@inbook{0a52b5f715204693909db840e36c1554,
title = "A quantum model for the Ellsberg and Machina paradoxes",
abstract = "The \emph{Ellsberg} and \emph{Machina paradoxes} reveal that \emph{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. Within this quantum model we 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.",
keywords = "Ellsberg paradox, Machina paradox, quantum modeling, contextual risk",
author = "Diederik Aerts and Sandro Sozzo and Jocelyn Tapia",
year = "2012",
language = "English",
isbn = "978-3-642-35658-2",
series = "Theoretical Computer Science and General Issues",
publisher = "Springer",
pages = "48--59",
editor = "J.R. Busemeyer and F. Dubois and A. Lambert-Mogiliansky and M. Melucci",
booktitle = "Quantum Interaction",
}