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Showing posts with the label sincerely held beliefs

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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Judicial Interventions in Hindu Cultural Matters : A Note

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  In India, the judiciary in theory can be a dictator with very little options existing to question its choice. It can turn itself into an institution without accountability at the whiff of the hat. It per se exists in current boundaries only due to its own restraint and this is by its own admission at different points of time. With passage of and more so in recent years, the court has turned a law into itself exercising jurisdiction on things all and sundry. It seems to have an opinion on everything under the sun. Often it functions to the gallery rather than application of judicial principles on matters of law. It has taken refuge on the grounds that it fills the vacuum when the executives abandons its role. The fact of the matter however is often it seeks to encroach into executive powers on the grounds of inefficiency of executive in implementing what can be termed as pro-people decisions. In exercising power under the garb of protecting welfare of the people from the hands of alle
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Economics and Eclipses!

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Eclipses evoke fear, mystery and awe alike. For ancients, it was certainly a mystery. They would have been ignorant of a natural phenomenon that does not experience a frequent occurrence. During total solar eclipse when sun disappears and darkness abounds in the midst of the day, they would have certainly been fear struck and panic ensued for those few moments before the sun began to take ‘rebirth’. Given zero knowledge of science, it would have been most likely to be attributed to super natural forces. Within perhaps centuries, mankind probably make sense of eclipses as phenomenon that occur though the natural linkages might not have been established. To some ancient civilizations, there were astronomers who could predict eclipses in advance. Evidences of eclipses are found in ancient Hindu scriptures and mythology like Mahabharata etc . Given the supernatural attribution to eclipses, it gave rise to several theories and practices. Astrological significance would have added
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