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Showing posts with the label commuter trains

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

Converting Passenger Trains to Express Trains: Some Thoughts

  It might sound a cliché but suffice to say that railways are the lifeline of Indian economy and society would be an understatement in many ways. Almost every Indian town or taluka place have a railway station within 20-30 kms from their place. The only exceptions perhaps would be those in the hills in the Himalayas or the North East and the islands. Railway transport has been critical in bringing together people at multiple levels. Distances have reduced psychologically. It is said in the days of Madras Presidency, the introduction of railways made relationships expand to distant regions. Girls would be given in marriage to grooms in nearby villages, the reason being easy to stay connected. Once the railways came around, it was easy to stay connected even to distant places (relatively speaking from those times) as the girl’s family could visit her frequently and vice versa.   Railways in India essentially not only carried freight and military but also was means to transport passe