A reasoned argument or tarka is essential for a wholesome vāda that aims at establishing the truth. A strong tarka constitutes of a number of elements including an anumāna based on a valid hetu. Several scholars, such as Dharmakīrti, Vasubandhu and Dignāga, have worked on theories for the establishment of a valid hetu to distinguish it from an invalid one. This paper aims to interpret Dignāga’s hetu-cakra, called the wheel of grounds, from a modern philosophical perspective by deconstructing it into (...) a simple probabilistic mathematical model. The objective is to understand how and why a vāda based on a probabilistically weaker hetu can degrade into a Jalpa or vitaṇḍā. To do so, the paper maps the concept of ‘Bounded Rationality’ onto the hetu-cakra. Bounded Rationality, an idea coined by the management thinker Herbert Simon, is often employed in understanding decision-making processes of rational agents. In the context of this paper, the concept would state that the prativādin and ālocaka (debater) may not hold unbounded information to back their pratijñā (proposition). The paper argues that within the probabilistically deconstructed hetu-cakra model, most people argue in the ‘Zone of Bounded Rationality’, and thus, the probability of a debate degrading into Jalpa or vitaṇḍā is high. -/- . (shrink)