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Type Indeterminacy: A Model of the KT(Kahneman-Tversky)-man

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  • Ariane Lambert Mogiliansky

    ()

  • Shmuel Zamir

    ()

  • Herve Zwirn

    ()

Abstract

In this note we propose to use the mathematical formalism of Quantum Mechanics to capture the idea that agents’ preferences, in addition to being typically uncertain, can also be indeterminate. They are determined (realized, and not merely revealed) only when the action takes place. An agent is described by a state which is a superposition of potential types (or preferences or behaviors). This superposed state is projected (or ”collapses”) onto one of the possible behaviors at the time of the interaction. In addition to the main goal of modelling uncertainty of preferences which is not due to lack of information, this formalism, seems to be adequate to describe widely observed phenomena like framing and instances of noncommutativity in patterns of behavior. We propose two experiments to test the theory.

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Bibliographic Info

Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp343.

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Length: 31 pages
Date of creation: Oct 2003
Date of revision:
Handle: RePEc:huj:dispap:dp343

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References

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  1. Colin F. Camerer, 1997. "Progress in Behavioral Game Theory," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 167-188, Fall.
  2. Faruk Gul & Wolfgang Pesendorfer, 2001. "Temptation and Self-Control," Econometrica, Econometric Society, vol. 69(6), pages 1403-1435, November.
  3. Erev, Ido & Bornstein, Gary & Wallsten, Thomas S., 1993. "The Negative Effect of Probability Assessments on Decision Quality," Organizational Behavior and Human Decision Processes, Elsevier, vol. 55(1), pages 78-94, June.
  4. McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December.
  5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  6. Selten, Reinhard, 1998. "Features of experimentally observed bounded rationality," European Economic Review, Elsevier, vol. 42(3-5), pages 413-436, May.
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Cited by:
  1. repec:hal:wpaper:halshs-00692024 is not listed on IDEAS
  2. Lora R. Todorova, 2012. "Quantum Risk Preferences in a Laboratory Experiment," FEMM Working Papers 120025, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  3. repec:hal:wpaper:halshs-00590714 is not listed on IDEAS
  4. V. I. Yukalov & D. Sornette, 2012. "Quantum decision making by social agents," Papers 1202.4918, arXiv.org.
  5. Jerry Busemeyer & Ariane Lambert-Mogiliansky, 2009. "TI-games I: An exploration of Type Indeterminacy in strategic decision-making," PSE Working Papers halshs-00566780, HAL.
  6. Emmanuel Haven, 2008. "Private Information and the ‘Information Function’: A Survey of Possible Uses," Theory and Decision, Springer, vol. 64(2), pages 193-228, March.
  7. Adam Brandenburger, 2008. "The Relationship Between Classical and Quantum Correlation in Games," Levine's Working Paper Archive 122247000000002312, David K. Levine.
  8. V. Danilov & A. Lambert-Mogiliansky, 2010. "Expected utility theory under non-classical uncertainty," Theory and Decision, Springer, vol. 68(1), pages 25-47, February.
  9. Jérôme Busemeyer & Ariane Lambert-Mogiliansky, 2012. "Quantum Type Indeterminacy in Dynamic Decision-Making: Self-control Through Identity Management," PSE Working Papers halshs-00692024, HAL.
  10. Siegfried K. Berninghaus & Lora R. Todorova & Bodo Vogt, 2012. "How Sensitive is Strategy Selection in Coordination Games?," FEMM Working Papers 120020, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  11. Godfrey Charles-Cadogan, 2012. "Representation Theory for Risk On Markowitz-Tversky-Kahneman Topology," Papers 1206.2665, arXiv.org.
  12. Vladimir Danilov, 2009. "Modelling of Non-Commuting Measurements," Journal of the New Economic Association, New Economic Association, issue 1-2, pages 10-36.
  13. Dino Borie, 2013. "Expected utility theory with non-commutative probability theory," Journal of Economic Interaction and Coordination, Springer, vol. 8(2), pages 295-315, October.
  14. repec:hal:wpaper:halshs-00566780 is not listed on IDEAS
  15. Adam Brandenburger, 2007. "A Connection Between Correlation in Game Theory and Quantum Mechanics," Levine's Working Paper Archive 122247000000001725, David K. Levine.
  16. V. I. Danilov & A. Lambert-Mogiliansky, 2005. "Non-classical Measurement Theory: a Framework for Behavioral Sciences," Levine's Working Paper Archive 122247000000000899, David K. Levine.

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