Settling accounts with the losses
Why do we get so confused while selecting the best smartphone model and end up selecting high-costing ones? Why do people still fall for easy money schemes, Ponzi schemes, Pyramid schemes even though they are well informed about similar fraud cases? Why most of the people are ready to buy a million-dollar lottery ticket costing few pennies even when they know that the chances are very low? Why do people fall in the spiral of…
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Risk and Rationality in Uncertainty
We have many philosophical ideas about how money is not everything in life but deep down, everyone knows how money constitutes to a bigger portion of who we are. Although money can’t buy everything, the unexplainable value it holds behind presence of almost everything in our lives will never go unnoticed. We know that this importance of money/ resources/ assets is highly dependent on how much of those we have right now and how much…
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Ideological Legacy of The Rock Star Scientist
The dream that Dr. APJ Abdul Kalam had for developed India is the reality in which we are living today. It wouldn’t be possible if he hadn’t devised a result-oriented action plan for the Nation. It is sad that we never celebrate such great bright minds the way we celebrate film/ TV stars or sportsmen, especially in this golden era of social media. The incorporation of e-governance, e-judiciary, Information Communication Technology (ICT), Providing Urban-amenities to…
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Entrepreneurship and Poverty
We are surrounded by many entrepreneurs which go unnoticed and have nothing to do with the keywords like technology, unicorn, angel investors. A high chunk of these unnoticed entrepreneurs are poor entrepreneurs, almost a billion around the world. Nobel laureate economists Abhijit Banerjee and Esther Duflo studied such poor entrepreneurs which has created deep insights and answered many questions. Providing supporting capital – microcredit to such poor entrepreneurs is not the final answer to this…
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Game Theory – Minding our decisions
“All stable processes we shall predict. All unstable processes we shall control.” – Jon von Neumann Human relationships are more of multiple complex interactions. The interactions with living or non-living bodies create some actions and these actions have some favorable or unfavorable outcomes. The word “relationship” here is not used just as in parents, siblings, in-laws or acquaintances but as a connection to everything around us, mostly living things. The awareness of our actions and…
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Happiness, Inequality and Gini Coefficient
Almost half of the population of the world lives in rural regions and mostly in a state of poverty. Such inequalities in human development have been one of the primary reasons for unrest and, in some parts of the world, even violence. – Dr. A P J Abdul Kalam Recently, World Happiness Report for the year of 2022 was released and it was very shocking for many Indians that out of 146 countries surveyed, India…
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Connecting money with sentiments – Behavioral Economics
Behavioral economics established that humans are humans, they have emotions. They make mistakes and misbehave. Human beings are the epitome of what evolution has done with the earth. Starting from the stone age to the age of AI, we had a long journey of continuous adaptation. The development of various tools like weapons for hunting to the machinery for industrial development to the ginormous simulation engines to simulate space missions are to name the few.…
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Parts Per Billion 