TITLE:
An Experimental Comparison of Quantum Decision Theoretical Models of Intertemporal Choice for Gain and Loss
AUTHORS:
Taiki Takahashi, Hiroshi Nishinaka, Takaki Makino, Ruokang Han, Hiroki Fukui
KEYWORDS:
Discounting; Neuroeconomics; Econophysics; Quantum Decision Theory; Tsallis’ Statistics
JOURNAL NAME:
Journal of Quantum Information Science,
Vol.2 No.4,
December
31,
2012
ABSTRACT: In mathematical physics and psychology, “quantum decision theory” has been proposed to explain anomalies in human decision-making. One of such quantum models has been proposed to explain time inconsistency in human decision over time. In this study, we conducted a behavioral experiment to examine which quantum decision models best account for human intertemporal choice. We observed that a q-exponential model developed in Tsallis’ thermodynamics (based on Takahashi’s (2005) nonlinear time perception theory) best fit human behavioral data for both gain and loss, among other quantum decision models.