SFB 303 Discussion Paper No. B - 389

Author: Selten, Reinhard
Title: Aspiration Adaptation Theory
Abstract: Aspiration adaptation theory (Sauermann and Selten, 1962), not available in English up to now, is a general model of non-optimizing boundedly rational behavior. The theory is presented in a more formal fashion than in the original paper. Moreover, the presentation is complemented by remarks on decision resources as goal variables and the way in which aspiration adaptation copes with uncertainty by risk-related goal variables. Finally, possible modifications in the light of experimental evidence are discussed.
Keywords: Aspiration Adaptation, Bounded Rationality
JEL-Classification-Number: D21
Creation-Date: October 1996
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