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

Deciphering the Social Media Ranting

Social media is synonymous with ranting. The rants might not have any reasons but to many a rant a day is conceivably the only way to keep a doctor away or so as the adage goes. The social media indubitably has turned the nature of conversation upside down. Expertize in the pre-internet days stemmed from the ability to have their byline in a newspaper or a magazine or a bit of presence in the news television or radio. Given the supply demand dynamics of the media, it was not possible for many to have their views aired or published so as to become celebrities. This however did not stop people from getting published under Letters to the Editor column in many newspapers and newsmagazines. Moreover, the townsquare was ubiquitous for the celebrities in the community to hold fort on topics all and sundry. The social media with its arrival and subsequent expansion changed the dynamics.

 

The vertical ‘raja-praja’ hierarchy was dismantled with the horizontalization of information flow. Platforms like Twitter became a hub for political conversation. YouTube became a platform for broadcasting videos of political and social significance. Blogosphere too expanded its presence. A corollary was the erosion of monopoly of the experts in setting the directions of conversation. They still had a domineering presence. People would still listen to them for the relevance and accreditation. But it was longer undisputed. Many new faces started to make their presence with their point of view carrying weight. In terms of market structures, markets moved from a relative degree of oligopoly to a monopolistic competition. The latter needed differentiation to survive thus making the participants hunt for the differentiating element.

 

To many, upward mobility in social media hierarchy meant more number of followers or subscribers or connections based on the characteristics of the platform. To build a presence on the platform, the visibility is indispensable. It is a different matter whether visibility is niche or mass. To some, they would prefer the visibility to be niche within the circles of interest thus enabling them maximization of their presence value. To others, given no ostensible niche interests, it makes sense to attempt visibility on any contemporary issues. Further it makes sense to align on ideological grounds irrespective of competence or not.

 

The visibility emerges only through a significant presence and significant interventions. For offline celebrity, social media would be more a public relations extension than an independent avenue for establishing presence. For others, the social media is a new platform. Therefore, their presence has to be established implied of which is increasing number of posts. The content for the posts have to be created. The content creation is not easy. A method of creating content is to latch on the issues of the day. It is much better for example to tag or comment on others posts or TLs or profiles as the case might be to garner attention. Some might garner attention quickly, others may languish for months but their persistence would be noteworthy.

 

The objectives to those seeking to rant are manifold. If they are ideologically aligned opposite, then are enough reasons for ranting anything the government does. It does not matter whether they understand or not, but it is executed by the government, so it must be opposed irrespective of its merits. To these ranters, their signals are driven by what are being talked by the opinion leaders. The opinion leaders are the ones who drive the charge the rest follow like a herd. Amplifying the rant besides targeting the ones of the opposite side of the fence would command great merit. Fearless of trolling and ability to hit the hacks of the other side often drive their movement upwards in their hierarchy.

 

On the other side of the spectrum, a few would feel a need to defend each and every action irrespective of its demerits. These are apologists of the regime but do a valuable work of defending their government at multiple fora. In contrast there are many who pretend their allegiance to an ideology rather than the government. They have also the shred the notion of ‘blind bhakts’. Therefore they have create a reputation of being constructive critics and not follow blindly what the government does. Therefore, the most suitable option for them is to keep criticising. They are the ones who begin ranting at any given opportunity. The moment they find any statement of the government, they rush into the well or at least the social media sphere to pick flaws and point out how it is a deviation from the ideology. They claim upon themselves a legacy of protecting their ideology irrespective of the consequences short or long term. Further so, if they are branded as blind bhakts by the media and the opposition, they have to shed it. They have all the more reasons to appear critical of the government whether it merits or not. Further through a sharp critical take, they feel their reputation will go up. in their assessment, the media will take notice of their rants and thus designate them to be of some repute thus giving credence to their posts. In all probability, the media or the opposition would hardly lend any credence to these outbursts. On the contrary, they might even choose to rankle them further by describing them as blind bhakts again and again and enjoy the rants and thus the discomfiture of the government and its social media managers. In the long run, these ranters instead of acquiring an upward mobility might end up discredited with hardly anyone to take notice of their arguments, if they have any.

 

There are others who adopt a vociferous stand because they have a hidden agenda. The hidden agenda needs a camouflage and taking a strident stance on an issue would be the best mechanism to achieve that. The agenda might be a brief from a rival company or an organization or even a political party or a country. They also perhaps have hidden grievances for which they need to execute a counter attack without appearing to be bitter or a case of sour grapes. To them, a convenient issue that matches with ideological deviations or nationalist postures could be a good signal to begin their fulminations. It doesn’t have to be knowledgeable to fulminate. All that matter is cloaking of your fulmination with ideological or nationalistic or internationalist or woke posture suiting to the occasion. The internal motivations might be linked to a payoff extraneous to the rant or linked to the possible acceptance as key member of the ideological gang operating on the platform.

 

Thus an analysis cursory it might be reveals it’s the signalling that predisposes an economic agent to keep ranting on the social media on all issues that he or she might deem fit. The signalling might be aimed at one or multiple constituencies either in sequence or simultaneously. But it will have to be a posture that should serve the intrinsic or instrumental needs of the agent. The rest as they would describe is secondary.

 

 


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