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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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Deciphering the Social Media Ranting

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Social media is synonymous with ranting. The rants might not have any reasons but to many a rant a day is conceivably the only way to keep a doctor away or so as the adage goes. The social media indubitably has turned the nature of conversation upside down. Expertize in the pre-internet days stemmed from the ability to have their byline in a newspaper or a magazine or a bit of presence in the news television or radio. Given the supply demand dynamics of the media, it was not possible for many to have their views aired or published so as to become celebrities. This however did not stop people from getting published under Letters to the Editor column in many newspapers and newsmagazines. Moreover, the townsquare was ubiquitous for the celebrities in the community to hold fort on topics all and sundry. The social media with its arrival and subsequent expansion changed the dynamics.   The vertical ‘raja-praja’ hierarchy was dismantled with the horizontalization of information flow. Pla
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