4.1 Article

Projective expected utility

Journal

JOURNAL OF MATHEMATICAL PSYCHOLOGY
Volume 53, Issue 5, Pages 408-414

Publisher

ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jmp.2009.02.001

Keywords

Expected utility; Paradoxes; Allais; Ellsberg; Projective; Quantum

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Motivated by several classic decision-theoretic paradoxes, and by analogies with the paradoxes which in physics motivated the development of quantum mechanics, we introduce a projective generalization of expected utility along the lines of the quantum-mechanical generalization of probability theory. The resulting decision theory accommodates the dominant paradoxes, while retaining significant simplicity and tractability. In particular, every finite game within this larger class of preferences still has an equilibrium. (C) 2009 Elsevier Inc. All rights reserved.

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