A model of "satisficing" behavior in the repeated Prisoners Dilemma is studied. Each player has an aspiration at each date, and takes an action. [S]he switches from the action played in the previous period only if the achieved payoff fell below the aspiration level (with a probability that...

This paper proposes an aspiration-based model for (anonymous) cooperation where a large population of agents are re-matched every period to playa Prisoner's Dilemma. At each point in time, agents hold a certain common aspiration level which is updated on the basis of population-average...