Dynamic consistency of expected utility under non-classical (quantum) uncertainty

Vladimir Danilov (), Ariane Lambert-Mogiliansky () and Vassili Vergopoulos ()
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Ariane Lambert-Mogiliansky: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique
Vassili Vergopoulos: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: Quantum cognition in decision making is a recent and rapidly growing field. In this paper, we develop an expected utility theory in a context of non-classical (quantum) uncertainty. We replace the classical state space with a Hilbert space which allows introducing the concept of quantum lottery. Within that framework, we formulate axioms on preferences over quantum lotteries to establish a representation theorem. We show that demanding the consistency of choice behavior conditional on new information is equivalent to the von Neumann–Lüders postulate applied to beliefs. A dynamically consistent quantum-like agent may violate dynamic recursive consistency, however. This feature suggests interesting applications in behavioral economics as we illustrate in an example of persuasion.

Keywords: Quantum lottery; Decision-making; Uncertainty; Dynamic consistency (search for similar items in EconPapers)
Date: 2018-06
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Citations: View citations in EconPapers (4)

Published in Theory and Decision, 2018, 84 (4), pp.645 - 670. ⟨10.1007/s11238-018-9659-7⟩

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Related works:
Journal Article: Dynamic consistency of expected utility under non-classical (quantum) uncertainty (2018)
Working Paper: Dynamic consistency of expected utility under non-classical (quantum) uncertainty (2018)
Working Paper: Dynamic consistency of expected utility under non-classical(quantum) uncertainty (2016)
Working Paper: Dynamic consistency of expected utility under non-classical(quantum) uncertainty (2016)
Working Paper: Dynamic consistency of expected utility under non-classical(quantum) uncertainty (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01885415

DOI: 10.1007/s11238-018-9659-7

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