Women in Research #LINOecon: Sumana Kundu

Sumana from India is a PhD student at the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India.

She works in theoretical industrial organization, where she uses economic modelling to investigate firm behavior. Her research mainly focuses on situations of asymmetric information, i.e., when consumers and firms involved in a transaction do not share the same set of information. She explores how these information gaps influence firms’ pricing and production strategies, and how policies can shape their behavior toward outcomes that enhance social welfare.

Sumana participates in the 8^th Lindau Nobel Laureate Meeting in Economic Sciences.

Enjoy the interview with Sumana and get inspired:

What inspired you to pursue a career in science / in your discipline?

Since childhood, I was always driven by my parents’ constant encouragement towards an academic career, and my father was particularly enthusiastic about mathematics. I always enjoyed representing real-world problems through mathematical models, which first led me to study mathematics. It was during my master’s programme in mathematics that I started exploring the world of Economics and became fascinated by how it uses quantitative models to explain almost any real-world market behavior. That was when I knew I wanted to pursue economics as my discipline.

In my research area, i.e., theoretical industrial organization (IO), we try to understand how and why firms and consumers in a particular situation behave in a certain way and how their strategies evolve with changing circumstances. What excites me most is that this field not only enables an analytical understanding of everyday market dynamics, but also allows for suggesting policies that can guide firm and consumer behavior toward maximizing social welfare.

Who are your role models?

It is difficult to name only a few role models. Throughout my journey, I have often been influenced by inspiring traits of academicians I have met or listened to, and I have tried to carry some of those lessons into my own life. Academicians who have worked hard to overcome financial hardships, or to win over their own fear of failure; every woman of color who has broken societal stereotypes, they all continue to motivate me. Being a Bengali woman, I am deeply inspired by Dr. Kadambini Basu, who became India’s first female practicing doctor by fighting against strong social opposition to women’s education in her time.

On a more personal note, my elder sister has been my closest role model. She is currently a postdoctoral scholar, and her academic journey has inspired and guided my own decisions at every step.

How did you get to where you are in your career path?

I completed my bachelor’s degree in mathematics from St. Xavier’s College, Kolkata, and then pursued a master’s in mathematics at IIT Bombay. During these years, I was fortunate to receive the Inspire Fellowship for Higher Education from the Department of Science and Technology, Government of India, awarded for my academic performance in higher secondary school. At that point, I was pretty sure that I wanted to pursue a PhD in mathematics or related fields.

However, during the second semester of my master’s, the COVID pandemic struck, and life came to a standstill. While things gradually started resuming, I was deeply moved by the plight of people. Observing how the economy and society at large were affected compelled me to explore disciplines that connect more closely to human behaviour and provide a deeper understanding of market functioning. This realization drew me towards economics, and I began studying it with great interest.

I then joined the master’s programne in economics at IGIDR, Mumbai. Although my sudden shift from mathematics to economics initially concerned my family and well-wishers, they supported me wholeheartedly. I grew to truly enjoy economics as a subject and also realized that my training in mathematics was actually very helpful in understanding economics more clearly. I completed my master’s thesis on firms’ morality under competitive pressure under the guidance of Prof. Rupayan Pal, who has been an inspiring mentor. I was also honored to be the gold medalist of my economics Master’s programme.

Thereafter, I joined IGIDR as a PhD student under Prof. Pal, continuing to work in industrial organization theory. It has been a fulfilling experience so far, and I am grateful for the guidance and encouragement I have received along the way.

What is the coolest project you have worked on and why?

The project I enjoyed most is my recent work on credence goods markets. These are basically markets for services such as healthcare, repairing, or mechanical services, where the provider usually knows more than the customer and can recommend what service they need. This information gap can sometimes lead to problems like undertreatment or overpricing. In such markets, I examine how firms behave under different liability rules – which are basically penalties they face if they are caught cheating. What I found is that if liability is too strict, the market can break down entirely; but if there is no liability, firms have strong incentives to undertreat. Therefore, I have designed a middle-ground liability policy that prevents both extremes and helps achieve the highest social welfare, and this is the most exciting part of the project for me.

