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

India's Hopes in Tokyo Olympics

 

June 22 is marked as the Olympic day and 30 days remain for the start of the delayed Tokyo Olympics. It is for the first time, the Olympics are happening in a odd year and under much uncertainty. There has been opposition within Japan to hosting the Olympics given the circumstances. Japan has just lifted the state of Emergency imposed in the wake of the spike in the cases of Chinese virus. The torch relay has to face multiple barriers. A number of volunteers have withdrawn from the contest. There have been different rules framed for different athletes from different countries. There has been opposition in India over the ill-treatment being meted to Indian athletes in terms of severity in quarantine imposition and interaction with other athletes. It would be mammoth task for them to carry out the Olympics with more than 10000 athletes and perhaps the double the number of officials. There has been ban on foreign spectators which has invited a severe backlash more so because of non-refundable tickets.

 

In the context of the games and the Olympic day, it would be interesting to take a look at India’s prospects in the games. At the outset it must be said, there would be uncertainty and thus would be difficult to predict the movement of results. It would be wrong perhaps to expect a targeted set of medals. Many countries are scaling back their expectations and are not setting any targeted medals. Yet one can broadly analyze the prospects of Indian athletes in the best case scenario. India will be sending around 110 athletes something similar to last time in Rio. The athletes would be competing in a host of sports and there is an increase in the number of sports India is participating. India is participating in fencing for the first time while it participating in equestrian after a gap of twenty years. India is sending a larger contingent of four sailors in three events in sailing, perhaps for the first time India is participating in more than one event in the sport. India has also confirmed an entry in Judo, a sport where India participates regularly but has not made any impact over the years. There is also a gymnast in the field but little can be expected of her unlike last time. The same result might be expected in the lone rowing entry. It would be difficult to expect any medals or even top ten finish in these sports barring a miracle. Yet, the very fact, India is going to participate in these sports would itself be some glory.

 

India might not expect much in table tennis but the players are likely to pull off an upset or two. It was disappointing to see them not qualifying in the team events, something which was expected from women’s archery team which faltered in the qualifiers. Archery does create expectations but invariably lead to disappointment. One hopes there would be a better performance in the sport. Lawn tennis is showing some decline with only the women’s doubles getting an entry thanks to the protected ranking system. There is an entry in the weightlifting and given her ranking, there is an expectation for a medal in the sport after 20 years.

 

Indian athletes are ready to participate in the track and field and a number of athletes are likely to qualify. Yet barring javelin throw, there is hardly any chance of a medal in the sport. However some good performances including qualification for the finals are likely to be expected. There is no improvement in swimming with India again choosing to field universality places. The sport certainly needs some push up in the coming years. There are a couple of golfers but unlikely to create any dent though there did create some interest in Rio. India’s hopes will continue in badminton and are likely to gain a medal or so. It would be disappointment if India fails to get a medal in the sport.

 

India’s chances in wrestling are certainly bright with at least four wrestlers being seeded. They should give India a couple of medals in continuation of the past three games. Indian hopes would also rest high on boxing where there is a strong contingent. It should be a surprise if India fails to perform to expectations in the sport. Shooting is one sport where India has been dominant in recent times and should continue to assert its dominance. It came a damp squib at Rio to find India without medals in shooting. India should be targeting in excess of five shooting medals if everything goes well in Tokyo.  

 

This brings us to the eternal hope in field hockey. India has been doing well in recent times. India should reach the quarter finals comfortably in the men’s section and a victory there should put on the throes of the medal. The women have done well to qualify for the second time in a row but little can be expected given the current form. They would do well if they reach the quarter finals. India has historically underperformed at the international stage in sports. India has perhaps talent but execution has always been below expectations. Indians are not able to cope with the global competition. There would expectations but many a time they turn out be unrealistic with often a poor reality check. India, if has to demonstrate its superpower credentials has to demonstrate its prowess in sports too. India has ignored the reality for a long time. For a population of India’s size, it would be hardly justice if India doesn’t stand top in sports. Tokyo Olympics is happening at a time when the world is grappling with the virus emerging from China. There are huge odds to beat not just the virus or the athletes but even the protocols and the norms that are sought to be imposed in Tokyo. Indian athletes have done a lot of hard work in qualifying for the Olympics. There have been few disappointments in qualification but nevertheless the time is to look forward and hope India turns the corner in its quest for sporting supremacy.

 

 

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