The role of aspirations and aspirations adaptation in explaining satisficing and bounded rationality

Hugh Schwartz

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2008, vol. 37, issue 3, 949-957

Abstract: The explanation of bounded rationality in terms of satisficing has been received with skepticism, but Simon's claim that satisficing reflects aspirations and their adaptation could help resolve the matter, particularly taking account of the amplifications introduced by Selten to include motivational factors. Experimental investigations by Guth and his colleagues provide some support. Open-ended, in-depth interviews by Bewley and Schwartz help explain the factors that influence aspirations (which may differ for different tasks), giving attention to affective influences and also to context. They suggest a positive but more complicated relationship between the relative success in realizing profits aspirations and the adaptation of those aspirations, and also in the consequences that aspiration levels have for bounded rationality.

Date: 2008
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