Task Transcending Satisficing - An Experimental Study

Abstract

The paper explores the applicability of the satisficing approach. In particular, we investigate whether basic principles of aspiration for-mation and satisficing behavior are transferable between similar situ-ations. Individuals are sequentially confronted with two risky invest-ment tasks, a simple and a more complex one. Initially elicited state-contingent aspirations can be used to predict actual portfolio selection in both tasks. We explore whether individual characteristics of satis-ficing apply to both scenarios. Results indicate that stated aspirations frequently cannot be fulfilled. However, aspiration formation itself is highly transferable between tasks.

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