Related papers: A Generalized Probability Framework to Model Econo…
Several concrete examples in quantum information are discussed to demonstrate the importance of proper modeling that relates the mathematical description to real-world applications. In particular, it is shown that some commonly accepted…
This Chapter develops a realist information-theoretic interpretation of the nonclassical features of quantum probabilities. On this view, what is fundamental in the transition from classical to quantum physics is the recognition that…
From positions, attained by modern theoretical physics in understanding of the universe bases, the methodological and philosophical analysis of fundamental physical concepts and their formal and informal connections with the real economic…
After the development of a self-consistent quantum formalism nearly a century ago, there ensued a quest to understand the often counterintuitive predictions of the theory. These endeavors invariably begin with the assumption of the "truth"…
The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this…
This work deals with the new, relativistic direction in quantum econophysics, within the bounds of which a change of the classical paradigms in mathematical modelling of socio-economic system is offered. Classical physics proceeds from the…
We consider a task of scheduling with a common deadline on a single machine. Every player reports to a scheduler the length of his job and the scheduler needs to finish as many jobs as possible by the deadline. For this simple problem,…
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…
Quantum Decision Theory, advanced earlier by the authors, and illustrated for lotteries with gains, is generalized to the games containing lotteries with gains as well as losses. The mathematical structure of the approach is based on the…
The past century has seen a steady increase in the need of estimating and predicting complex systems and making (possibly critical) decisions with limited information. Although computers have made possible the numerical evaluation of…
Quantum mechanics, one of the most successful theories in the history of science, was created to account for physical systems not describable by classical physics. Though it is consistent with all experiments conducted thus far, many of its…
In physics, one is often misled in thinking that the mathematical model of a system is part of or is that system itself. Think of expressions commonly used in physics like "point" particle, motion "on the line", "smooth" observables, wave…
We propose a stochastic map model of economic dynamics. In the last decade, an array of observations in economics has been investigated in the econophysics literature, a major example being the universal features of inequality in terms of…
A major question in our understanding of the fabric of the world is where the randomness of some quantum phenomena comes from and how to represent it in a rational theory. The statistical interpretation of quantum mechanics made its way…
We consider the following model of decision-making by cognitive systems. We present an algorithm -- quantum-like representation algorithm (QLRA) -- which provides a possibility to represent probabilistic data of any origin by complex…
In recent years there has been a closer interrelationship between several scientific areas trying to obtain a more realistic and rich explanation of the natural and social phenomena. Among these it should be emphasized the increasing…
The scientific community is becoming more and more interested in the research that applies the mathematical formalism of quantum theory to model human decision-making. In this paper, we provide the theoretical foundations of the quantum…
This paper is concerned with a simulation study for a stochastic production network model, where the capacities of machines may change randomly. We introduce performance measures motivated by risk measures from finance leading to a…
A large number of studies in cognitive science have revealed that probabilistic outcomes of certain human decisions do not agree with the axioms of classical probability theory. The field of Quantum Cognition provides an alternative…
A central push in operations models over the last decade has been the incorporation of models of customer choice. Real world implementations of many of these models face the formidable stumbling block of simply identifying the `right' model…