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On a heterogeneous experimental oligopoly market, sellers choose a price, specify a set-valued prior-free conjecture about the others' behavior, and form their own profit-aspiration for each element of their conjecture. We formally define the concepts of satisficing and prior-free optimality and...
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to adjust aspiration levels if they cannot be satisfied. -- satisficing behavior ; duopoly ; profit aspiration ; theory …
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of boundedly rational individuals. In view of such a causal role of theories we discuss how advice of a theory of …
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