Satisficing in strategic environments: a theoretical approach and experimental evidence
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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"Satisficing in sales competition: experimental evidence,"
Papers on Strategic Interaction
2006-32, Max Planck Institute of Economics, Strategic Interaction Group.
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- Werner G³th & Hartmut Kliemt, 2004. "Bounded Rationality and Theory Absorption," Homo Oeconomicus, Institute of SocioEconomics, vol. 21, pages 521-541.
- Werner Güth & Hartmut Kliemt, 2004. "Bounded Rationality and Theory Absorption," Papers on Strategic Interaction 2004-27, Max Planck Institute of Economics, Strategic Interaction Group.
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