Posts

Showing posts with the label Repugnant markets

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
Post a Comment
Read more

Repugnant Sports

-
  In the past posts, there have been discussions on defining and classifying sports. There has been an attempt to quench the curiosity of what constitutes and what does not. Sports going through various definition autotelic and is an activity that warrants sufficient seriousness in its engagement at the professional level. There certainly exists an element of competition and of course physicality though there is a subset of what are called mind-sports. It is moot whether these mindsports constitute sports in itself or otherwise. There is of course a requirement by some scholars that sports need institutionalization and be stable over a considerable period of time. Given many sports are games, they are expected to demonstrate characteristics of gameness. There certainly would be constitutive rules and space which is autonomous of the real world. While there are some activities which fit into sports very easily, there are others which perhaps are borderline. There are some others which a
Post a Comment
Read more

Surveying Repugnant Markets

-
Markets conjure several things. They allure a numerous. There exist many types of markets. One talks of stock markets- the market for ownership; there are commodity markets at B2B levels, B2C levels- commodity exchanges, food markets, retail outlets, wholesale outlets; there are markets for financial capital- debt and equity markets; there are markets for goods and services and more. To economists of classical and neo-classical school, markets perform the role of allocation and distribution fo goods and services best. To them, Pareto efficiency is something best achieved through market mechanisms and not through central planning. Yet there are markets which people find it nauseating or repulsive to see they exist. In fact, the very idea of certain goods being exchanged in a market model is something that would be contrary to the norms established in the cultural context. In some geographies and societies, some of these markets might find favor yet in many others there are seem s
Post a Comment
Read more