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Showing posts with the label summers

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

The Decline of B-School Summers

To a student of management, corporate internship or summers as is popularly known is an unforgettable moment. The roots can be traced to the early days of management teaching in the US and other Western countries. When a course was introduced on Masters in Business Administration or MBA in popular lingo, it was perceived to be course with practical hands on knowledge to complement the theoretical aspects taught in the class. In fact case study method of teaching, a derivative from the law school, was developed and fostered to build better models and pedagogy to teach the concepts of business decision making. A student would be taught basis foundation skill sets and concepts of business management in the first year. There was to be time for reflection before the student moved on   to the second year. Instead of holidays between the first and second year of course study, the business school culture developed the concept of summer internship. The students were expected to land up a