Satisficing in strategic environments: A theoretical approach and experimental evidence
The satisficing approach is generalized and applied to finite n-person games. We formally define the concept of satisficing and propose a theory that allows satisficing players to make "optimal" decisions without being equipped with any prior. We also review some experiments on strategic games illustrating and partly supporting our theoretical approach.
Volume (Year): 39 (2010)
Issue (Month): 5 (October)
|Contact details of provider:|| Web page: http://www.elsevier.com/locate/inca/620175|
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.:
- Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-11, May.
- 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.
- 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.
- Berninghaus, Siegfried K. & Gueth, Werner & Levati, M. Vittoria & Qiu, Jianying, 2007. "Satisficing in sales competition: experimental evidence," Sonderforschungsbereich 504 Publications 07-03, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- 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.
- Werner Güth & Hartmut Kliemt, 2004.
"Bounded Rationality and Theory Absorption,"
Papers on Strategic Interaction
2004-27, Max Planck Institute of Economics, Strategic Interaction Group.
- Napel, Stefan, 2003. "Aspiration adaptation in the ultimatum minigame," Games and Economic Behavior, Elsevier, vol. 43(1), pages 86-106, April.
- Guth, Werner, 2007. "Satisficing in portfolio selection--Theoretical aspects and experimental tests," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(4), pages 505-522, August.
- 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.
- 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.
- Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
When requesting a correction, please mention this item's handle: RePEc:eee:soceco:v:39:y:2010:i:5:p:554-561. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.