A quantum cognition analysis of the Ellsberg paradox Vrije Universiteit Brussel
The expected utility hypothesis is one of the foundations of classical approaches to economics and decision theory and Savage's Sure- Thing Principle is a fundamental element of it. It has been put forward that real-life situations exist, illustrated by the Allais and Ellsberg paradoxes, in which the Sure-Thing Principle is violated, and where also the expected utility hypothesis does not hold. We have recently presented strong arguments for the ...