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Showing posts with the label Laloo Prasad Yadav

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

Bihar Elections 2020- A Note

  The last phase of Bihar elections are about to be held on November 7, 2020. The counting of votes will happen on November 10, 2020. Along with these elections the counting of by-elections in several states for their Assemblies will also be held. The most interesting part of this election was Bihar going to polls in mere three phases. This represents the journey Bihar has travelled over the years. It was not long when Bihar polls would be full of violent incidents, people dying in clashes. Mercifully, the current round of elections have gone peacefully. In fact, the peaceful conduct of polls in three phases in an environment aggravated by the pandemic unleashed by the Chinese virus represents a case for India to move towards a single or two phase polls in the near future.   Amidst these elections, the pointers from Madhya Pradesh would no doubt be significant. While the BJP might win absolute majority, if it does fail to win significant number of seats it would herald a sort of co