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Decision Theory with a Hilbert Space as Possibility Space

Eichberger, Jürgen ; Pirner, Hans Jürgen

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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.

Item Type: Working paper
Series Name: Discussion Paper Series
Volume: 0637
Place of Publication: Heidelberg
Date Deposited: 11 Sep 2017 09:27
Date: 19 July 2017
Number of Pages: 22
Faculties / Institutes: The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics
Subjects: 330 Economics
Uncontrolled Keywords: Decision theory, uncertainty, Ellsberg paradox, quantum theory, Hilbert space, possibility space
Schriftenreihe ID: Discussion Paper Series / University of Heidelberg, Department of Economics
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