Abstract
Since the beginning of the 21st century, a new interdisciplinary research movement has started, which aims at developing quantum math-like (or simply quantum-like) models to provide an explanation for a variety of socio-economic processes and human behaviour. By making use of mainly the probabilistic aspects of quantum theory, this research movement has led to many important results in the areas of decision-making and finance. In this article, we introduce a novel and more exhaustive approach, to analyze the socio-economic processes and activities, than the pure quantum math-like modelling approach, by taking into account the physical foundations of quantum theory. We also provide a plausibility argument for its exhaustiveness in terms of what we can expect from such an approach, when it is applied to, for example, a generic socio-economic decision process.
Highlights
History shows that multiple touch points have occurred, over many years, between the natural and social sciences, which resulted in applying formalisms, concepts, and ideas from mathematics, physics, and even biology in economics and finance
In [21], the authors suggest that the idea of quantization is possible in economics because of ‘an information-theoretic basis’ for the dynamics in an economic system. They argue that it can be derived from an information flow process ([21], p. 20): “These dynamics have a direct link to the formalism of quantum mechanics in that the equation of motion follows from the extremization of the Fisher information which is isomorphic to the Schrödinger equation”
Before justifying the assertion that the quantum physically analogous (QPA) approach is more exhaustive than the quantum mathematically analogous (QMA) approach, we recall that primarily, the quantum theory is a physical theory of nature
Summary
History shows that multiple touch points have occurred, over many years, between the natural and social sciences, which resulted in applying formalisms, concepts, and ideas from mathematics, physics, and even biology in economics and finance. We have seen the birth of a research movement which aims at making use of the quantum formalism in the socio-economic sciences This movement has led to the so-called quantum-like models for describing and analyzing the decision-making activities and cognitive processes [11,12], which play an important role both in psychology and in the axiomatic foundations of many economics and finance models [13]. It can be said that the quantum-like models provide a quantum mathematically analogous (QMA), rather than a quantum physically analogous (QPA), explanation and analysis of the processes occurring in the socio-economic world. We do this by stating some expectations from the QPA approach with reference to a generic socio-economic decision-making process
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