Satisficing search versus aspiration adaptation in sales competition: experimental evidence |
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Authors: | Siegfried Berninghaus Werner Güth M Vittoria Levati Jianying Qiu |
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Institution: | 1.Institute for Economics and Operations Research,University of Karlsruhe,Karlsruhe,Germany;2.Max Planck Institute of Economics,Strategic Interaction Group,Jena,Germany;3.Department of Economics,University of Innsbruck,Innsbruck,Austria |
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Abstract: | In a duopoly market, aspiration levels express how much sellers want to earn given their expectations about the other’s behavior.
We augment the sellers’ decision task by eliciting their profit aspiration. In a first experimental phase, whenever satisficing
is not possible, sales choices, point beliefs, or aspiration levels have to be adapted. This allows us to compare “aspiration-based
satisficing” to “aspiration adaptation”. In a second phase, testing the absorption of satisficing, participants are free to
select non-satisficing sales profiles. The results reveal that most participants are satisficers who, in line with aspiration
adaptation theory, tend to adjust aspiration levels and to keep sales behavior nearly unchanged. |
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