Related papers: A Generalized Probability Framework to Model Econo…
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…
Inspired by a quantum mechanical formalism to model concepts and their disjunctions and conjunctions, we put forward in this paper a specific hypothesis. Namely that within human thought two superposed layers can be distinguished: (i) a…
We constructed a Hilbert space representation of a contextual Kolmogorov model. This representation is based on two fundamental observables -- in the standard quantum model these are position and momentum observables. This representation…
In this paper, we propose a novel approach for data-driven decision-making under uncertainty in the presence of contextual information. Given a finite collection of observations of the uncertain parameters and potential explanatory…
The formalism of quantum theory in Hilbert space has been applied with success to the modeling and explanation of several cognitive phenomena, whereas traditional cognitive approaches were problematical. However, this 'quantum cognition…
The principal goal of this paper is to pass all quantum probability formulas to the projective space associated to the complex Hilbert space of a given quantum system, providing a more complete geometrization of quantum theory. Quantum…
This work lies in the fusion of experimental economics and data mining. It continues author's previous work on mining behaviour rules of human subjects from experimental data, where game-theoretic predictions partially fail to work.…
This article aims at reviewing recent empirical and theoretical developments usually grouped under the term Econophysics. Since its name was coined in 1995 by merging the words Economics and Physics, this new interdisciplinary field has…
A survey is given summarizing the state of the art of describing information processing in Quantum Decision Theory, which has been recently advanced as a novel variant of decision making, based on the mathematical theory of separable…
The analysis of decision making under uncertainty is closely related to the analysis of probabilistic inference. Indeed, much of the research into efficient methods for probabilistic inference in expert systems has been motivated by the…
Quantum mechanics is essentially a statistical theory. Classical mechanics, however, is usually not viewed as being inherently statistical. Nevertheless, the latter can also be formulated statistically. Furthermore, a statistical…
The paper deals with the order statistics and empirical mathematical expectation (which is also called the estimate of mathematical expectation in the literature) in the case of infinitely increasing random variables. The Kolmogorov concept…
The statistical description and modeling of volatility plays a prominent role in econometrics, risk management and finance. GARCH and stochastic volatility models have been extensively studied and are routinely fitted to market data, albeit…
In this article, the notion of a mathematical model in science is attempted to be enlightened from several points of view. In particular, it is shown that mathematical models are introduced differently and used differently in different…
We present a new strategic voting model where we use uncertainty representation to model preferences. Specifically, we use probability sets as uncertainty representations, together with lower and upper expected utility gains to take…
Building on earlier work, we further develop a formalism based on the mathematical theory of frames that defines a set of possible phase-space or quasi-probability representations of finite-dimensional quantum systems. We prove that an…
In its most basic form, decision-making can be viewed as a computational process that progressively eliminates alternatives, thereby reducing uncertainty. Such processes are generally costly, meaning that the amount of uncertainty that can…
The aim of this work is to put forward a statistical mechanics theory of social interaction, generalizing econometric discrete choice models. After showing the formal equivalence linking econometric multinomial logit models to equilibrium…
The application of principles of thermodynamics and statistical mechanics to economic systems is considered in a broad historical perspective, extending from prehistoric times to the present day. The hypothesis of maximum entropy production…
We investigate the applicability of the formalism of quantum mechanics to everyday life. It seems to be directly relevant for situations in which the very act of coming to a conclusion or decision on one issue affects one's confidence about…