Game Theory
Aspiration-based learning is a concept in game theory that describes how players adjust their strategies based on aspirations or goals they set for themselves. Instead of trying to optimize their payoffs based on complete information, players use their aspirations to make decisions, focusing on achieving specific outcomes that they consider satisfactory or desirable. This approach highlights the limitations of rational decision-making by illustrating how players may adopt adaptive strategies that help them learn from past experiences while striving to meet their aspirations.
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