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Quantum Structures in Human Decision-making: Towards Quantum Expected Utility

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journal contribution
posted on 2019-03-08, 10:19 authored by S Sozzo
Ellsberg thought experiments and empirical confirmation of Ellsberg preferences pose serious challenges to subjective expected utility theory (SEUT). We have recently elaborated a quantum-theoretic framework for human decisions under uncertainty which satisfactorily copes with the Ellsberg paradox and other puzzles of SEUT. We apply here the quantum-theoretic framework to the Ellsberg two-urn example, showing that the paradox can be explained by assuming a state change of the conceptual entity that is the object of the decision (decision-making, or DM, entity) and representing subjective probabilities by quantum probabilities. We also model the empirical data we collected in a DM test on human participants within the theoretic framework above. The obtained results are relevant, as they provide a line to model real life, e.g., financial and medical, decisions that show the same empirical patterns as the two-urn experiment.

History

Citation

International Journal of Theoretical Physics, 2019, pp. 1-15

Author affiliation

/Organisation/COLLEGE OF SOCIAL SCIENCES, ARTS AND HUMANITIES/School of Business

Version

  • AM (Accepted Manuscript)

Published in

International Journal of Theoretical Physics

Publisher

Springer Verlag

eissn

1572-9575

Acceptance date

2019-01-17

Copyright date

2019

Publisher version

https://link.springer.com/article/10.1007/s10773-019-04022-w#aboutcontent

Notes

The file associated with this record is under embargo until 12 months after publication, in accordance with the publisher's self-archiving policy. The full text may be available through the publisher links provided above.

Language

en

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