TITLE:
Quantum Model of Decision-Making in Economics
AUTHORS:
Bodo Herzog
KEYWORDS:
Quantum Theory in Economics, Decision-Making, Utility Maximization
JOURNAL NAME:
Journal of Quantum Information Science,
Vol.5 No.1,
March
10,
2015
ABSTRACT: The paper
designs a quantum model of decision-making (QMDM) that utilizes neuroscientific
evidence. The new model provides both normative and positive implications to
economics. First, it enhances the study of decision-making which is an
extension of the expected utility theory (EUT) in mathematical economics.
Second, we demonstrate how the quantum model mitigates drawbacks of the
expected utility theory of today.