Decision Making as Output and Bounded Rationality

  The classical economics theories proceed on the assumption of rational agents. Rationality implies the economic agents undertake actions or exercise choices based on the cost-benefit analysis they undertake. The assumption further posits that there exists no information asymmetry and thus the agent is aware of all the costs and benefits associated with the choice he or she has exercised. The behavioral school contested the decision stating the decisions in practice are often irrational. Implied there is a continuous departure from rationality. Rationality in the views of the behavioral school is more an exception to the norm rather a rule. The past posts have discussed the limitations of this view by the behavioral school. Economics has often posited rationality in the context in which the choices are exercised rather than theoretical abstract view of rational action. Rational action in theory seems to be grounded in zero restraint situation yet in practice, there are numerous restra

Cricket and Heuristics: Case of K. Srikanth


The current year’s CK Nayadu awards have been awarded to Krishnamacharya Srikanth and Anjum Chopra. To a generation of those began following cricket in the early 1980s, K.Srikanth was a hero to be emulated of. Flamboyance, instinctive, aggressive, No-tomorrow attitude endeared to his fans. Till today, Srikanth’s achievements are sort of discussed in awe. Yet, glance at this statistics reveal otherwise.

He made his debut against England at home in 1981-82 test series and last played for India in World Cup 1992. His record as demonstrated by his statistics is pretty ordinary. In his initial days he was part of the ODI team and could have test place permanent only around 1985 or so. He scored just two Test hundreds hardly an indication for cult he seemed to have built.

One day internationals were different ball game together. They were just getting popular in India in the early 1980ss. He seemed to be right man for the right format. When he retired in 1992, her was the highest run getter scoring more than 4000 ODI runs with four hundreds (a record jointly held with Ravi Shastri). He was the top scorer in the World Cup final 1983. Yet if we examine his statistics they are pretty ordinary. He averaged under thirty and had strike rate shade above 70. Not a great shake by any means even by those standards.

Let us examine his performance with respect to his peers in India. If we were to plot a graph between batting average and strike rate, we get an interesting pointers. The first cut off chosen in March 31, 1992. That was the month which Srikanth played his last one dayers. All Indian batsmen scoring above 1000 runs are included in the analysis. It is worthwhile to remember those were the days when not many one day internationals used to happen. In fact the list comprises only 11 Indian batsman.

The plot of these 11 batsman is shown below.




I have sourced the base data from cricinfo.com



There are quite few run accumulators (higher average, lower strike rate). A couple of them are laggards (low average, low strike rate). Few are strikers (high strike rate, low average. Only one falls under star (high average, high strike rate).  

Without doubt, Sachin Tendulkar was star from the beginning. He maintains high average accompanied by high strike rate. One should not forget, this was just the beginning of the career for Sachin. Kapil Dev and Sandeep Patil have high strike rates. K. Srikanth is on the mean if I have to term so on the strike rate and well below the mean if we were to build so on the average front.

Not finding a big case for Srikanth, we will look at the performance of batsman of that era against West Indies, the giants of the time. Any batsman succeeding against West Indies were surely the stars. Let us plot the chart for all batsman who have made 500 or more runs against West Indies in the same time period. 





The raw data like before is sourced from Cricinfo. A couple of surprises already. Imran Khan fits into the star accompanied by his team mate Javed Miandad. No wonder, that the only team to give West Indies a run for the money in those days was Pakistan. In the current instance too Srikanth falls under laggards. He has hardly any inspiring career against West Indies despite a couple of centuries against them.  On the contrary, Allan Lamb’s stardom can purely explained by his performance against West Indies.


So what explains the stardom of K Srikanth.  The answers could perhaps lie in the twin concepts of anchoring and availability heuristic. For long Indians had been used to watch accumulators. Cricketers like Sunil Gavaskar were of the old school who believed in taming the bowling by wearing the bowlers out. In contrast Srikanth believed in attacking the bowlers. It was sharp contrast to watch Srikanth and Gavaskar bat in tandem. It would not be unusual to find Srikanth racing away to quick fifty while Gavaskar was yet to touch double figures. Television was getting diffused to larger audiences and to many the mid-1980s were the first taste of watching live cricket unless you happen to be in test match venues. Secondly, the sheer image of dominating bowlers throwing all text book rules into dustbin was something novel. In fact, the first impression of Srikanth would be his swashbuckling style of striking.  In an universe dominated five day test matches often heading to a draw, this was refreshing. Used to barrage of bouncers from the quickies, it was something pleasantly different to given West Indian or Australian bowlers a taste of their medicine. It was offence and not attrition that mattered for someone like Srikanth He perhaps redefined the art of batting which was carried forward to greater heights like Sehwag, Yuvraj and others in the later years. He was the pioneer of hard hitting batsman.  His score of 38, the legendary square cut of Andy Roberts in World Cup final ’83 ( low scoring game), added to the stardom.

In other words, anchored to test match style, it very different to watch Srikanth and he was the first of the generation. Whenever one thinks of Srikanth, it is about his carefree batting style and dominating the bowlers. It did not matter how many runs he scored but what mattered was how he scored them. This ensued the elevated stardom for Krishnmacharya Srikanth



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