Mismatches typically arise because of information problems in markets. This paper discusses the possibility of mismatching in partnerships focussing on strategic mismatches that cannot be explained by information problems. It is shown that due to market competition sometimes players can profit...

Aspiration adaptation theory (Sauermann and Selten, 1962), not available in English up to now, is a general model of non-optimizing boundedly rational behavior. The theory is presented in a more formal fashion than in the original paper. Moreover, the presentation is complemented by remarks on...