Quantum Decision Theory and Complexity Modelling in Economics and Public Policy

Quantum Decision Theory and Complexity Modelling in Economics and Public Policy
Author: Anirban Chakraborti
Publisher: Springer Nature
Total Pages: 251
Release: 2023-10-23
Genre: Business & Economics
ISBN: 303138833X

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This book is an outcome of the interdisciplinary conference held at OP Jindal Global University (Quantum Decision-making and Complexity modeling, and their possible applications in social sciences- economics, finance and public policy). The volume builds upon the emerging fields of Econophysics, Complexity theory and Quantum like modelling in cognition and social sciences, and their plausible applications in economics and public policy. There can be deep linkages between the micro, meso and macro scales at which these paradigms operate. In this data-driven age, greater amounts of information, along with the facility to harvest, sort and process said information, have permitted an expansion of the capability to study a society’s various factors to a degree of detail and inclusiveness that has never before been available to researchers. As a result, an increasing number of throughlines is being discovered, revealing heretofore unknown connections between various disciplines and enhancing the study of such societal tropes as finance, language, shared behavior, and many others. As the reader will see, with clearer understanding of the interconnectedness of society’s assorted parts comes a clearer understanding of the society as a whole. We have received critical thoughts from noted experts in social and natural sciences to explore possible interconnections. The editors of this book earnestly hope that the critical reviews presented in this volume will stimulate further scholarly interest, but also interest among policy practitioners for the purpose of exploring possibilities for creating a new paradigm for comprehending pressing issues of deep uncertainty and emergence in social dynamics.

Quantum-Like Models for Information Retrieval and Decision-Making

Quantum-Like Models for Information Retrieval and Decision-Making
Author: Diederik Aerts
Publisher: Springer Nature
Total Pages: 173
Release: 2019-09-09
Genre: Science
ISBN: 3030259137

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Recent years have been characterized by tremendous advances in quantum information and communication, both theoretically and experimentally. In addition, mathematical methods of quantum information and quantum probability have begun spreading to other areas of research, beyond physics. One exciting new possibility involves applying these methods to information science and computer science (without direct relation to the problems of creation of quantum computers). The aim of this Special Volume is to encourage scientists, especially the new generation (master and PhD students), working in computer science and related mathematical fields to explore novel possibilities based on the mathematical formalisms of quantum information and probability. The contributing authors, who hail from various countries, combine extensive quantum methods expertise with real-world experience in application of these methods to computer science. The problems considered chiefly concern quantum information-probability based modeling in the following areas: information foraging; interactive quantum information access; deep convolutional neural networks; decision making; quantum dynamics; open quantum systems; and theory of contextual probability. The book offers young scientists (students, PhD, postdocs) an essential introduction to applying the mathematical apparatus of quantum theory to computer science, information retrieval, and information processes.

Complexity, Institutions and Public Policy

Complexity, Institutions and Public Policy
Author: Graham Room
Publisher: Edward Elgar Publishing
Total Pages: 393
Release: 2011
Genre: Political Science
ISBN: 0857932640

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I think this is a very important book. Very few people in the social sciences write books on this topic and really do justice to complexity theory. Professor Room gives a very detailed, accurate and accessible review of complexity theory as it applies to social policy. His link with institutional theory is very appropriate and his discussion on the need for regulation (a link with complexity theory that many people would never reach) is really important and well grounded. It would be of interest to academics who really want to understand the implications of complexity theory for policy making in complex and fast-changing situations and to those undertaking advanced courses in politics, economics and sociology. - Jean Boulton, University of Cranfield, UK Graham Room argues that conventional approaches to the conceptualisation and measurement of social and economic change are unsatisfactory. As a result, researchers are ill-equipped to offer policy advice. This book offers a new analytical approach, combining complexity science and institutionalism. It also provides tools for policy makers in turbulent times. Part 1 is concerned with the conceptualisation of socio-economic change. It integrates complexity science and institutionalism into a coherent ontology of social and policy dynamics. Part 2 is concerned with models and measurement. It combines some of the principal approaches developed in complexity analysis with models and methods drawn from mainstream social and political science. Part 3 offers empirical applications to public policy: the dynamics of social exclusion; the social dimension of knowledge economies; the current financial and economic crisis. These are supplemented by a toolkit for the practice of agile policy making.

Policy Decision Modeling with Fuzzy Logic

Policy Decision Modeling with Fuzzy Logic
Author: Ali Guidara
Publisher: Springer Nature
Total Pages: 140
Release: 2020-12-18
Genre: Technology & Engineering
ISBN: 3030626288

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This book introduces the concept of policy decision emergence and its dynamics at the sub systemic level of the decision process. This level constitutes the breeding ground of the emergence of policy decisions but remains unexplored due to the absence of adequate tools. It is a nonlinear complex system made of several entities that interact dynamically. The behavior of such a system cannot be understood with linear and deterministic methods. The book presents an innovative multidisciplinary approach that results in the development of a Policy Decision Emergence Simulation Model (PODESIM). This computational model is a multi-level fuzzy inference system that allows the identification of the decision emergence levers. This development represents a major advancement in the field of public policy decision studies. It paves the way for decision emergence modeling and simulation by bridging complex systems theory, multiple streams theory, and fuzzy logic theory.

