Projective Expected Utility

Pierfrancesco La Mura

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Abstract: 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.

Date: 2008-02
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Published in J. of Math. Psychology, 53:5 (2009)

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