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

  • Ariane Lambert Mogiliansky

    ()

  • Shmuel Zamir

    ()

  • Herve Zwirn

    ()

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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Paper provided by The Federmann Center for the Study of Rationality, the 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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  1. Selten, Reinhard, 1998. "Features of experimentally observed bounded rationality," European Economic Review, Elsevier, vol. 42(3-5), pages 413-436, May.
  2. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  3. W. Pesendorfer & F. Gul, 1999. "Temptation and Self-Control," Princeton Economic Theory Papers 99f1, Economics Department, Princeton University.
  4. 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.
  5. Daniel McFadden, 1998. "Rationality for Economists?," Working Papers 98-09-086, Santa Fe Institute.
  6. Colin F. Camerer, 1997. "Progress in Behavioral Game Theory," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 167-188, Fall.
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