Satisficing leads to cooperation in mutual interests games

Satisficing leads to cooperation in mutual interests games

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Article ID: iaor19982912
Country: Germany
Volume: 26
Issue: 4
Start Page Number: 439
End Page Number: 453
Publication Date: Jan 1997
Journal: International Journal of Game Theory
Authors:
Keywords: pareto-optimality
Abstract:

We study the play of mutual interests games by satisficing decision makers. We show that, for a high enough initial aspiration level, and under certain assumptions of ‘tremble’, there is a high probability (close to unity) of convergence to the Pareto dominant cooperative outcome. Simulations indicate that the theoretical result is robust with respect to the ‘trembling’ mechanism.

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