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 …

We present a preference foundation for Chance Theory (CT), a model of decision making under uncertainty where the … rationality principles like first-order stochastic dominance or transitivity. Decision makers with CT-preferences always prefer … the expected value of a lottery to the latter, so they are weakly risk averse. Besides explaining behavioral …

aversion. This paper obtains a joint representation for these behavioral phenomena. The decision maker as portrayed by my model … of f is greater that or equal to the expected utility of g for every probability measure in a convex and closed set Delta …. This set is interpreted as a collection of the decision maker's possible future beliefs. When choices cannot be deferred …