Decision theory with a state of mind represented by an element of a Hilbert space: The Ellsberg paradox

Jürgen Eichberger and Hans Jürgen Pirner

Journal of Mathematical Economics, 2018, vol. 78, issue C, 131-141

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 paradoxes of decision theory.

Keywords: Decision theory; Uncertainty; Ellsberg paradox; Quantum theory; Hilbert space (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:78:y:2018:i:c:p:131-141

DOI: 10.1016/j.jmateco.2018.02.003

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