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Satisficing in strategic environments: a theoretical approach and experimental evidence

Author

Listed:
  • 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.

Suggested Citation

  • Werner Güth & M. Vittoria Levati & Matteo Ploner, 2008. "Satisficing in strategic environments: a theoretical approach and experimental evidence," Jena Economics Research Papers 2008-078, Friedrich-Schiller-University Jena.
    • Handle: RePEc:jrp:jrpwrp:2008-078
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    Cited by:

    1. Werner Güth & Maria Vittoria Levati & Matteo Ploner, 2012. "Satisficing And Prior‐Free Optimality In Price Competition," Economic Inquiry, Western Economic Association International, vol. 50(2), pages 470-483, April.
    2. Werner Güth & Matteo Ploner, 2017. "Mentally perceiving how means achieve ends," Rationality and Society, , vol. 29(2), pages 203-225, May.
    3. Werner Güth & Hartmut Kliemt, 2010. "(Un)Bounded Rationality in Decision Making and Game Theory – Back to Square One?," Games, MDPI, vol. 1(1), pages 1-13, March.
    4. 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;Economic Science Association, vol. 15(4), pages 667-692, December.

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    Keywords

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    JEL classification:

    • 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

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