Posts

Showing posts with the label arbitrary coherence

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

Economics of Sports Scoring and Field Measurements

Two elements stand out in playing and watching sports. First, the playing dimensions and second the scoring system. The former includes the dimensions of the field, nature and specifications of the equipment used, dress code etc. The latter, vital for the very landscape of sports being competitive, defines the process of determination of the winner. A glance at playing dimensions indicate cricket pitch to be of 22 yards, soccer field dimensions at international level being around 100*70 metres or so etc. Similarly we see athletics events being raced over 100 m, 200 m etc. Ditto for swimming contests. The scoring system for sports like tennis is 6 games to a set and best of three or five sets as the case may be. Table tennis, badminton etc similarly are played in sets but rather games, they are played to certain points in each set. Golf is about achieving the target with minimum shots. Shooting is target sport with points offered based on the target hit. While soaking the emo