We experimentally explore individual and interactive decision making ina sequential search task and test whether generally accepted principles ofbounded rationality (aspiration formation, satisficing, and aspiration adjustment)adequately explain the observed search behavior. Subjects can, at...

For given product specifications by two competing firms the demand levels are determined by a randomly generated ideal composition of aspects. Firms can vary some demand. Although the product space is much too large to be explored systematically, we expect (and test for) rather reasonable...