Expected utility theory under non-classical uncertainty
In this article, Savage's theory of decision-making under uncertainty is extended from a classical environment into a non-classical one. The Boolean lattice of events is replaced by an arbitrary ortho-complemented poset. We formulate the corresponding axioms and provide representation theorems for qualitative measures and expected utility. Then, we discuss the issue of beliefs updating and investigate a transition probability model. An application to a simple game context is proposed.
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- Jacob Gyntelberg & Frank Hansen, 2004.
"Expected utility theory with ”small worlds”,"
04-20, University of Copenhagen. Department of Economics, revised Jan 2005.
- Danilov, V.I. & Lambert-Mogiliansky, A., 2008.
"Measurable systems and behavioral sciences,"
Mathematical Social Sciences,
Elsevier, vol. 55(3), pages 315-340, May.
- Ariane Lambert Mogiliansky & Shmuel Zamir & Herve Zwirn, 2003. "Type Indeterminacy: A Model of the KT(Kahneman-Tversky)-man," Discussion Paper Series dp343, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
- Ehud Lehrer & Eran Shmaya, 2005. "A Subjective Approach to Quantum Probability," Game Theory and Information 0503002, EconWPA.
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