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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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Tales of Hindu Bravery and the Contemporary Day

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  Indian historians in recent times have often talked about how Islamic invaders were easily able to conquer India. They also talk about the Islamic supremacy that enabled them to outbeat the Indian rulers who still used primitive methods of warfare. While the Indian rulers used primarily the elephants as their conveyance, their weapons still comprised of bows, arrows, swords or hand to hand combat. On the other hand, the Islamic rulers had got hold of the ammunition and gunpowder technology which enabled them to avoid hand to hand combat thus an advantage over the Hindus. Further it was claimed that cavalry power of the Muslims easily could outperform the Hindu elephant battalions.   There is no doubt, there is some truth in the same. The Hindu rulers did not venture into accessing advances in war. They perhaps felt no need of doing so. It was only in the later centuries that the Hindu rulers began to keep pace with the Muslim conquerors. In fact, in 1556, as Hemu marshalled his f
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