to adjust aspiration levels if they cannot be satisfied. -- satisficing behavior ; duopoly ; profit aspiration ; theory …In a duopoly market, aspiration levels express how much sellers want to earn given their expectations about the other …

effects on product market competition. We test their model in a duopoly experiment under both, Bertrand and Cournot … competition. We find that leverage has strategic effects, but those effects are much weaker than predicted by theory. Specifically …, we find for price competition a general tendency towards collusion, which has the same overall consequences - but …