Testing ambiguity and Machina preferences within a quantum-theoretic framework for decision-making
| Autor: | Sandro Sozzo, Suzette Geriente, Catarina Moreira, Diederik Aerts |
|---|---|
| Přispěvatelé: | Centre Leo Apostel |
| Rok vydání: | 2018 |
| Předmět: |
Thought experiment
Economics and Econometrics Ellsberg paradox General Economics (econ.GN) media_common.quotation_subject Ambiguity aversion 050105 experimental psychology FOS: Economics and business Expected utility theory Quantum probability Quantum state 0502 economics and business 0501 psychology and cognitive sciences 050207 economics Expected utility hypothesis Economics - General Economics media_common Applied Mathematics 05 social sciences Subjective expected utility Ambiguity Mathematical Finance (q-fin.MF) Quantitative Finance - Mathematical Finance Machina paradox quantum structures Psychology Mathematical economics Social psychology |
| Zdroj: | Journal of Mathematical Economics |
| ISSN: | 0304-4068 |
| DOI: | 10.1016/j.jmateco.2017.12.002 |
| Popis: | The Machina thought experiments pose to major non-expected utility models challenges that are similar to those posed by the Ellsberg thought experiments to subjective expected utility theory (SEUT). We test human choices in the `Ellsberg three-color example', confirming typical ambiguity aversion patterns, and the `Machina 50/51 and reflection examples', partially confirming the preferences hypothesized by Machina. Then, we show that a quantum-theoretic framework for decision-making under uncertainty recently elaborated by some of us allows faithful modeling of all data on the Ellsberg and Machina paradox situations. In the quantum-theoretic framework subjective probabilities are represented by quantum probabilities, while quantum state transformations enable representations of ambiguity aversion and subjective attitudes toward it. Comment: 19 pages, 1 figure, standard LaTex. arXiv admin note: substantial text overlap with arXiv:1612.08583, arXiv:1510.09058 |
| Databáze: | OpenAIRE |
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