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The role of aspirations and aspirations adaptation in explaining satisficing and bounded rationality

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  • Schwartz, Hugh

Abstract

The explanation of bounded rationality in terms of satisficing has been received with skepticism, but Simon's claim that satisficing reflects aspirations and their adaptation could help resolve the matter, particularly taking account of the amplifications introduced by Selten to include motivational factors. Experimental investigations by Guth and his colleagues provide some support. Open-ended, in-depth interviews by Bewley and Schwartz help explain the factors that influence aspirations (which may differ for different tasks), giving attention to affective influences and also to context. They suggest a positive but more complicated relationship between the relative success in realizing profits aspirations and the adaptation of those aspirations, and also in the consequences that aspiration levels have for bounded rationality.

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  • Schwartz, Hugh, 2008. "The role of aspirations and aspirations adaptation in explaining satisficing and bounded rationality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(3), pages 949-957, June.
  • Handle: RePEc:eee:soceco:v:37:y:2008:i:3:p:949-957
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    1. Schwartz, Hugh H., 1987. "Perception, judgment, and motivation in manufacturing enterprises : Findings and preliminary hypotheses from in-depth interviews," Journal of Economic Behavior & Organization, Elsevier, vol. 8(4), pages 543-565, December.
    2. Werner Güth & Gerlinde Fellner & Ev Martin, 2006. "Satisficing or Optimizing? - An Experimental Study," Papers on Strategic Interaction 2006-11, Max Planck Institute of Economics, Strategic Interaction Group.
    3. Selten, Reinhard, 1998. "Features of experimentally observed bounded rationality," European Economic Review, Elsevier, vol. 42(3-5), pages 413-436, May.
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