Tag: proposal

Ranji Trophy and the Ultimatum Game

The Ultimatum Game is a commonly used research tool in behavioural economics. It is a “game” played between two players (say A and B) where A is given a sum of money which he has to split among himself and B. If B “accepts” the split,  both of them get the money as per A’s proposal. If, however, B rejects it,  both A and B get nothing.

This setup has been useful for behavioural economists to prove that people are not always necessarily rational. If everyone were to be rational, B would accept the split as long as he was given any amount greater than zero. However, real-life experiments have shown that B players frequently reject the deal when they think the split is “unfair”.

A version of this is being played out in this year’s Ranji Trophy thanks to some strange rules regarding points split in drawn games. A win fetches five points while a loss fetches none. In case of a drawn game, if the first innings of both sides has been completed, the team that has scored higher in the first innings gets three points, while the other team gets one. The rules, however, get interesting if not even one innings for each side has been completed. If the match has been rain affected and overs have been lost, both sides get two points each. Otherwise, both sides get zero points each!

I don’t know about the rationale of this strange points system, but I guess it is there to act as a deterrent against teams preparing featherbeds, batting for most of the four days and not even trying to win the match. In general, I haven’t been a fan at all of the Ranji Trophy’s points scoring system, and think it’s quite irrational and so refuse to comment on this rule. What I will comment about, however, is about the “ultimatum” opportunity this throws up.

In the first round of matches, Saurashtra batted first against Orissa and piled up a mammoth 545 in a little under two days. The magnitude of the score and the time left in the match meant that Orissa had been shut out of the game, and the best they could’ve done was to overtake Saurashtra on first innings score and get themselves three points. However, they batted slowly and steadily, with Natraj Behera scoring a patient double century, and with a few minutes to go in the game, they were still over 50 runs adrift of Saurashtra’s score, with three wickets in hand.

At that time, they had the chance to declare their innings, still some runs adrift of Saurashtra’s score, and collect one point, and handing over three points to Saurashtra. They, however, chose to bat on and block the game, and both teams finally ended up with zero points. It maybe because they also see Saurashtra as a competitor for “relegation”, but I thought this was irrational. Why would they deny themselves one point – if only to deny Saurashtra three points? It’s all puzzling.

Going forward, though, I hope the Ranji Trophy rules are changed to make each game a zero sum game (literally). Or else they could adopt the soccer scoring of 3 points for a win and 1 for a draw (something I’ve long advocated), first innings lead be damned!

The Swarovski Earrings

On Friday evening I tweeted:

Louis philippe best white shirt – rs X1
Swarovski crystal earrings – rs X2
Dinner at taj west end – rs X3
Proposal accepted – priceless

Now I must confess that there was a lie. Which I tried to mask by using variables for the various values. Of course, at the time of tweeting this, I didn’t know the value of X3; though I figured it out an hour later. The value of X1 is well known. The lie was in the X2 bit. The thing is I don’t know. Because the Swarovski crystal earrings weren’t bought; they were won.

Back in 2000 when I entered IIT Madras, I started doing extremely bad in quizzes there. It took me a long while to get adjusted to the format there (long questions, all-night quizzes… ) and a lot of stuff that got asked there was about stuff that I didn’t care much about so I didn’t really bother doing well. There’s this old joke that every IITM quiz should start and end with a Lord of the Rings (LOTR) question with two more LOTR questions in the middle, and all this is only in one half of the quiz.

In my first year there, there was also the additional problem of finding good people to quiz with. You invariably ended up going with someone either from your hostel or your class who might have attended their school trials for the Bournvita Quiz Contest, or sometimes quizzers you know from Bangalore. Still, the lack of a settled team meant that there was a cap on how well one could do. All through first year, I didn’t qualify in a single quiz, neither in Madras nor when I came home to Bangalore.

Second year was marginally different. There was still no settled team but the format wasn’t strange any more. And quizzes had started to get a little more general and less esoteric. I had started to qualify, or just miss qualification, in some quizzes. And around this time, while struggling with VLSI circuits and being accused by the Prof of being potential WTC Bombers (this was a few days after 9/11) I heard God and Ranga talk about some Dakshinachitra where they had qualified for the finals.

So Dakshinachitra is this heritage center on East Coast Road and they had been conducting an India Quiz. It was a strange format – three rounds of prelims with two teams (of two people) qualifying from each round. God and Ranga had gone for the first round of prelims and had sailed through. They had told me the competition hadn’t been too tough and so the following week Droopy and I headed out, taking some random local bus to the place.

We too made it peacefully to the finals and then found that it had turned out to be an all-IIT finals. However, they refused to shift the venue of the finals to the IIT campus and so all of us had to brave the Saturday afternoonMadras sun and head out again to the place. Thankfully this time they’d organized a bus from somewhere close to IIT.

