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http://hdl.handle.net/10419/25739
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| Title: | | Prior-free optimality and satisficing: a common framework and its experimental implementation  |
| Authors: | | Güth, Werner |
| Issue Date: | | 2008 |
| Series/Report no.: | | Jena economic research papers 2008,055 |
| Abstract: | | Similar to welfare economics where with(out) interpersonal comparisons one defines unique (set-valued) welfare (Pareto) optima, we present a framework for one-person decision making where with(out) a prior probability distribution individual optimality prescribes usually a unique (set of) choice(s). Satisfiable aspirations in the sense that there exists some choice guaranteeing them define a much larger choice set whose intersection with the set of prior-free optimal choices is never empty. We also review experimental procedures and results which incentivize aspiration formation and reject even prior-free optimality experimentally. |
| Subjects: | | Satisficing bounded rationality optimality |
| JEL: | | B4 D81 D10 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Jena Economic Research Papers, MPI für Ökonomik
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