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A quantum-like model of selection behavior
Tokuyama Coll, Japan.
Linnéuniversitetet, Fakulteten för teknik (FTK), Institutionen för matematik (MA). (Int Ctr Math Modeling Phys & Cognit Sci)ORCID-id: 0000-0003-2396-6193
Linnéuniversitetet, Fakulteten för teknik (FTK), Institutionen för matematik (MA). (Int Ctr Math Modeling Phys & Cognit Sci)ORCID-id: 0000-0002-9857-0938
Tokyo Univ Sci, Japan.
Vise andre og tillknytning
2017 (engelsk)Inngår i: Journal of mathematical psychology (Print), ISSN 0022-2496, E-ISSN 1096-0880, Vol. 78, s. 2-12Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

In this paper, we introduce a new model of selection behavior under risk that describes an essential cognitive process for comparing values of objects and making a selection decision. This model is constructed by the quantum-like approach that employs the state representation specific to quantum theory, which has the mathematical framework beyond the classical probability theory. We show that our quantum approach can clearly explain the famous examples of anomalies for the expected utility theory, the Ellsberg paradox, the Machina paradox and the disparity between WTA and WTP. Further, we point out that our model mathematically specifies the characteristics of the probability weighting function and the value function, which are basic concepts in the prospect theory. (C) 2016 Elsevier Inc. All rights reserved.

sted, utgiver, år, opplag, sider
Elsevier, 2017. Vol. 78, s. 2-12
Emneord [en]
Prospect theory, Ellsberg paradox, Machina paradox, WTA and WTP, Quantum-like approach
HSV kategori
Forskningsprogram
Naturvetenskap, Matematik
Identifikatorer
URN: urn:nbn:se:lnu:diva-66896DOI: 10.1016/j.jmp.2016.07.006ISI: 000403636800002Scopus ID: 2-s2.0-84994236287OAI: oai:DiVA.org:lnu-66896DiVA, id: diva2:1121688
Tilgjengelig fra: 2017-07-12 Laget: 2017-07-12 Sist oppdatert: 2019-09-06bibliografisk kontrollert

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