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The thesis of this essay is that, in heterogeneous agent macroeconomics, the assumption of rational expectations about equilibrium prices is unrealistic and should be replaced. Rational expectations imply that decision makers forecast…
While quantum computers are expected to yield considerable advantages over classical devices, the precise features of quantum theory enabling these advantages remain unclear. Contextuality--the denial of a notion of classical physical…
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…
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…
This paper provides the foundations of a unified cognitive decision-making framework (QulBIT) which is derived from quantum theory. The main advantage of this framework is that it can cater for paradoxical and irrational human decision…
The problem of interpreting quantum theory on a large (e.g. cosmological) scale has been commonly conceived as a search for objective reality in a framework that is fundamentally probabilistic. The Everett programme attempts to evade the…
Contextuality is a key signature of quantum non-classicality, which has been shown to play a central role in enabling quantum advantage for a wide range of information-processing and computational tasks. We study the logic of contextuality…
Quantum theory departs from classical probabilistic theories in foundational ways. These departures--termed quantumness here--power quantum information and computation. This thesis charts the role of discrete structures in assessing…
The theories of quantum mechanics and relativity dramatically altered our understanding of the universe ushering in the era of modern physics. Quantum theory deals with objects probabilistically at small scales, whereas relativity deals…
Decision making often exhibits context dependence that challenges classical probability theory. While quantum cognition has successfully modeled such phenomena, it remains unclear whether quantum probability is merely a convenient…
Unexpectedness is a central concept in Simplicity Theory, a theory of cognition relating various inferential processes to the computation of Kolmogorov complexities, rather than probabilities. Its predictive power has been confirmed by…
We present a general theory of quantum information processing devices, that can be applied to human decision makers, to atomic multimode registers, or to molecular high-spin registers. Our quantum decision theory is a generalization of the…
Divided Government is nowadays a common feature of the U.S. political system. The voters can cast partisan ballots for two political powers the executive (Presidential elections) and the legislative (the Congress election). Some recent…
This survey reviews recent developments in revealed preference theory. It discusses the testable implications of theories of choice that are germane to specific economic environments. The focus is on expected utility in risky environments;…
Max Born's statistical interpretation made probabilities play a major role in quantum theory. Here we show that these quantum probabilities and the classical probabilities have very different origins. While the latter always result from an…
A decision maker starts from a judgmental decision and moves to the closest boundary of the confidence interval. This statistical decision rule is admissible and does not perform worse than the judgmental decision with a probability equal…
The principle that rational agents should maximize expected utility or choiceworthiness is intuitively plausible in many ordinary cases of decision-making under uncertainty. But it is less plausible in cases of extreme, low-probability risk…
Controversy about the significance of underdetermination of theories persists in the philosophy and conduct of science. The issue has practical import when research is used to inform decision making, because scientific uncertainty yields…
One implication of Bell's theorem is that there cannot in general be hidden variable models for quantum mechanics that both are noncontextual and retain the structure of a classical probability space. Thus, some hidden variable programs aim…
An important goal of empirical demand analysis is choice and welfare prediction on counterfactual budget sets arising from potential policy-interventions. Such predictions are more credible when made without arbitrary…