  The applications of techniques from statistical (and classical) mechanics to
model interesting problems in economics and finance has produced valuable
results. The principal movement which has steered this research direction is
known under the name of `econophysics'. In this paper, we illustrate and
advance some of the findings that have been obtained by applying the
mathematical formalism of quantum mechanics to model human decision making
under `uncertainty' in behavioral economics and finance. Starting from
Ellsberg's seminal article, decision making situations have been experimentally
verified where the application of Kolmogorovian probability in the formulation
of expected utility is problematic. Those probability measures which by
necessity must situate themselves in Hilbert space (such as `quantum
probability') enable a faithful representation of experimental data. We thus
provide an explanation for the effectiveness of the mathematical framework of
quantum mechanics in the modeling of human decision making. We want to be
explicit though that we are not claiming that decision making has microscopic
quantum mechanical features.
