Satisficing in strategic environments: a theoretical approach and experimental evidence
AbstractThe satisficing approach is generalized and applied to finite n-person games. Based on direct elicitation of aspirations, we formally define the concept of satisficing, which does not exclude (prior-free) optimality but includes it as a border case. We also review some experiments on strategic games illustrating and partly supporting our theoretical approach.
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Bibliographic InfoPaper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2008-078.
Date of creation: 16 Oct 2008
Date of revision:
Strategic interaction; Satisficing behavior; Bounded rationality;
Other versions of this item:
- Güth, Werner & Vittoria Levati, M. & Ploner, Matteo, 2010. "Satisficing in strategic environments: A theoretical approach and experimental evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(5), pages 554-561, October.
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-21 (All new papers)
- NEP-CBE-2008-10-21 (Cognitive & Behavioural Economics)
- NEP-CSE-2008-10-21 (Economics of Strategic Management)
- NEP-EXP-2008-10-21 (Experimental Economics)
- NEP-GTH-2008-10-21 (Game Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Bounded Rationality and Theory Absorption,"
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- Siegfried Berninghaus & Werner G?th & M. Vittoria Levati & Jianying Qiu, 2009.
"Satisficing in sales competition: experimental evidence,"
2009-14, Faculty of Economics and Statistics, University of Innsbruck.
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- Siegfried Berninghaus & Werner Güth & M. Vittoria Levati & Jianying Qiu, 2006. "Satisficing in sales competition: experimental evidence," Papers on Strategic Interaction 2006-32, Max Planck Institute of Economics, Strategic Interaction Group.
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- Tobias Scheffel & Georg Ziegler & Martin Bichler, 2012. "On the impact of package selection in combinatorial auctions: an experimental study in the context of spectrum auction design," Experimental Economics, Springer, vol. 15(4), pages 667-692, December.
- Werner Güth & Hartmut Kliemt, 2010. "(Un)Bounded Rationality in Decision Making and Game Theory – Back to Square One?," Games, MDPI, Open Access Journal, vol. 1(1), pages 53-65, March.
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