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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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What Ails Research Driven Student Learning in B-Schools

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In age of information abundance, students no longer treat teacher as an exclusive source of information. Nor are they willing to remain passive recipients of classroom monologue. Teacher’s task is compounded given the heterogeneous nature of the student fraternity.   As Bloom taxonomy states, learning is an evolution from knowledge and comprehension towards synthesis and evaluation via application and analysis.   No doubt, given the information overflow, the surplus generated might remain unharnessed in the absence of ecosystem. In post graduate settings like in a B-School, the transition from rote learning in diverse socio-eco-geographies to research driven pedagogies present its own set of problems. Conventional delivery of courses in research methods and consequent applications like term papers, dissertations etc. are poor diluted adaptations of study methods normally found in doctoral research thus divorced from corporate reality. Often neither they facilitate advancement
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