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

Chronicling Great Indian Test Victories of the Past


Despite not winning the World Cup since 2011, Indian cricket has been on a roll. The dominance is strong, rarely challenged on home surfaces and currently on the leaderboard of the ongoing World Test Championship. Yet this was not the case long ago. In fact many captains like Sunil Gavaskar adopted safety first strategy and ensured India did not lose. It was world cup victory of 1983 that changed in many ways the Indians performed in cricket. However, there were turning points in Test cricket much earlier with series wins in West Indies and England in 1971.

Indian victories often came through successful defense in the fourth innings than successful chases. Yet India acquired an aura in the earlier days of strong second innings performances. Many even wondered why India did not play the second innings first. The current pieces attempts to chronicle few great chases, some successful, some unsuccessful and some managing to salvage a draw. However, it is during the first sixty odd years of Indian cricket and does not attempt to cover the last two to three decades where things changed quite differently. In fact in the post war era, the highest fourth innings total for a wining test, drawn test, losing test and tie have all been India’s at some point or the other.  

Perhaps the first great chase came in the 1948-49 home series against the West Indies. Trailing 0-1 going into final test, India needed 361 for a victory on the final day. A Vijay Hazare century nearly achieved it as India ended the day and the test at 355/6. There was deliberate slow play by West Indies, not unusual by teams even today. However, apparently, only five balls had been delivered in the penultimate over of the match when the umpire called stumps. Not only the umpire had counted the balls wrongly, he called stumps an over earlier! So an incompetence of an umpire prevented India a chance for a glorious win. (http://stats.espncricinfo.com/ci/engine/match/62694.html )

The first successful chase happened in 1964 on the Vijayadashmi day at Brabourne Stadium against Australia. Apparently it seemed the whole of Mumbai had left the celebration at home and gathered to celebrate at the stadium on the streets. Perusing the reports of the match, it was a thriller down to the wire before India registered a two wicket victory. Chandu Borde’s 30 not out is still considered one of the best sub-50 innings in the match (http://stats.espncricinfo.com/ci/engine/match/62953.html ).  India’s first series win against England happened at the Oval in 1971 chasing a target of 174 which was achieved with four wickets in hand (http://stats.espncricinfo.com/ci/engine/match/63078.html ).The match was as nerve thriller as the one against Australia of 1964

Between 1976 and 1979, there were no less than three occasions where India made 400+ in the final innings. It all seemed to have begun in Port of Spain in 1976 when Sunil Gavaskar and GR VIshwanath scored hundreds to lead India to an improbable chase of 404 against the West Indies (http://stats.espncricinfo.com/ci/engine/match/63161.html ). Smarting under the defeat, Windies skipper Clive Lloyd developed the bodyline against India in the next test, the beginning of the famous West Indian quartet. The chase stayed a record for almost 27 years before West Indies chased 418 against Australia in 2003.

In Australia India needing to win 491 against Australia at Adelaide made 445, the highest fourth innings score in losing match at that time (http://stats.espncricinfo.com/ci/engine/match/63199.html ). This had come on the heels of India making 324 falling short by 16 a few weeks earlier at Brisbane (http://stats.espncricinfo.com/ci/engine/match/63195.html ).
The near improbable chase of Oval ’79 was due to one man Sunil Gavaskar. Leading from the front, his 221 is rated by many as one top innings ever played. It might be his best and rare would be an occasion when any batsman so singlehandedly and valiantly waged a battle against a strong attack. Only a slight lapse in concentration caused his dismissal and so went the Indian hopes as they ended on 429/8 chasing 439 (http://stats.espncricinfo.com/ci/engine/match/63240.html ).

A few months later India ended up at 364/6 at Delhi against Pakistan short by 25 runs. Dilip Vengsarkar’s hundred against a marauding Sikandar Bhakt was a moment that led him to come out of the shadows of SMG and GRV, the dominant batsman of the time (http://stats.espncricinfo.com/ci/engine/match/63248.html ).

In Madras ’86, after Dean Jones double hundred, a battle not just against Indian bowlers but against weather and nature, Australia were in commanding position. As they declared on the morning of the final day requiring India to chase 347, nobody expected a thriller. For the first time in the Test, India looked dominating yet the glorious uncertainties made India loose the grip. Maninder Singh’s lbw to Greg Mathews perhaps to a debatable decision resulted in the match ending on a tie only the second occasion in test history (http://stats.espncricinfo.com/ci/engine/match/63438.html ). In 1987, India had a heartbreak of falling short by 16 runs against Pakistan chasing 220 in a low scoring match. The match at Bangalore turned out to be last for Sunil Gavaskar. His score of 96 in the fourth innings before getting out to perhaps dubious decision, destined to be his last, also turned out to be one of his best (https://www.espncricinfo.com/series/16757/scorecard/63456/india-vs-pakistan-5th-test-pakistan-tour-of-india-1986-87 ).

There are many other occasion post 1987 where India had its share of successes and heartbreaks. But the victory of World Cup in ’83 and subsequent hosting the same in 1987 changed the dynamics of cricket governance. India went to be champions at home during the 1990s and later followed up with good success abroad post 2000 onwards. The stories of Indian triumphs heartbreaks and near misses, individual and team alike need a different storyline. The present chronicle is about Indian success when they were underdogs. Therefore, the story needs to be divided into multiple parts.


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