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Decision Making as Output and Bounded Rationality

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  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
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India's Lowest Cricket Test Scores

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  The Adelaide test has seen a new low for India. The Indian team in the race for the World Test Championship victory has been shot down for 36 in its second innings thus its lowest score in Test cricket. The previous dubious distinction was held by Ajit Wadekar’s side of 1974 when it was dismissed for 42 at Lords. It too incidentally came in the second innings. As an aside, Indians were known to make great comebacks in second innings in the past. There was a saying why doesn’t India play the second innings first. In the current test, India did go with a sizeable advantage into the second innings. In a low scoring test, a first innings lead of even 50 would be quite handy and chasing something like 200+ in the fourth innings would anyway be difficult no matter the batting strength. Yet India handed the match on the platter with a rather timid display against some fine bowling from the Australians. No pitch would obviously be 36 all out pitch and it must be to the batsman who miserably
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Celebrating Sunil Gavaskar

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On his seventy first birthday, it would be interesting to analyse the legacy of the only genuine and successful opening batsman in Indian cricketing history, Sunil Gavaskar. To many, he represented a perfectionist and one of the first superstar batsmen in Indian cricketing world. His legacy stands magnificently though it 33 years since he last played for India. When he retired, he was at a stage where he could walk into a World Dream XI. Not just that, it would not be surprising he was picked as an opener for the all-time World Dream XI.   He averaged over fifty in test cricket though his one day record was far less impressive. But then he played in an era dominated by test matches with one dayers just making their appearance. He began his career for Bombay and got selected into the Indian team touring the West Indies in 1971. There was controversy at the dropping of Tiger Pataudi as the captain (selection committee chairman Vijay Merchant used his casting vote to favour Ajit Wadek
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Chronicling Great Indian Test Victories of the Past

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Despite not winning the World Cup since 2011, Indian cricket has been on a roll. The dominance is strong, rarely challenged on home surfaces and currently on the leaderboard of the ongoing World Test Championship. Yet this was not the case long ago. In fact many captains like Sunil Gavaskar adopted safety first strategy and ensured India did not lose. It was world cup victory of 1983 that changed in many ways the Indians performed in cricket. However, there were turning points in Test cricket much earlier with series wins in West Indies and England in 1971. Indian victories often came through successful defense in the fourth innings than successful chases. Yet India acquired an aura in the earlier days of strong second innings performances. Many even wondered why India did not play the second innings first. The current pieces attempts to chronicle few great chases, some successful, some unsuccessful and some managing to salvage a draw. However, it is during the first sixty odd y
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Cricket and Heuristics: Case of K. Srikanth

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The current year’s CK Nayadu awards have been awarded to Krishnamacharya Srikanth and Anjum Chopra. To a generation of those began following cricket in the early 1980s, K.Srikanth was a hero to be emulated of. Flamboyance, instinctive, aggressive, No-tomorrow attitude endeared to his fans. Till today, Srikanth’s achievements are sort of discussed in awe. Yet, glance at this statistics reveal otherwise. He made his debut against England at home in 1981-82 test series and last played for India in World Cup 1992. His record as demonstrated by his statistics is pretty ordinary. In his initial days he was part of the ODI team and could have test place permanent only around 1985 or so. He scored just two Test hundreds hardly an indication for cult he seemed to have built. One day internationals were different ball game together. They were just getting popular in India in the early 1980ss. He seemed to be right man for the right format. When he retired in 1992, her was the highest
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