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Satisficing in strategic environments: a theoretical approach and experimental evidence

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Author Info

  • Werner Güth

    (Max Planck Institute of Economics, Strategic Interaction Group, Jena, Germany)

  • M. Vittoria Levati

    ()
    (Max Planck Institute of Economics, Strategic Interaction Group, Jena, Germany)

  • Matteo Ploner

    (Max Planck Institute of Economics, Strategic Interaction Group, Jena, Germany, and University of Trento, Italy)

Abstract

The 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 Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2008-078.

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Date of creation: 16 Oct 2008
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Handle: RePEc:jrp:jrpwrp:2008-078

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Keywords: Strategic interaction; Satisficing behavior; Bounded rationality;

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  1. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  2. Werner Güth & M. Vittoria Levatia & Matteo Ploner, 2008. "Satisficing and prior-free optimality in price competition: a theoretical and experimental analysis," Jena Economic Research Papers 2008-067, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  3. Dixon, Huw David, 2000. "Keeping up with the Joneses: competition and the evolution of collusion," Journal of Economic Behavior & Organization, Elsevier, vol. 43(2), pages 223-238, October.
  4. Werner Güth & Hartmut Kliemt, 2004. "Bounded Rationality and Theory Absorption," Homo Oeconomicus, Institute of SocioEconomics, vol. 21, pages 521-541.
  5. Werner Güth & M. Vittoria Levati & Matteo Ploner, 2006. "Is Satisficing Absorbable? - An Experimental Study," Papers on Strategic Interaction 2006-10, Max Planck Institute of Economics, Strategic Interaction Group.
  6. Napel, Stefan, 2003. "Aspiration adaptation in the ultimatum minigame," Games and Economic Behavior, Elsevier, vol. 43(1), pages 86-106, April.
  7. Siegfried Berninghaus & Werner G?th & M. Vittoria Levati & Jianying Qiu, 2009. "Satisficing in sales competition: experimental evidence," Working Papers 2009-14, Faculty of Economics and Statistics, University of Innsbruck.
  8. Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-11, May.
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Cited by:
  1. 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.
  2. 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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