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Showing posts with the label India vs Australia (cricket)

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

Celebrating India's Series Win in Australia

  One more edition of Gavaskar-Border trophy is over. The Indians have won second time in a row a test series in Australia. Two years back in 2019, India had won a series in Australia for the first time, something that eluded since their first tour Down Under at the end of 1947. Australia so as to speak was a sort of final frontier for the Indian team. Now that they have won a series in Australia twice, it need not be a mental block. The current final frontier would be South Africa where India are yet to win a series though they have won tests over there. India has won a test series in West Indies, England, Pakistan, New Zealand, Sri Lanka and of course the minor countries like Zimbabwe and Bangladesh. India is yet to play a test in Afghanistan and Ireland, the two babies of Test cricket. As India came back to win the series, the natural point of discussion revolves around the relative greatness of each of those series victories. It might be moot to have a subjective perception often b