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Showing posts with the label Diego Maradona

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

Remembering Diego Maradona

  It was early morning on a rainy July day in India. Argentina was to play Bulgaria in their final group match of the World Cup Soccer 1994. The time difference between the US where it was being hosted and India meant the match would be morning Indian time. India had never and still has never qualified for the World Cup. But as with each year, Indians have developed an affinity for the South American football and no wonder they would be rooting for Argentina. Yet in every Indian fan’s mind was the question whether their idol, the God, Diego Maradona would play. Maradona had been tested positive for drugs after their previous match, a 2-1 win over Nigeria. There were speculations about his future. As countless Indians switched on the television, they heard the news they dreaded the most. Maradona was out of the World Cup. The match was as good as over. If there was no Maradona, it seemed no point in watching. If in a distant India with little football achievements to celebrate, one can