Decision Theory with a Hilbert Space as Possibility Space

Jürgen Eichberger and Hans Jürgen Pirner

No 637, Working Papers from University of Heidelberg, Department of Economics

Abstract: In this paper, we propose an interpretation of the Hilbert space method used in quantum theory in the context of decision making under uncertainty. For a clear comparison we will stay as close as possible to the framework of SEU suggested by Savage (1954). We will use the Ellsberg (1961) paradox to illustrate the potential of our approach to deal with well-known paradoxa of decision theory.

Keywords: Decision theory; uncertainty; Ellsberg paradox; quantum theory; Hilbert space; possibility space (search for similar items in EconPapers)
Date: 2017-09-11
New Economics Papers: this item is included in nep-mic and nep-upt
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