Has portfolio theory got any principles?

  • Authors:
  • Guido Zuccon;Leif Azzopardi;C.J. "Keith" van Rijsbergen

  • Affiliations:
  • University of Glasgow, Glasgow, United Kingdom;University of Glasgow, Glasgow, United Kingdom;University of Glasgow, Glasgow, United Kingdom

  • Venue:
  • Proceedings of the 33rd international ACM SIGIR conference on Research and development in information retrieval
  • Year:
  • 2010

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Abstract

Recently, Portfolio Theory (PT) has been proposed for Information Retrieval. However, under non-trivial conditions PT violates the original Probability Ranking Principle (PRP). In this poster, we shall explore whether PT upholds a different ranking principle based on Quantum Theory, i.e. the Quantum Probability Ranking Principle (QPRP), and examine the relationship between this new model and the new ranking principle. We make a significant contribution to the theoretical development of PT and show that under certain circumstances PT upholds the QPRP, and thus guarantees an optimal ranking according to the QPRP. A practical implication of this finding is that the parameters of PT can be automatically estimated via the QPRP, instead of resorting to extensive parameter tuning.