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Decision Making as Output and Bounded Rationality

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  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
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Election Season 2021: A Note

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  The very geography of India makes it a permanent election season. There are elections round the clock in some or the other part of the country. There are elections to the Parliament, there are elections to the state assemblies. There are bye-elections to the Parliament or State Assemblies. There are elections to local bodies, autonomous councils or what not. Therefore, there is valid reason why the current government is keen on having ‘One Nation, One Election’. It is not just the costs, but the productivity lost in the election season and the perennial Model Code of Conduct in some part of the country or the other. As with any year, 2021 too has its own set of elections. Therefore, one is all set for the election season which is beginning the current week in West Bengal and Assam and will also cover the states of Kerala, Tamil Nadu and the Union Territory of Pondicherry. Besides, there are by-elections scheduled both for Lok Sabha and the Vidhan Sabha across the different states and
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Notes on Punjab Politics

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  The events at the Red Fort and other parts of Delhi in the guise of farmer protests have brought the spotlight back on to the politics as it exists in Punjab. There is no doubt, a rising clamour for the arrest and crackdown of the farmer’s movements or at least the movement that is going on in the name of farm laws. The protest leaders might be busy disowning the actions at the Red Fort but cannot absolve themselves of the responsibility of their actions which led to this fracas. The protestors might have the backing of the media and the opposition parties, each wanting to hit back at the Modi government for their own reasons, but their agenda seems to be suffering a setback. However, the setback might not be visible in Punjab as it would be perhaps in Haryana or Rajasthan or Uttar Pradesh. There is very distinct Sikh identity to the current protests and thus the events would reinforce the perception that Sikh and Khalistani agenda in specific was the real agenda of the protest group
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