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Aspiration Adaptation Theory

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Author Info

  • Selten, Reinhard

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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Bibliographic 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 6884
Web page: http://www.bgse.uni-bonn.de

Related research

Keywords: Aspiration Adaptation; Bounded Rationality;

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Cited by:
  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.
  2. Castellani, Marco & Di Giovinazzo, Viviana & Novarese, Marco, 2010. "Procedural rationality and happiness," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(3), pages 376-383, June.
  3. 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.
  4. 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.
  5. Hermann Brandstätter & Werner Güth & Hartmut Kliemt, . "Philosophical, Psychological and Economic Aspects of Choice Making," Papers on Strategic Interaction 2003-06, Max Planck Institute of Economics, Strategic Interaction Group.

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