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Showing posts with the label narrative building

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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Wiki'nomics', Narrative Contestations and Indic Ecosystem

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Wikipedia monopolizes the online encyclopedia segment for all practical purposes. To an individual, the first link from Google Search results invariably points towards a Wikipedia entry. Given its usual spot in the top 10 Google search results, Wikipedia usually occupies a top of mind recall for many people. Their first source of knowledge ingraining is Wikipedia. Wikipedia is not merely a crowd-sourced encyclopedia but has emerged as authoritative repository of knowledge. With passage of time, Wikipedia is expanding into non English languages too. Even in the context of Indic languages, Wikipedia might emerge as leading information production and dissemination contrary to expectations. Implied is the current and the future generation at least in the immediate future would get their information from Wikipedia. Therefore information as existing on Wikipedia in all likelihood will be treated as truth and even more so as it spreads in the regional languages. Despite no apparent cen
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Why Elitism Flourishes?

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‘Old Boys Network’ flourishes everywhere. Hardly a domain exists wherein one does not find absence of such a network. Connections determine the entry into the network and merit at least prima facie seems secondary. Despite all talk about meritocracy and such like, organizations and as an extension, the society, rather discouraging old boy network seemingly encourage the same. Often, membership of such a club is a sign of growth and prosperity, rebelliousness indicates an exit from the career path. Numerous instances abound of the same. It would be interesting to decipher the flourishing of the clubs. Clubs once formed create elitism. Yet the society is a pyramid and ideal society is greasy pyramid. Movement into upper layers of the pyramid will generate payoffs that follow exponentially increasing returns. Yet climbing the pyramid is not easy. There is constant sliding down the pyramid as each one seeks to upstage another. Hence those who manage to climb upwards would have their
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