Decision makers often take risky decisions on the behalf of others rather than for themselves. Competing theoretical …

We present the first calibration of quantum decision theory (QDT) to an empirical data set. The data comprise 91 …. The prediction of choice reversal is then refined by introducing heterogeneity between decision makers through a … differentiation of the population into two similar sized groups in terms of "over-confident" and "contrarian" decision makers. This …

Quantum decision theory (QDT) is a recently developed theory of decision making based on the mathematics of Hilbert … decision making. QDT describes a decision maker's choice as a stochastic event occurring with a probability that is the sum of … subjectivity on decision makers, the quarter law. We examine individual and aggregated (group) data, and find that the results are …

ambiguous lotteries in a financial decision context. The experiment can be viewed in two parts. The first part replicates an … and elicited values of lotteries in a financial decision context. Further, the interaction of overconfidence, competence …