Related papers: Contextual Risk and Its Relevance in Economics
The Allais and Ellsberg paradoxes show that the expected utility hypothesis and Savage's Sure-Thing Principle are violated in real life decisions. The popular explanation in terms of 'ambiguity aversion' is not completely accepted. On the…
The 'expected utility hypothesis' and 'Savage's Sure-Thing Principle' are violated in real life decisions, as shown by the 'Allais' and 'Ellsberg paradoxes'. The popular explanation in terms of 'ambiguity aversion' is not completely…
The applications of techniques from statistical (and classical) mechanics to model interesting problems in economics and finance has produced valuable results. The principal movement which has steered this research direction is known under…
Empirical evidence has confirmed that quantum effects occur frequently also outside the microscopic domain, while quantum structures satisfactorily model various situations in several areas of science, including biological, cognitive and…
Models of a phenomenon are often developed by examining it under different experimental conditions, or measurement contexts. The resultant probabilistic models assume that the underlying random variables, which define a measurable set of…
We introduce a contextual quantum system comprising mutually complementary observables organized into two or more collections of pseudocontexts with the same probability sums of outcomes. These pseudocontexts constitute non-orthogonal bases…
Contextuality is a feature of quantum correlations. It is crucial from a foundational perspective as a nonclassical phenomenon, and from an applied perspective as a resource for quantum advantage. It is commonly defined in terms of hidden…
We study the role of context, complex of physical conditions, in quantum as well as classical experiments. It is shown that by taking into account contextual dependence of experimental probabilities we can derive the quantum rule for the…
The presence of contextuality in quantum theory was first highlighted by Bell, Kochen and Specker, who discovered that for quantum systems of three or more dimensions, measurements cannot be viewed as revealing pre-existing properties of…
We provide here a general mathematical framework to model attitudes towards ambiguity which uses the formalism of quantum theory as a ``purely mathematical formalism, detached from any physical interpretation''. We show that the…
Contextuality is a central feature distinguishing quantum from classical probability theories, but its operational meaning is often stated only qualitatively. In this Letter, we study a simple information-theoretic question: how much…
Contextuality is a defining feature that separates the quantum from the classical descriptions of physical systems. Within the marginal-scenario framework, noncontextual models are characterized by the existence of a single joint…
The notion of context (complex of physical conditions) is basic in this paper. We show that the main structures of quantum theory (interference of probabilities, Born's rule, complex probabilistic amplitudes, Hilbert state space,…
We compare the classical Kolmogorov and quantum probability models. We show that the gap between these model is not so huge as it was commonly believed. The main structures of quantum theory (interference of probabilities, Born's rule,…
Kolmogorov's foundation of probability takes measure spaces, $\sigma$-algebras, and probability measures as basic objects. It is, however, widely recognized that this classical framework is inadequate for random phenomena involving quantum…
Identifying when observed statistics cannot be explained by any reasonable classical model is a central problem in quantum foundations. A principled and universally applicable approach to defining and identifying nonclassicality is given by…
Probabilistic models require the notion of event space for defining a probability measure. An event space has a probability measure which ensues the Kolmogorov axioms. However, the probabilities observed from distinct sources, such as that…
Contextuality and nonlocality are non-classical properties exhibited by quantum statistics whose implications profoundly impact both foundations and applications of quantum theory. In this paper we provide some insights into logical…
According to a standard view, quantum mechanics (QM) is a contextual theory and quantum probability does not satisfy Kolmogorov's axioms. We show, by considering the macroscopic contexts associated with measurement procedures and the…
Model uncertainty has been one prominent issue both in the theory of risk measures and in practice such as financial risk management and regulation. Motivated by this observation, in this paper, we take a new perspective to describe the…