstanding interest in the analysis of household surveys, noted that his focus on individuals and their decisions is important both from an academic and ethical standpoint, according to a report on the university website.
 
"In the end, it's individual peoples' well-being that counts," he was quoted as saying. "When you're counting the poverty rate in India or the mortality rate in the United States, all of those things you're looking at are aggregates."
 
"But it's one death at a time. It's one person at a time who's in poverty," Deaton said. "It's their lives that are being led. In the end, I don't think you're ever going to want to get away from the individual."
 
Deaton's latest book, "The Great Escape: Health, Wealth and the Origins of Inequality" (Princeton University Press), explores the story of how, beginning 250 years ago, some parts of the world sustained progress, opening up gaps and setting the state for today's unequal world.
 
He's also widely known for publications on the relationship between income and happiness, with Kahneman.
 
In announcing Deaton's prize, the Nobel committee also specifically noted Deaton's 1980 paper, with John Muellbauer, "An Almost Ideal Demand System," which details a way to provide a reliable picture of demand patterns in society.
 
At a news conference in Princeton Monday afternoon, Deaton noted the tremendous progress that has been made in conditions around the world.
 
"I've spent a lot of time arguing the world is getting to be a much better place," Deaton said.
 
"Over the past 200 years, the world has been transformed from something close to destitution to where many, many of us have much richer lives in which our talents and capabilities can be more fully expressed. I do tend to emphasise there's more to be done."
 
Deaton, a native of the United Kingdom, earned his bachelor's degree and PhD from Cambridge University. He taught at Cambridge and the University of Bristol before joining the faculty at Princeton in 1983.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Angus Deaton wins 2015 Nobel Prize in Economics
The 2015 Nobel Prize in Economics has been awarded to Scottish micro-economist Angus Deaton, the Royal Swedish Academy of Sciences announced here on Monday.
 
According to an academy statement, Deaton, 69, was awarded "for his analysis of consumption, poverty, and welfare", Xinhua news agency reported.
 
"More than anyone else, Angus Deaton has enhanced the understanding of individual consumption choices which is crucial to design economic policy that promotes welfare and reduces poverty," it said.
 
By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics, the statement added.
 
Answering questions at the press conference after the announcement, Deaton said he was "surprised and delighted" to win the prize.
 
Deaton was born in Edinburgh and received his PhD at Cambridge University. 
 
Last year, the award - which is officially known as the Sveriges Riksbank Prize in memory of Alfred Nobel - went to French economist Jean Tirole for his pioneering work on the regulation of large companies.
 
This prize has been awarded every year since 1969.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Coffee Day's Rs.1,150 crore IPO opens on Wednesday
 India's leading coffee outlet player Coffee Day Enterprises on Monday announced Rs.1,150 crore initial public offering (IPO), aimed at reducing debt and dexpanding outlet footprint.
 
The company will initiate the IPO sale on Wednesday.
 
"We plan to increase Cafe Coffee Day outlet footprint by 135 outlets a year across India in the coming two years with the help of the funds we raise," said V.G. Siddhartha, chairman, Coffee Day Enterprises.
 
The company is offering equity shares of the face value of Rs.10 Equity Shares each for cash including a share premium aggregating up to Rs.1,150 crore.
 
While the issue comprises a net issue to the public (the Net Issue), a reservation of Equity Shares aggregating up to Rs.15 crore for subscription by eligible employees has been also provided.
 
Siddhartha said each new outlet would require an investment of Rs.37 lakh to Rs.40 lakh.
 
One special area, where Coffee Day Enterprises is concentrating, is setting up new outlets on the highways.
 
"Finding a decent washroom while travelling is a big problem for many of us, we plan to set up nearly 1,000 Coffee Day outlets on the highway which offer coffee, small bites, Internet and washrooms," said Siddhartha.
 
"With an outlet network of 1,538 spread across 219 cities in India, we have an outlet market share of approximately 46 percent in India which is nearly four times larger than the cumulative footprint of the next four competitors," added Siddhartha.
 
The Indian cities, with the highest number of Cafe Coffee Day outlets are Delhi (211), Mumbai (204) and Bengaluru (200) followed by other cities.
 
Cafe Coffee Day's competition includes Barista, Costa Coffee and Starbucks, among others.
 
Highlighting the company's backward and forward integration, Siddhartha said: "We are also the only Indian company with a highly optimised and vertically integrated coffee business which ranges from procuring, processing and roasting of coffee beans to retailing of coffee products across various formats."
 
Delving on the important coffee vending machine rental business, A. Venu Madhav, CEO, Cafe Coffee Day, said: "We currently rent about 30,900 coffee vending machines to corporates and other clients. We own a market share of 95 percent in vending machines. We plan to rent 5,000 new machines a year in the next five years."
 
Madhav said the average revenue per day per Coffee Day outlet is Rs.13,700.
 
The company employs 50 people in the R&D to come up with innovative brew and blends, Madhav added.
 
Coffee Day also has its presence in a few international markets where it operates exclusive via the franchisee model.
 
"All our international expansion comes through franchisee model... we operate in Malaysia, Egypt, Austria and the Czech Republic," added Siddhartha.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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