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Showing posts with the label Incredible India

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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Long Tail of Indian Tourism

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  One of the earliest campaigns of the Modi government elected in 2014 was the Incredible India campaign. It was an attempt to draw tourists from across the world into exploring different facets of India. The facets are not merely historical monuments but would extend to wildlife sanctuaries, national parks, beaches, old temples, historical places, snow clad mountains, trekking routes, mountain drives, river rafting, island exploration, cultural exploration, sartorial tourism, to just sample a few. It again was not merely about few landmarks but drawing across the country from the snow clad mountains of Kashmir, Ladakh, Himachal Pradesh to Uttarakhand to the hill stations in the Himalayas to the Nilgiris, from the beaches of West Coast to the distant beaches of the East Coast to just sample a few. The campaign was of course a moderate success, yet its success could be measured only in the long run. The shift in consumer preferences take quite a bit of time. what added to the woes was t
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