Aspiration Adaptation Theory
AbstractAspiration 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 InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 389.
Date of creation: Oct 1996
Date of revision:
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Aspiration Adaptation; Bounded Rationality;
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