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Showing posts with the label sports and physics

Decision Making as Output and Bounded Rationality

  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

Defining a Sport!

As a consensus, sports might be universally liked and played ( exceptions aside), yet consensus eludes in defining sports. A quick Google Search shows “ an activity involving physical exertion and skill in which an individual or team   competes against another or others for entertainment.” This definition of course is taken from the Oxford dictionary. Other definitions of sports include                 “Sport includes all forms of  competitive  physical activity or games which, through casual or organised participation, at least in part aim to use, maintain or improve physical ability and skills while providing enjoyment to participants, and in some cases, entertainment for spectators”   - Wikipedia                 “ an athletic activity requiring skill or physical prowess and often of a competitive nature, as racing, baseball, tennis, golf, bowling, wrestling, boxing, hunting, fishing, etc. ”- Dictonary.com                 “ physical activity engaged in for ple