The Penrose Inequality

In 1973, R. Penrose presented an argument that the total mass of a space-time which contains black holes with event horizons of total area $A$ should be at least $\sqrt{A/16\pi}$. An important special case of this physical statement translates into a very beautiful mathematical inequality in Riemannian geometry known as the Riemannian Penrose inequality. This inequality was first established by G. Huisken and T. Ilmanen in 1997 for a single black hole and then by one of the authors (H.B.) in 1999 for any number of black holes. The two approaches use two different geometric flow techniques and are described here. We further present some background material concerning the problem at hand, discuss some applications of Penrose-type inequalities, as well as the open questions remaining.