# A Quantum-like Model of Selection Behavior

## TL;DR

This paper proposes a quantum-like model for decision-making under risk that explains well-known anomalies and characterizes key functions in prospect theory using quantum probability frameworks.

## Contribution

It introduces a novel quantum-inspired approach to modeling selection behavior, surpassing classical probability models in explaining decision-making anomalies.

## Key findings

- Successfully explains the Ellsberg and Machina paradoxes
- Mathematically characterizes probability weighting and value functions
- Provides a framework beyond classical probability theory

## Abstract

In this paper, we introduce a new model of selection behavior under risk that describes an essential cognitive process for comparing values of objects and making a selection decision. This model is constructed by the quantum-like approach that employs the state representation specific to quantum theory, which has the mathematical framework beyond the classical probability theory. We show that our quantum approach can clearly explain the famous examples of anomalies for the expected utility theory, the Ellsberg paradox, the Machina paradox and the disparity between WTA and WTP. Further, we point out that our model mathematically specifies the characteristics of the probability weighting function and the value function, which are basic concepts in the prospect theory.