What’s a time you felt immense pride in yourself / your work?

As a PhD student, I feel proud whenever I manage to reach an interesting result in my research after months of struggle and finally see my hard work pay off. I also find joy in teaching — as a teaching assistant to master’s students, it is very rewarding when I can successfully explain a topic to them. I also feel proud when my work gets accepted at conferences and I successfully present it to larger audiences. Needless to say, being selected for the Lindau Nobel Laureate Meetings and having the opportunity to present my research in front of Nobel Laureates at the Next Gen Science Sessions has been one of the most meaningful and joyful moments of my journey so far.

What is a “day in the life” of you like?

My day usually starts with a warm cup of black tea at my desk. I like to plan my tasks the night before. I begin by diving straight into research — reading papers, working through models, or drafting sections of my work. I try to finish the heavier part of my academic work by the afternoon, which leaves room for meetings with my supervisor or attending seminars in my department.

By early evening, I like to wind down from research. After that, I usually spend time cooking, doing yoga, or simply reading for pleasure; at other times, I explore something new, like learning a language or reading about an unfamiliar topic in economics. I usually end the day by journaling, which helps me reflect and collect my thoughts.

What are you seeking to accomplish in your career?

After completing my PhD, I am open to pursuing either a postdoctoral position or an assistant professorship. In the long term, I see myself in academia as a professor, as I greatly enjoy teaching and research. On the research side, I hope to explore real-world market behaviors through the lens of behavioral economics, which acknowledges that human decisions often diverge from the strict rationality assumed in traditional economics. It would be deeply fulfilling if my research could translate theoretical insights into policies that promote social welfare.

What do you like to do when you’re not doing research?

When I’m not doing research, I like to spend time on my hobbies like reading fiction, painting, and playing guitar, and I also love binge-watching web series. Cooking and sharing good food with friends is something I really enjoy. I also run an Instagram page with my friends where we create lighthearted content about PhD struggles, which helps me find humor in the ups and downs of academic life. At least twice a year, I try to take a longer holiday to visit my hometown and spend quality time with my family — something that always helps me recharge.

What advice do you have for other women interested in science / in your discipline?

For women in particular, there are societal standards that will sometimes try to influence you actively or passively. My advice is: don’t let those external factors make your decisions for you. Listen to others, but always do what you feel is the best fit for yourself.

For anyone in economics research, I would add: don’t let the fear of failure stop you from trying new ideas, even if they seem outside your field. You often learn more from failures than successes. Also, don’t hesitate to reach out to other researchers for advice or collaboration — most people are more willing to help than you might think. And above all, take the opportunities life offers you. Good things lie ahead if you are willing to take the steps toward them.

In your opinion, what will be the next great breakthrough in science / in your discipline?

Integration of behavioral economics into IO theory, particularly through the use of AI and data-driven methods in behavioral economics, holds immense potential for designing policy-relevant insights. These are already evolving fields, and have massive potential if broader access to advanced technology can be provided to institutions in the relevant research areas.

What should be done to increase the number of female scientists and professors?

While there is often good representation of women up to bachelor’s level, the numbers drop significantly thereafter, with fewer continuing to a master’s programme and then a handful to a PhD or academic career. In most Asian countries, one major factor is the perceived age barrier, where women weigh academic aspirations against societal expectations around marriage or family. I believe personal life and academic career do not need to be substitutes, but rather can complement each other. However, this requires a shift at the societal level in how women’s roles are viewed, along with stronger institutional support. For example, better financial support, accessible childcare for new mothers at institutions, and more flexible work arrangements are some important steps. These changes, together with a broader cultural shift in mindset, can help more women continue their academic journeys and thrive as scientists and professors.