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

Celebrating India's Series Win in Australia

 

One more edition of Gavaskar-Border trophy is over. The Indians have won second time in a row a test series in Australia. Two years back in 2019, India had won a series in Australia for the first time, something that eluded since their first tour Down Under at the end of 1947. Australia so as to speak was a sort of final frontier for the Indian team. Now that they have won a series in Australia twice, it need not be a mental block. The current final frontier would be South Africa where India are yet to win a series though they have won tests over there. India has won a test series in West Indies, England, Pakistan, New Zealand, Sri Lanka and of course the minor countries like Zimbabwe and Bangladesh. India is yet to play a test in Afghanistan and Ireland, the two babies of Test cricket. As India came back to win the series, the natural point of discussion revolves around the relative greatness of each of those series victories. It might be moot to have a subjective perception often based on the generational divide. The older ones would prefer the series of the yore, the younger ones prefer the current. Yet, as one does a post-mortem of greatness, it would be instructive to remember each seris is unique in its own way. While there would be quantitative attempts, the subjective rule will often override the other considerations.

 

When one compares the previous series, India had dominated the series right from the word go. Though India did lose the second test, the dominance was never in doubt. Yet, in the current series, India struggled in the first test, reaching their nadir in terms of their lowest test score. Given the aggression which the Australians are known for, it was believed that India would find it extremely difficult to save the series. Skipper Kohli flew back for paternity leave and through the series India lost half their resources to injuries not to speak of hard quarantine rules that prevailed due to the COVID-19 crisis. India going into the last test had perhaps one of the most inexperienced bowling attacks in recent times while the batting strength too was depleted. Notwithstanding injures, India could have very well won the Sydney test which they drew. But Gabba, the favourite hunting ground of the home side appeared to be a different ball game together. What made the series memorable was a comeback from 36 all out at Adelaide to nearly half of the players out of action due to injury, the quarantine rules amidst the COVID-19 hanging over the heads to the least experienced bowling attack to a side that is ferocious when it comes to competition. Yet there would be number of people who would be tempted to compare with the comeback in 2001 wherein India came from nowhere to win the test in Eden Gardens followed by one in Chidambaram Stadium to win the series.

 

As with any other series, each have their own characteristics. India had followed on, lost four wickets, there was an out-of-form Rahul Dravid playing a supporting cast to VVS Laxman, then Harbhajan Singh leading a very inexperienced attack to bowl India to victory. The bowling strength could be comparable in terms of match experience. Yet the moment then was very different than what exists in the current series. While each offered their insights into the great Indian fightback, they too had their differences which have to be savoured. For instance, how different would be India’s victory over West Indies way back in 1976 while successfully chasing 406 in the final innings. The West Indian attack was led by Michael Holding though the Indian batting was in its full strength. Yet in those days, full strength often meant Sunil Gavaskar and GR Vishwanath with others playing a minor role. India was not one of those sides which used to win constantly and therefore a victory at Port-of-Spain was something very different to be savoured. In fact going further, it would be interesting to see how Indian performance fared in 2003-04 when India won the Adelaide test to go one up in the series and make Australia do all the chasing in the remaining two tests. Again, it was a different context, different ball game altogether. If one were to look India’s performances in England would 2007 count as something extradordinary or would it be 2002 series when it saw a rare occasion of the Big Three Tendulkar,Dravid and Ganguly getting hundreds in the same test. While on achievements, the Indian series win in England in 1986 might also bring its own sweet memories so does the biggest triumph of all the 1971 series win in England following the one in the West Indies. It must be remembered India had just won 13 tests in the whole of the twentieth century outside India. The victories overseas are more of recent phenomenon something that began with Saurav Ganguly leading India to win in Bangladesh in 2000 on the latter’s maiden appearance as Test playing country.

 

Therefore, when one looks at the different Indian victories overseas, each have had a context to them. India had perhaps psychological barrier in winning abroad. Whenever they came, they were rare and to be savoured. For most part of the early Indian cricketing journey, even a draw or at times a first innings lead itself was to be celebrated. The journey from an also- ran in overseas tests to one winning frequently even after getting bundled out for the lowest ever test score is something that has been pretty long and perhaps exciting. There is no doubt a temptation to equate victories at different points of time and compare their significance. If the 1971 series wins heralded India’s arrival on the global cricketing scene, the 1983 World Cup win made India a power of its own, something demonstrated in World Cup moving from England to India. India rightly would savour this win. It is perhaps justified that Ajiynkya Rahane might get the Test captaincy on a permanent basis than stand-in for Virat Kohli. It would be definitely deserving. There might be some of the players who in all probability will shine quite high while few others fall by the wayside. Like any other victories this must be celebrated for its own uniqueness rather than engaging in comparison with the other victories achieved in the past.

 

 

 

 

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