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Showing posts with the label Pinrayi VIjayan

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

Pinrayi Games

  Kerala Chief Minister Pinrayi Vijayan created history when he became the first to retain power in the state in more than forty years. The state has seen rotation of power between the two fronts, the United Democratic Front (UDF) and the Left Democratic Front (LDF) over the last forty years. The ruling LDF not only retained power but did in a comprehensive manner winning more than ninety seats in the 140 member assembly. The Congress led UDF bit dust which perhaps might lead to realignment of forces within the state. Interestingly, the election campaign on corruption scandals especially the gold smuggling case did not find traction with the voters. The involvement of the top leadership of the ruling coalition did not seem to have influenced the voters. The Chief Minister was seen as a benevolent patriarch trying to handle the COVID-19 pandemic induced by the Wuhan virus. It did not apparently matter that Kerala performed relatively worse in terms of number of cases detected. It did re