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The Ellsberg paradox: A challenge to quantum decision theory?
journal contributionposted on 2018-03-14, 10:50 authored by Ali al-Nowaihiy, Sanjit Dhamiz
We set up a simple quantum decision model of the Ellsberg paradox. We find that the matching probabilities that our model predict are in good agreement with those empirically measured by Dimmock et al. (2015). Our derivation is parameter free. It only depends on quantum probability theory in conjunction with the heuristic of insufficient reason. We suggest that much of what is normally attributed to probability weighting might actually be due to quantum probability.
CitationJournal of Mathematical Psychology, 2017, 78, pp 40-50
Author affiliation/Organisation/COLLEGE OF SOCIAL SCIENCES, ARTS AND HUMANITIES/Department of Economics
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