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Showing posts with the label India at Olympics

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 A number of volunteers have withdrawn from the contest.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-refu