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Aspiration Adaptation Theory

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Author Info
Selten, Reinhard

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Abstract

Aspiration adaptation theory (Sauermann and Selten, 1962), not available in English up to now, is a general model of non-optimizing boundedly rational behavior. The theory is presented in a more formal fashion than in the original paper. Moreover, the presentation is complemented by remarks on decision resources as goal variables and the way in which aspiration adaptation copes with uncertainty by risk-related goal variables. Finally, possible modifications in the light of experimental evidence are discusse

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Publisher Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 389.

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Length: pages
Date of creation: Oct 1996
Date of revision:
Handle: RePEc:bon:bonsfb:389

Contact details of provider:
Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: Aspiration Adaptation Bounded Rationality

Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior

Cited by:
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  1. Astrid Matthey & Nadja Dwenger, 2008. "Don’t aim too high: the potential costs of high aspirations," SFB 649 Discussion Papers SFB649DP2008-011, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]
    Other versions:
  2. W. Güth, . "Robust Learning Experiments -Evidence for Learning and Deliberation-," Sonderforschungsbereich 373 2000-82, Humboldt Universitaet Berlin.
  3. W. Güth, . "How Ultimatum Offers Emerge - A Study in Bounded Rationality-," Sonderforschungsbereich 373 2000-29, Humboldt Universitaet Berlin.
    Other versions:
  4. Christoph Engel, 2004. "Social Dilemmas, Revisited from a Heuristics Perspective," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2004_4, Max Planck Institute for Research on Collective Goods. [Downloadable!]
  5. Hermann Brandstätter & Werner Güth & Hartmut Kliemt, . "Philosophical, Psychological and Economic Aspects of Choice Making," Discussion Papers on Strategic Interaction 2003-06, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
  6. Steffen Huck & Philippe Jehiel, 2004. "Public statistics and private experience : Varying feedback information in a take or pass game," Levine's Bibliography 122247000000000733, UCLA Department of Economics. [Downloadable!]
  7. Robin Pope & Reinhard Selten & Sebastian Kube & Jürgen von Hagen, 2006. "Experimental Evidence on the Benefits of Eliminating Exchange Rate Uncertainties and Why Expected Utility Theory causes Economists to Miss Them," Labsi Experimental Economics Laboratory University of Siena 010, University of Siena. [Downloadable!]
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