A mathematical model for consumers based on aspiration adaptation theory and bounded rationality

This paper describes characteristics of a discrete - time model for a consumers group through bounded rationality theory, where the basis of decision-making is the Aspiration Adaptation Theory (Selten, 1998). Each consumer try to imitate the decision of others related to them based in last time period observation, as long as they are connected by no directed and no weight graph. The models consist of some algorithms for imitation process, income raise through education and the extreme cases. Finally, the paper shows conclusions and extensions.