A quantum probability explanation for violations of ‘rational’ decision theory
TLDR
It is argued that quantum probability provides a better framework for modelling human decision-making and is compared with an equivalent Markov model and it is shown that the latter is unable to account for violations of the sure thing principle.Abstract:
Two experimental tasks in psychology, the two-stage gambling game and the Prisoner's Dilemma game, show that people violate the sure thing principle of decision theory. These paradoxical findings have resisted explanation by classical decision theory for over a decade. A quantum probability model, based on a Hilbert space representation and Schrodinger's equation, provides a simple and elegant explanation for this behaviour. The quantum model is compared with an equivalent Markov model and it is shown that the latter is unable to account for violations of the sure thing principle. Accordingly, it is argued that quantum probability provides a better framework for modelling human decision-making.read more
Citations
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Can quantum probability provide a new direction for cognitive modeling
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A Quantum Question Order Model Supported by Empirical Tests of an A Priori and Precise Prediction
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Physics and financial economics (1776–2014): puzzles, Ising and agent-based models
TL;DR: The role of the Ising model of phase transitions to model social and financial systems is reviewed, with the concepts of random utilities and the logit model as the analog of the Boltzmann factor in statistical physics.
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Quantum computation and quantum information
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