We review the necessary concepts of irrationality that emerged in economics over the last few decades. In this paper we propose irrationality as an implicit economic variable with the irrational customers as economic agents. The theory of Utility maximization and Bounded rationality along with social welfare is kept as the building block of the new conceptualization. The discussion centers around the commodity market alone, however, the basic concept is applicable to any economic transaction. If a decision is irrational, the transaction shifts away from equilibrium in a macroeconomic setup.
{"title":"Conceptualizing Irrationality as an Implicit Economic Variable","authors":"Sourav Banerjee, Arundhati Ray, Writaparna Mukherjee","doi":"10.15864/jbmr.1205","DOIUrl":"https://doi.org/10.15864/jbmr.1205","url":null,"abstract":"We review the necessary concepts of irrationality that emerged in economics over the last few decades. In this paper we propose irrationality as an implicit economic variable with the irrational customers as economic agents. The theory of Utility maximization and Bounded rationality\u0000 along with social welfare is kept as the building block of the new conceptualization. The discussion centers around the commodity market alone, however, the basic concept is applicable to any economic transaction. If a decision is irrational, the transaction shifts away from equilibrium in\u0000 a macroeconomic setup.","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132423512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
After more than two weeks of relentless rain, in early August, 2018, Kerala, often referred as ‘God’s own country’ a State at the southern tip of India, known internationally for its scenic green landscapes, tourists spots and backwaters, is left with over 1 million people in relief camps and close to 400 reported dead- the number expected to be much higher as many areas remain inaccessible. The coastal strip wedged between the Arabian Sea and the Western Ghats mountain chain is prone to inundation. Unusually heavy monsoon rains have got the entire State of Kerala in the grip of a massive, unprecedented flood: the last time anything like this has happened was in 1924. Even before the rains, Kerala’s economy presented a mixed picture: relatively higher per capita income, but slow growth and high unemployment rates. As torrential rains abated in Kerala, the major question confronting the State and its unfortunate citizens is an assessment of the colossal loss of property, agriculture and infrastructure and the focus has turned towards the short-term negative implications and how will it rebuild its economy. There were evidently many political, economic, social and managerial lessons to take away from the disaster. The paper will describe the magnitude of the disaster in Kerala and the impact on the human population.
{"title":"Post-mortem of the Kerala floods 2018 tragedy","authors":"Pritha Ghosh","doi":"10.15864/ajbmr.1104","DOIUrl":"https://doi.org/10.15864/ajbmr.1104","url":null,"abstract":"\u0000 After more than two weeks of relentless rain, in early August, 2018, Kerala, often referred as ‘God’s own country’ a State at the southern tip of India, known internationally for its scenic green landscapes, tourists spots and backwaters, is left with over 1 million\u0000 people in relief camps and close to 400 reported dead- the number expected to be much higher as many areas remain inaccessible. The coastal strip wedged between the Arabian Sea and the Western Ghats mountain chain is prone to inundation. Unusually heavy monsoon rains have got the entire State\u0000 of Kerala in the grip of a massive, unprecedented flood: the last time anything like this has happened was in 1924. Even before the rains, Kerala’s economy presented a mixed picture: relatively higher per capita income, but slow growth and high unemployment rates. As torrential rains\u0000 abated in Kerala, the major question confronting the State and its unfortunate citizens is an assessment of the colossal loss of property, agriculture and infrastructure and the focus has turned towards the short-term negative implications and how will it rebuild its economy. There were evidently\u0000 many political, economic, social and managerial lessons to take away from the disaster. The paper will describe the magnitude of the disaster in Kerala and the impact on the human population.\u0000","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126840786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact of Leadership on Employees Retention","authors":"","doi":"10.15864/ajbmr.4205","DOIUrl":"https://doi.org/10.15864/ajbmr.4205","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124854006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Factor influencing masstige purchase intention: A gender moderation approach","authors":"","doi":"10.15864/ajbmr.4204","DOIUrl":"https://doi.org/10.15864/ajbmr.4204","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"646 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123342389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Socio-Economic Impact Assessment at Sagar Island in Respect of Grid Availability","authors":"","doi":"10.15864/ajbmr.3206","DOIUrl":"https://doi.org/10.15864/ajbmr.3206","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134547273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Lifestyle changes to lower cancer risk: A Report","authors":"","doi":"10.15864/ajabtr.346","DOIUrl":"https://doi.org/10.15864/ajabtr.346","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122055694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Work Life Balance of Women Leaders","authors":"","doi":"10.15864/ajbmr.3204","DOIUrl":"https://doi.org/10.15864/ajbmr.3204","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124736976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Influence of Charles Babbage on Supplier Selection Criteria: An Empirical Study","authors":"","doi":"10.15864/ajbmr.4104","DOIUrl":"https://doi.org/10.15864/ajbmr.4104","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"2586 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128800825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"LORD KRISHNA: A Study from Human Resource Perspective","authors":"","doi":"10.15864/ajbmr.4203","DOIUrl":"https://doi.org/10.15864/ajbmr.4203","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133564719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Study of Consumer Purchase Intentions for Selected Luxury Fashion Products, with a Focus on Pan India","authors":"","doi":"10.15864/ajbmr.3103","DOIUrl":"https://doi.org/10.15864/ajbmr.3103","url":null,"abstract":"","PeriodicalId":326460,"journal":{"name":"American Journal of Business and Management Research","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122523764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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