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 …

averse to risk and ambiguity. The evidence is largely correlational, however, leaving open the question of the direction of … causality. In this paper, we present experimental evidence of causation running from reliance on intuition to risk and ambiguity … lowers the probability of being ambiguity averse by 30 percentage points and increases risk tolerance by about 30 percent in …

The distinction of risk vs uncertainty as made by Knight has important implications for policy selection. Assuming the …'s decision on how to allocate loans, the authors discuss decision making under Knightian uncertainty. They use the info …

The distinction of risk vs uncertainty as made by Knight has important implications for policy selection. Assuming the …’s decision on how to allocate loans, the authors discuss policy insights for decision making under Knightian uncertainty. They …

to call for an exploration of more refined utility models that incorporate heterogeneous risk preferences through … elements such as risk aversion, loss aversion, and ambiguity aversion. To address this call, this manuscript assesses each of … these risk preference elements by empirically deriving WTP distributions from two interlinked studies. To provide …

outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable …