Projective expected utility |
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Authors: | Pierfrancesco La Mura |
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Affiliation: | Department of Economics and Information Systems, HHL - Leipzig Graduate School of Management, Jahnallee 59, 04109 Leipzig, Germany |
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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. |
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Keywords: | Expected utility Paradoxes Allais Ellsberg Projective Quantum |
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