On the use of discrete-time quantum walks in decision theory

Ming Chen, Giuseppe M Ferro and Didier Sornette

PLOS ONE, 2022, vol. 17, issue 8, 1-32

Abstract: We present a short review of discrete-time quantum walks (DTQW) as a potentially useful and rich formalism to model human decision-making. We present a pedagogical introduction of the underlying formalism and main structural properties. We suggest that DTQW are particularly suitable for combining the two strands of literature on evidence accumulator models and on the quantum formalism of cognition. Due to the additional spin degree of freedom, models based on DTQW allow for a natural modeling of model choice and confidence rating in separate bases. Levels of introspection and self-assessment during choice deliberations can be modeled by the introduction of a probability for measurement of either position and/or spin of the DTQW, where each measurement act leads to a partial decoherence (corresponding to a step towards rationalization) of the deliberation process. We show how quantum walks predict observed probabilistic misperception like S-shaped subjective probability and conjunction fallacy. Our framework emphasizes the close relationship between response times and type of preferences and of responses. In particular, decision theories based on DTQW do not need to invoke two systems (“fast” and “slow”) as in dual process theories. Within our DTQW framework, the two fast and slow systems are replaced by a single system, but with two types of self-assessment or introspection. The “thinking fast” regime is obtained with no or little self-assessment, while the “thinking slow” regime corresponds to a strong rate of self-assessment. We predict a trade-off between speed and accuracy, as empirically reported.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0273551

DOI: 10.1371/journal.pone.0273551

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