Can quantum decision theory explain the Ellsberg paradox?

Mengxing Wei (), Ali al-Nowaihi () and Sanjit Dhami

No 17/07, Discussion Papers in Economics from Division of Economics, School of Business, University of Leicester

Abstract: We report the results of an experiment we performed to test the matching probabilities for the Ellsberg paradox predicted by the quantum decision model of al-Nowaihi and Dhami (2016). We find that the theoretical predictions of that model are in conformity with our experimental results. This supports the thesis that violations of classical (Kolmogorov) probability theory may not be due to irrational behaviour but, rather, due to inadequacy of classical probability theory for the description of human behaviour.

Keywords: Quantum probability; the Ellsberg paradox; the law of total probability; the law of reciprocity; the Feynman rules; cognitive limitations. (search for similar items in EconPapers)
JEL-codes: D03 (search for similar items in EconPapers)
Date: 2017-02
New Economics Papers: this item is included in nep-exp and nep-upt
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