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A Quantum-like Model of Selection Behavior

Author

Listed:
  • Masanari Asano
  • Irina Basieva
  • Andrei Khrennikov
  • Masanori Ohya
  • Yoshiharu Tanaka

Abstract

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.

Suggested Citation

  • Masanari Asano & Irina Basieva & Andrei Khrennikov & Masanori Ohya & Yoshiharu Tanaka, 2017. "A Quantum-like Model of Selection Behavior," Papers 1705.08536, arXiv.org.
    • Handle: RePEc:arx:papers:1705.08536
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    Cited by:

    1. Andrei Khrennikov, 2020. "Quantum-like modeling: cognition, decision making, and rationality," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 19(2), pages 307-310, November.
    2. Charles-Cadogan, G., 2018. "Probability interference in expected utility theory," Journal of Mathematical Economics, Elsevier, vol. 78(C), pages 163-175.
    3. Ismaël Rafaï & Sébastien Duchêne & Eric Guerci & Irina Basieva & Andrei Khrennikov, 2022. "The triple-store experiment: a first simultaneous test of classical and quantum probabilities in choice over menus," Theory and Decision, Springer, vol. 92(2), pages 387-406, March.
    4. Aerts, Diederik & Geriente, Suzette & Moreira, Catarina & Sozzo, Sandro, 2018. "Testing ambiguity and Machina preferences within a quantum-theoretic framework for decision-making," Journal of Mathematical Economics, Elsevier, vol. 78(C), pages 176-185.
    5. Basieva, Irina & Khrennikova, Polina & Pothos, Emmanuel M. & Asano, Masanari & Khrennikov, Andrei, 2018. "Quantum-like model of subjective expected utility," Journal of Mathematical Economics, Elsevier, vol. 78(C), pages 150-162.

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