Research report 2006 - Max Planck Institute of Economics (1993 until 2014)
Experimental studies to verify the satisficing theory
Authors
Güth, Werner; Steiger, Eva-Maria
Departments
Strategische Interaktion (Prof. Dr. Werner Güth)
MPI für Ökonomik, Jena
Summary
The satisficing approach with its three constituent processes, aspiration formation, satisficing, and aspiration adjustment, is formally elaborated for a specific class of portfolio selection tasks. It is partly poorly confirmed by experimental data, indicating that bounded rationality requires teaching or, respectively, consulting, and learning.