Satisficing in sales competition: experimental evidence

In a stochastic duopoly market, sellers must form state-specific aspirationsexpressing how much they want to earn given their expectationsabout the other's behavior. We define individually and mutually satisficingsales behavior for given individual beliefs and aspiration profiles. In afirst experimental phase, whenever satisficing is not possible, beliefs or aspirationshave to be adapted, or other strategy profies must be found. Ina second phase, participants are free to select non-satisficing sales profiles.The results reveal that most people are satisficers who, either mandatorilyor deliberately, tend to adjust aspiration levels if they cannot be satisfied.