I don’t remember too much of the finals apart from the fact that there was a buzzer round with extremely high stakes, in which Droopy and I did rather well. I remember one question in the buzzer round being cancelled because an audience member shouted out the answer. I remember there was this fraud-max specialist round where we were quizzed on a topic we’d picked beforehand. Thankfully the stakes there weren’t too high. It wasn’t a great quiz by general quizzing standards but what mattered was we won, marginally ahead of God and Ranga in a close finish.

The next morning Droopy and I appeard in the supplement pages of the New Indian Express, holding this huge winner’s certificate with Air India’s name on it (they took back that certificate as soon as the photo was taken). We were promised one return ticket each by Air India to any destination in some really limited list, but somehow they frauded on it and we could never fly. God and Ranga got a holiday each in some resort, and I don’t think they took that, too.

There were a lot of random things as prizes. There were some random old music CDs. Maybe some movie CDs too. I remember God and Ranga getting saris (god (not God, maybe God also) knows what they did with it). Droopy and I got coupons from VLCC. I put NED to encash them. Droopy went and was given a free haircut. And then there were these earrings.

Not knowing what to do with them, I just gave them to my mother. She, however, refused to wear them saying that since I’d won them, it was only appropriate that they go to my wife. So she put them away in the locker in my Jayanagar house and told me to take them out only when I had decided who I wanted to marry. And I, then a geeky 18-year old IITian, had decided to use these earrings while proposing marriage.

So early in the evening on Friday I went to the Jayanagar house and took the earrings out of the locker. What followed can be seen in the tweet. Oh, and now you might want to start following this blog.

PS: apologies for the extra-long post, but given the nature of the subject I suppose you can’t blame me for getting carried away

Arranged Scissors 2

One of the greatest sins in the normal relationship process is tw0-timing. If your statistically significant other figures out that there is yet another other who might also be statistically significant, she is not going to take things lying down. The most likely scenario will be that the yet another other will indeed become statistically siginficant – since the original SSO puts ditch. It might be a stretch but I’ll anyway say that tw0-timing is probably the worst mistake you can commit in the course of a relationship.

The arranged marriage market puts no such constraints. Even if you are ten-timing, people won’t mind. Especially if you are an NRI. The typical NRI process goes like this. Boy lands and is given a “shortlist” – a sheaf of CVs and photos. During the drive home, the shortlist is made shorter. The next day, “interviews” are arranged with each girl in the shorter list, typically at her house. End of the day, after sampling data from various sources, boy picks the one that he thinks will be likely to be most statistically significant in the long term.He takes her out for lunch the next day, puts a ring on her finger the following day and flies off, promising to return in a few months for the wedding. Occasionally, he claims he can’t get leave from his employers for another year and so puts off thaaLi also before he returns to vilayat. Girl can follow him later. For now she’ll follow him on Twitter (sorry, bad PJ).

Local boys don’t have it that lucky. At least, it is unlikely that they ten-time. There are two quirks of the arranged marriage market which pull in opposite directions when it comes to two-timing. On one hand is discretion. You don’t announce that you are “seeing someone” until it’s all fixed and proposal has been made and accepted. Discretion also means that you don’t want to be caught together in public. It also means that you can’t write funny things on each other’s facebook walls. And it obviously rules out PDA – in fact, all forms of DA are strongly discouraged until the contract has been signed. Heck, my cousin was putting DA during her engagement and that led to much gossip and condemnation. So no DA till marriage.

So yeah – one of the “advantages” of this discretion is that it allows you to two-time. What tugs from the other side is the time to decision. Due diligence in the whole process is outsourced, to the bankers. Typically it is finished even before the parties concerned get a chance to  explore each other – and in this, this process differs from the typical M&A process. So now that the due diligence has already been done, bankers prefer that the parties reach a decision quickly.

I don’t know how this happened, but the time to decision is fairly short. In olden days, I’m told that the due diligence was the beginning and end of the deal process. All that the parties had to do was sign. Things slowly improved – to showing photos, to being shown glimpses, to being allowed to talk for two minutes. I don’t know where things stand in terms of the general market, but I’ve been trying to insist on a proper blading process to allow enough time for tiki-taka.

Ok here is the grand unification for this post. The time to decision is a function of discretion and ability to two-time. Given the discretion that has normally been practised (i suppose this came about because societies were tightly knit and small and things would become awkward for all parties involved if each expression of interest were made public), the cost of two-timing became quite low. Thus, in order to make sure that the counterparty is not two-timing their kid, parents started demanding that decisions be made early. This cut both ways – the counterparty’s parents also wanted to make sure their kid wasn’t being two-timed. From the point of view of bankers, the short time-to-deal was an absolute win.

From the point of views of the interested parties, all it did was to increase the incentive for Common Minimum Programmes. Time allotted is generally too short to properly check out the counterparty, and you need to prioritise. You want to check for obvious mistakes. In the short time, you want to make sure that the counterparty is not an obvious misfit. Realizing that you will never have that time to figure out propely if a prospective counterparty has those “spikes”, you settle for someone who “clears the basic cutoffs”.

You thus get yourself a common minimum programme spouse.

Earlier in the series:

Arranged Scissors 1 – The Common Minimum Programme