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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

Geopolitical Case against Vaccine Nationalism

  Europe is facing a second wave of infections resulting from the Chinese virus. While the mortality rates are relatively lower compared to the first wave in March, the sheer infectiousness is very high. The US is yet to recover even from the first wave and the Presidential election campaign seems to have increased the infections. India on the other hand is seeing a decline in both infections as also the death rate. The positivity rate is coming down with some green shoots being visible. There is no room for complacency though. The festival season is on in India. The social distancing norms and the mask norms are routinely violated and given the Indian population becomes difficult to implement beyond a point. The ongoing election campaign in Bihar and other states is also likely to have an impact. Maybe India has to wait till early December before some it can be said with some definitiveness that India has past the peak decisively.   Meanwhile, the vaccines against the Chinese viru