Abstract
The Ellsberg and Machina paradoxes reveal that expected utility theory is problematical when real subjects take decisions under uncertainty. Suitable generalizations of expected utility exist which attempt to solve the Ellsberg paradox, but none of them provides a satisfactory solution of the Machina paradox. In this paper we elaborate a quantum model in Hilbert space describing the Ellsberg situation and also the Machina situation, and show that we can model the specific aspect of the Machina situation that is unable to be modeled within the existing generalizations of expected utility. © 2012 Springer-Verlag.
Author supplied keywords
Cite
CITATION STYLE
Aerts, D., Sozzo, S., & Tapia, J. (2012). A quantum model for the Ellsberg and machina paradoxes. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) (Vol. 7620 LNCS, pp. 48–59). https://doi.org/10.1007/978-3-642-35659-9_5
Register to see more suggestions
Mendeley helps you to discover research relevant for your work.
