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Showing posts with the label copyright

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

Copyright Day, Enforcement , and Demising Returns

  April 23 is celebrated as the World Book and Copyright Day. It marks the commemoration of the birthday of William Shakespeare. It is moot whether the Bard of Avon was born on this day, but nevertheless, there is a celebration and this is associated with the books and the ideas behind those expressions in the books. Books are expression of an idea that is sought to be conveyed by the author. The idea needs protection since anyone else can steal the idea. Yet ideas can arise independently to many of them. The way they might express would be different. For instance if someone were to express an idea through a book, somebody might convey the same idea through a movie or they might be a musical composition seeking to project the same idea. A story might be told to the audience, yet when asked to write down the story or orally retell the story, each member of the audience might convey in different style and form. Therefore, while the underlying might be the same, the way in it is expressed