English, Article, Journal or magazine article edition: Prior-Free Optimality and Satisficing - A Common Framework and its Experimental Implementation - Werner Güth

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Prior-Free Optimality and Satisficing - A Common Framework and its Experimental Implementation -
Author
  • Werner Güth
Physical Description
  • preprint
Notes
  • 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.
  • Satisficing, bounded rationality, optimality
  • RePEc:jrp:jrpwrp:2008-055
Language
  • English
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