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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

Naming Railway Stations

  There is invariably a controversy when something is named. This something could be an airport, a port, a railway station, a bus stand, a street, a road, a dam, an educational institute, a waterway, a sanctuary or a zoo, an university or maybe countless other things. These things invariably get named after prominent personalities or institutions. The criteria is usually someone big associated with the ruling party of the day. There was no surprise when anything and everything was named or renamed after the Nehru-Gandhi family during the Congress rule. The Connaught Place was named Rajiv Chowk, there was the Hyderabad airport which was named after Rajiv Gandhi, there was a sea link between Bandra and Worli in Mumbai that was named after Rajiv Gandhi. Similarly, there did arise issues when the current government named Mughalsarai station as Deen Dayal Nagar. It is not the railway stations were not named before. Mumbai VT was renamed as Chatrapati Shivaji Maharaj Terminus whereas the new