Role of Information in Decision Making of Social Agents

Vyacheslav I. Yukalov () and Didier Sornette ()
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Vyacheslav I. Yukalov: Department of Management, Technology and Economics, ETH Zürich, Swiss Federal Institute of Technology, Zürich CH-8092, Switzerland;
Didier Sornette: Department of Management, Technology and Economics, ETH Zürich, Swiss Federal Institute of Technology, Zürich CH-8092, Switzerland;

International Journal of Information Technology & Decision Making (IJITDM), 2015, vol. 14, issue 05, 1129-1166

Abstract: The influence of additional information on the decision making of agents, who are the interacting members of a society, is analyzed within the mathematical framework based on the use of quantum probabilities. The introduction of social interactions, which influence the decisions of individual agents, leads to a generalization of the quantum decision theory (QDT) developed earlier by the authors for separate individuals. The generalized approach is free of the standard paradoxes of classical decision theory. This approach also explains the error-attenuation effects observed for the paradoxes occurring when decision makers, who are members of a society, consult with each other, increasing in this way the available mutual information. A precise correspondence between QDT and classical utility theory is formulated via the introduction of an intermediate probabilistic version of utility theory of a novel form, which obeys the requirement that zero-utility prospects should have zero probability weights.

Keywords: Information and knowledge; decision theory; decisions under uncertainty; group consultations; social interactions (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S0219622014500564

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