Satisficing in Portfolio Selection - Theoretical Aspects and Experimental Tests

The satisficing approach with its three constituent processes, aspiration formation,satisficing, and aspiration adjustment, is formally elaborated for a specificclass of portfolio selection tasks. It is partly poorly confirmed by experimentaldata, indicating that bounded rationality requires teaching or, respectively, consulting,and learning. It is also discussed and tested experimentally whether satisficingis task transcending (are there individual constants in satisficing behaviorfor related tasks?) and absorbable (do we stick to satisficing behavior when becomingaware of it?).