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dc.contributor.author
Yukalov, Vyacheslav I.
dc.contributor.author
Sornette, Didier
dc.date.accessioned
2019-06-20T11:11:26Z
dc.date.available
2017-06-11T20:30:48Z
dc.date.available
2019-06-20T11:11:26Z
dc.date.issued
2015-10-08
dc.identifier.issn
1664-1078
dc.identifier.other
10.3389/fpsyg.2015.01538
en_US
dc.identifier.uri
http://hdl.handle.net/20.500.11850/106233
dc.identifier.doi
10.3929/ethz-b-000106233
dc.description.abstract
We consider the psychological effect of preference reversal and show that it finds a natural explanation in the frame of quantum decision theory. When people choose between lotteries with non-negative payoffs, they prefer a more certain lottery because of uncertainty aversion. But when people evaluate lottery prices, e.g., for selling to others the right to play them, they do this more rationally, being less subject to behavioral biases. This difference can be explained by the presence of the attraction factors entering the expression of quantum probabilities. Only the existence of attraction factors can explain why, considering two lotteries with close utility factors, a decision maker prefers one of them when choosing, but evaluates higher the other one when pricing. We derive a general quantitative criterion for the preference reversal to occur that relates the utilities of the two lotteries to the attraction factors under choosing vs. pricing and test successfully its application on experiments by Tversky et al. We also show that the planning paradox can be treated as a kind of preference reversal.
en_US
dc.format
application/pdf
en_US
dc.language.iso
en
en_US
dc.publisher
Frontiers Media
dc.rights.uri
http://creativecommons.org/licenses/by/4.0/
dc.subject
Preference reversal
en_US
dc.subject
Decision theory
en_US
dc.subject
Uncertainty
en_US
dc.subject
Behavioral quantum probability
en_US
dc.subject
Planning paradox
en_US
dc.title
Preference reversal in quantum decision theory
en_US
dc.type
Journal Article
dc.rights.license
Creative Commons Attribution 4.0 International
ethz.journal.title
Frontiers in Psychology
ethz.journal.volume
6
en_US
ethz.journal.abbreviated
Front Psychol
ethz.pages.start
1538
en_US
ethz.size
7 p.
en_US
ethz.version.deposit
publishedVersion
en_US
ethz.identifier.wos
ethz.identifier.scopus
ethz.publication.place
Lausanne
ethz.publication.status
published
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::03738 - Sornette, Didier (emeritus) / Sornette, Didier (emeritus)
en_US
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::03738 - Sornette, Didier (emeritus) / Sornette, Didier (emeritus)
ethz.date.deposited
2017-06-11T20:30:53Z
ethz.source
ECIT
ethz.identifier.importid
imp593653a2e1f5032734
ethz.ecitpid
pub:166337
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.rosetta.installDate
2017-07-15T03:51:23Z
ethz.rosetta.lastUpdated
2024-02-02T08:20:49Z
ethz.rosetta.versionExported
true
ethz.COinS
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