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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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Ramayana on DD and Popularity: Some Notes

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The re=telecast of Ramayana on Doordarshan during the lockdown has seen record viewership. Reports indicate 78 million views making it break many records. Doordarshan which had become just another channel for many years has re-emerged as a Star. The increasing popularity of Doordarshan has demonstrated an interesting example of what one was a ‘Dog’ in BCG parlance getting converted into a ‘Star’. The context and position does result in changes. This at some level suggests the static BCG matrix analysis of product portfolio simply flies in the air given the dynamic nature of business, social, cultural and economic topography.     Aside of the BCG matrix, there are interesting pointers from the angle of economics of such a viewership. What makes an old televised portrayal of the epic Ramayana click some 35 years after it was first telecast? It is obvious that the lockdown meant most people were at home and the idiot box was the best way to pass time. Doordarshan capitalized on the
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