Human agents happen to judge that a conjunction of two terms is more probable than one of the terms, in contradiction with the rules of classical probabilities—this is the conjunction fallacy. One of the most discussed accounts of this fallacy is currently the quantum-like explanation, which relies on models exploiting the mathematics of quantum mechanics. The aim of this paper is to investigate the empirical adequacy of major quantum-like models which represent beliefs with quantum states. We first argue that they (...) can be tested in three different ways, in a question order effect configuration which is different from the traditional conjunction fallacy experiment. We then carry out our proposed experiment, with varied methodologies from experimental economics. The experimental results we get are at odds with the predictions of the quantum-like models. This strongly suggests that this quantum-like account of the conjunction fallacy fails. Future possible research paths are discussed. (shrink)

By employing binary committee choice problems, this paper investigates how varying or eliminating feedback about payoffs affects: subjects’ learning about the underlying relationship between their nominal voting weights and their expected payoffs in weighted voting games; the transfer of acquired learning from one committee choice problem to a similar but different problem. In the experiment, subjects choose to join one of two committees and obtain a payoff stochastically determined by a voting theory. We found that: subjects learned to choose the (...) committee that generates a higher expected payoff even without feedback about the payoffs they received; there was statistically significant evidence of “meaningful learning” only for the treatment with no payoff-related feedback. This finding calls for re-thinking existing models of learning to incorporate some type of introspection. (shrink)

Recently quantum probability theory started to be actively used in studies of human decision-making, in particular for the resolution of paradoxes (such as the Allais, Ellsberg, and Machina paradoxes). Previous studies were based on a cognitive metaphor of the quantum double-slit experiment—the basic quantum interference experiment. In this paper, we report on an economics experiment based on a triple-slit experiment design, where the slits are menus of alternatives from which one can choose. The test of nonclassicality is based on the (...) Sorkin equality (which was only recently tested in quantum physics). Each alternative is a voucher to buy products in one or more stores. The alternatives are obtained from all disjunctions including one, two or three stores. The participants have to reveal the amount for which they are willing to sell the chosen voucher. Interference terms are computed by comparing the willingness to sell a voucher built as a disjunction of stores and the willingness to sell the vouchers corresponding to the singleton stores. These willingness to sell amounts are used to estimate probabilities and to test both the law of total probabilities and the Born Rule. Results reject neither classical nor quantum probability. We discuss this initial experiment and our results and provide guidelines for future studies. (shrink)