Satisficing in financial decision making — a theoretical and experimental approach to bounded rationality
Journal of Mathematical Psychology(2009)
摘要
We apply the theoretical construct of bounded rationality to an investment game, allowing participants to invest their monetary endowment in riskless bonds and risky assets. In our experiment, we elicit aspiration levels from participants: one captures a subsistence threshold, the other a success threshold. Participants can be classified according to these aspirations and the corresponding investment behavior. We differentiate between potential and actual satisficing. By presupposing specific cardinal utility functions, we also relate the bounded rationality approach to the traditional rational choice model.
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关键词
Bounded rationality,Aspirations,Rational choice,Investment,Risk attitude
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