We offer a new Hamiltonian formulation of the classical Pais-Uhlenbeck
Oscillator and consider its canonical quantization. We show that for the
non-degenerate case where the frequencies differ, the quantum Hamiltonian
operator is a Hermitian operator with a positive spectrum, i.e., the quantum
system is both stable and unitary. A consistent description of the degenerate
case based on a Hamiltonian that is quadratic in momenta requires its analytic
continuation into a complex Hamiltonian system possessing a generalized
PT-symmetry (an involutive antilinear symmetry). We devise a real description
of this complex system, derive an integral of motion for it, and explore its
quantization.Comment: 11 page