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A quantum-like model of selection behavior
Tokuyama Coll, Japan.
Linnaeus University, Faculty of Technology, Department of Mathematics. (Int Ctr Math Modeling Phys & Cognit Sci)
Linnaeus University, Faculty of Technology, Department of Mathematics. (Int Ctr Math Modeling Phys & Cognit Sci)ORCID iD: 0000-0002-9857-0938
Tokyo Univ Sci, Japan.
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2017 (English)In: Journal of mathematical psychology (Print), ISSN 0022-2496, E-ISSN 1096-0880, Vol. 78, 2-12 p.Article in journal (Refereed) 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.

Place, publisher, year, edition, pages
2017. Vol. 78, 2-12 p.
Keyword [en]
Prospect theory, Ellsberg paradox, Machina paradox, WTA and WTP, Quantum-like approach
National Category
Mathematics
Research subject
Natural Science, Mathematics
Identifiers
URN: urn:nbn:se:lnu:diva-66896DOI: 10.1016/j.jmp.2016.07.006ISI: 000403636800002OAI: oai:DiVA.org:lnu-66896DiVA: diva2:1121688
Available from: 2017-07-12 Created: 2017-07-12 Last updated: 2017-07-12Bibliographically approved

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Basieva, IrinaKhrennikov, Andrei
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