Posts

Showing posts with the label lead indicator

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
Post a Comment
Read more

Logic of Free Revealing of Information

-
Erich Von Hippel in his splendid appraisal of innovation reasoned home innovation or user driven innovation constitutes a critical yet discounted component of the innovation process.   The users as they innovate in their ‘home’ or ‘office’ environment deliver valued service to the firms. Given the heterogeneity of needs, it is difficult for a firm to produce personalized or customized goods without a trade-off on price. Therefore the biome compels the users adapt the standardized offering by tinkering with these products to suit their localized contextual needs. In doing so, they emerge as lead indicators of the demand patterns for the goods and physiognomies of the goods. In a previous piece http://stalkingtheory.blogspot.com/2020/01/output-saving-and-digital-domain.html , quoting Lancaster, it was argued that the individualities of the good rather the good itself engendered utility to the user. Therefore, it is vital for the firms to decode the user needs thus making available th
Post a Comment
Read more

Today's Imagination, Tomorrow''s Reality: Sci-Fi and Entrepreneurship

-
Imagination with all its wildest possibilities yearn to be released from the human mind into actual reality. The expression of grammar of imagination might be story, visual, movie, art, audio, novel or oral conversation. The outcome however remains the same: far reaching, wild, perhaps bizarre, perhaps practically unimagined set of things that human might ever create and use. The outcome, to its progenitor might appear most marvelous, irrespective whether the public at lare perceive it to be crap or otherwise. Yet few might escape the crap trap and generate into hard core imagination underpinned science fiction expressed through visual, written or audio means.   Science fiction is best expressed as an output generated with infinite degrees of freedom for imagination. Science fiction is not a mere work of fantasy. Adventures and challenges endear to humans thus the foundation for visualizing a universe with those infinite challenges. Invariably, there exists a hero who conque
Post a Comment
Read more