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Counterfactual utilities evaluate decisions not only by the realized outcome under a given decision, but also by the counterfactual outcomes that would arise under alternative decisions. By generalizing standard utility frameworks, they…
Decision under ambiguity (uncertainty with unknown probabilities) has been attracting attention in behavioral and neuroeconomics. However, recent neuroimaging studies have mainly focused on gain domains while little attention has been paid…
The use of emergent constraints to quantify uncertainty for key policy relevant quantities such as Equilibrium Climate Sensitivity (ECS) has become increasingly widespread in recent years. Many researchers, however, claim that emergent…
This paper formulates a model of utility for a continuous time framework that captures the decision-maker's concern with ambiguity about both volatility and drift. Corresponding extensions of some basic results in asset pricing theory are…
The question of what ontological message (if any) is encoded in the formalism of contemporary physics is, to say the least, controversial. The reasons for this state of affairs are psychological and neurobiological. The processes by which…
The equity risk premium puzzle is that the return on equities has far exceeded the average return on short-term risk-free debt and cannot be explained by conventional representative-agent consumption based equilibrium models. We review a…
One of quantum theory's salient features is its apparent indeterminism, i.e. measurement outcomes are typically probabilistic. We formally define and address whether this uncertainty is unavoidable or whether post-quantum theories can offer…
Recent high-precision experimental confirmations of quantum complementarity have revitalized foundational debates about measurement, description, and realism. This article argues that complementarity is most productively interpreted as an…
According to the Kolmogorovian Censorship Hypothesis, everything that quantum theory says about the world in the language of the quantum mechanical Hilbert space formalism is actually about relationships between ordinary relative…
We show that by taking into account randomness of realization of experimental contexts it is possible to construct common Kolmogorov space for data collected for these contexts, although they can be incompatible. We call such a construction…
To find the essential nature of quantum theory has been an important problem for not only theoretical interest but also applications to quantum technologies. In those studies on quantum foundations, the notion of uncertainty plays a primary…
Conceptual problems in quantum mechanics result from the specific quantum concept of reality and require, for their solution, including the observer's consciousness into quantum theory of measurements. Most naturally this is achieved in the…
Contextuality is a key distinguishing feature between classical and quantum physics. It expresses a fundamental obstruction to describing quantum theory using classical concepts. In turn, when understood as a resource for quantum…
This article is devoted to the study of which appears as the most famous paradoxes of quantum theory (Schrodinger cat, EPR argument and Aspect experiments, delayed choice experiments and retrocausality problems). Through these experiments,…
I introduce a framework to distinguish two domains of physics - the manifest (i.e. the directly observable empirical records in terms of manifest configurations) and the non-manifest domain of physics (i.e. the things that the manifest…
Some notes about quantum physics, an interpretation if one wishes, are put forward, insisting on `closely following the mathematics/formalism, the `nuts and bolts of what quantum physics says'. These, basically well-known, issues seem to…
Statistics is sometimes described as the science of reasoning under uncertainty. Statistical models provide one view of this uncertainty, but what is frequently neglected is the 'invisible' portion of uncertainty: that assumed not to exist…
The aim of this study is to present proofs for new theorems. Basic thoughts of new definitions emerge from the decision-making under uncertainty in economics and finance. Shape of the certain utility curve is central to standard definitions…
This paper formulates a model of utility for a continuous time framework that captures the decision-maker's concern with ambiguity about both the drift and volatility of the driving process. At a technical level, the analysis requires a…
In economics, risk aversion is modeled via a concave Bernoulli utility within the expected-utility paradigm. We propose a simple test of expected utility and concavity. We find little support for either: only 30 percent of the choices are…