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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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Theorizing the R-Day Parade- Economics Approach

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January 26, the celebration of Republic Day has become synonymous with the military parade along the Rajpath. Besides being a tourist attraction it reinforces the sense of national pride and honour. While the Rajpath where the President takes the salute, is the cynosure of attention, the parade makes its way across parts of Delhi.   Yet, on and off, there have arisen questions over the necessity of parade.   It might not be far off when woke liberals might call for ending the parade on grounds of encouraging intense nationalism. To some in the right, it if often viewed as hangover of the Soviet style parades that dominated the Communist Soviet Union. Military parades are known to have existed for centuries with records documenting the same in Roman and Greek times. The modern counterparts are however, around a couple of centuries old, with the oldest perhaps commemoration of fall of Bastille. The evolution of parades is not uniform. Though objectives might be similar to varying
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