In a stochastic duopoly market, sellers must form state-specific aspirationsexpressing how much they want to earn given their expectationsabout the other's behavior. We define individually and mutually satisficingsales behavior for given individual beliefs and aspiration profiles. In afirst...

We experimentally explore individual and interactive decision making ina sequential search task and test whether generally accepted principles ofbounded rationality (aspiration formation, satisficing, and aspiration adjustment)adequately explain the observed search behavior. Subjects can, at...

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...

Das Anspruchserfüllungskonzept mit seinen Bausteinen "Anspruchsbildung, Anspruchserfüllung und Anspruchsanpassung" ist die zentrale Idee in der Theorie des eingeschränkten rationalen Entscheidens. Ähnlich wie die Rationalwahltheorie, die ohne kühne Einschränkungen, zum Beispiel der...

This experimental study investigates whether individuals preferbounded rationality over rational choice theory when facing simpleinvestment tasks. First, participants state some personal parametersthat serve as an input to render a theoretical approach, namelysatisficing or optimality,...

We experimentally investigate whether the satisficing approach isabsorbable, i.e., whether it still applies after participants become awareof it. In a setting where an investor decides between a riskless bondand either one or two risky assets, we familiarize participants with thesatisficing...

The paper explores the applicability of the satisficing approach. Inparticular, we investigate whether basic principles of aspiration formationand satisficing behavior are transferable between similar situations.Individuals are sequentially confronted with two risky investmenttasks, a simple and...

In plausible theories of bounded rationality actors are not stimulus-response machines but human beings. As such they are guided by theories that predict the course of the world and prescribe how they should try to intervene in that course. Since boundedly rational human beings cannot only...

This paper brings together views on choice making as have been developed in philosophy, psychology, and economics. Starting from specific examples the relative merits of different approaches are discussed. The conclusion that models of boundedly rational behavior are the future of social science...

A vast literature shows that individuals frequently fail to identify the normative solutionsin logical reasoning tasks. Much attention has been devoted to the study ofthese deviations at the individual level; less effort was exerted to investigate whetherinstitutional settings might facilitate...