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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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Red Fort- A Trailer for the Future of Protests?

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  The government had warned of Khalistani infiltration in the farm protests and possibility of violence on January 26. The Supreme Court had chosen to believe the lawyers like Prashant Bhushan or Dushyant Dave representing the farm protest groups. It was an uphill task on the Republic Day to maintain security given the resources that are essential for providing security on the Rajpath. The outcomes are very evident with what happened in the Red Fort. It is no doubt a huge psychological defeat given the symbolism associated with the structure. Yet such moments have come in the life of a nation across the globe. India too has faced moments similar in the past but have conquered and reclaimed back. This too would be reclaimed. The might of the state will exert itself in the days to come. The movement as it exists might die soon. The narrative would see a distinct shift to the anti-national nature of the movement. It would perhaps be difficult to defend even though the might of the media i
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