The Palgrave Handbook of Quantum Models in Social Science

The Palgrave Handbook of Quantum Models in Social Science
Author: Emmanuel Haven
Publisher: Springer
Total Pages: 377
Release: 2017-02-06
Genre: Business & Economics
ISBN: 1137492767

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It is not intuitive to accept that there exists a link between quantum physical systems and cognitive systems. However, recent research has shown that cognitive systems and collective (social) systems, including biology, exhibit uncertainty which can be successfully modelled with quantum probability. The use of such probability allows for the modelling of situations which typically violate the laws of classical probability. The Palgrave Handbook of Quantum Models in Social Science is is a unique volume that brings together contributions from leading experts on key topics in this new and emerging field. Completely self-contained, it begins with an introductory section which gathers all the fundamental notions required to be able to understand later chapters. The handbook then moves on to address some of the latest research and applications for quantum methods in social science disciplines, including economics, politics and psychology. It begins with the issue of how the quantum mechanical framework can be applied to economics. Chapters devoted to this topic range from how Fisher information can be argued to play a role in economics, to the foundations and application of quantum game theory. The handbook then progresses in considering how belief states can be updated with the theory of quantum measurements (and also with more general methods). The practical use of the Hilbert space (and Fock space) in decision theory is then introduced, and open quantum systems are also considered. The handbook also treats a model of neural oscillators that reproduces some of the features of quantum cognition. Other contributions delve into causal reasoning using quantum Bayes nets and the role of quantum probability in modelling so called affective evaluation. The handbook is rounded off with two chapters which discuss the grand challenges which lie ahead of us. How can the quantum formalism be justified in social science and is the traditional quantum formalism too restrictive? Finally, a question is posed: whether there is a necessary role for quantum mathematical models to go beyond physics. This book will bring the latest and most cutting edge research on quantum theory to social science disciplines. Students and researchers across the discipline, as well as those in the fields of physics and mathematics will welcome this important addition to the literature.

Quantum Structures in Cognitive and Social Science

Quantum Structures in Cognitive and Social Science
Author: Diederik Aerts
Publisher: Frontiers Media SA
Total Pages: 170
Release: 2016-06-26
Genre: Psychology
ISBN: 2889198766

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Traditional approaches to cognitive psychology correspond with a classical view of logic and probability theory. More specifically, one typically assumes that cognitive processes of human thought are founded on the Boolean structures of classical logic, while the probabilistic aspects of these processes are based on the Kolmogorovian structures of classical probability theory. However, growing experimental evidence indicates that the models founded on classical structures systematically fail when human decisions are at stake. These experimental deviations from classical behavior have been called `paradoxes’, `fallacies’, `effects’ or `contradictions’, depending on the specific situation where they appear. But, they involve a broad spectrum of cognitive and social science domains, ranging from conceptual combination to decision making under uncertainty, behavioral economics, and linguistics. This situation has constituted a serious drawback to the development of various disciplines, like cognitive science, linguistics, artificial intelligence, economic modeling and behavioral finance. A different approach to cognitive psychology, initiated two decades ago, has meanwhile matured into a new domain of research, called ‘quantum cognition’. Its main feature is the use of the mathematical formalism of quantum theory as modeling tool for these cognitive situations where traditional classically based approaches fail. Quantum cognition has recently attracted the interest of important journals and editing houses, academic and funding institutions, popular science and media. Specifically, within a quantum cognition approach, one assumes that human decisions do not necessarily obey the rules of Boolean logic and Kolmogorovian probability, and can on the contrary be modeled by the quantum-mechanical formalism. Different concrete quantum-theoretic models have meanwhile been developed that successfully represent the cognitive situations that are classically problematical, by explaining observed deviations from classicality in terms of genuine quantum effects, such as `contextuality’, `emergence’, `interference’, `superposition’, `entanglement’ and `indistinguishability’. In addition, the validity of these quantum models is convincingly confirmed by new experimental tests. We also stress that, since the use of a quantum-theoretic framework is mainly for modeling purposes, the identification of quantum structures in cognitive processes does not presuppose (without being incompatible with it) the existence of microscopic quantum processes in the human brain. In this Research Topic, we review the major achievements that have been obtained in quantum cognition, by providing an accurate picture of the state-of-the-art of this emerging discipline. Our overview does not pretend to be either complete or exhaustive. But, we aim to introduce psychologists and social scientists to this challenging new research area, encouraging them, at the same time, to consider its promising results. It is our opinion that, if continuous progress in this domain can be realized, quantum cognition can constitute an important breakthrough in cognitive psychology, and potentially open the way towards a new scientific paradigm in social science.

Quantum Models of Cognition and Decision

Quantum Models of Cognition and Decision
Author: Jerome R. Busemeyer
Publisher: Cambridge University Press
Total Pages: 424
Release: 2014-06-19
Genre: Psychology
ISBN: 9781107419889

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Much of our understanding of human thinking is based on probabilistic models. This innovative book by Jerome R. Busemeyer and Peter D. Bruza argues that, actually, the underlying mathematical structures from quantum theory provide a much better account of human thinking than traditional models. They introduce the foundations for modelling probabilistic-dynamic systems using two aspects of quantum theory. The first, 'contextuality', is a way to understand interference effects found with inferences and decisions under conditions of uncertainty. The second, 'quantum entanglement', allows cognitive phenomena to be modeled in non-reductionist ways. Employing these principles drawn from quantum theory allows us to view human cognition and decision in a totally new light. Introducing the basic principles in an easy-to-follow way, this book does not assume a physics background or a quantum brain and comes complete with a tutorial and fully worked-out applications in important areas of cognition and decision.

Quantum Social Science

Quantum Social Science
Author: Emmanuel Haven
Publisher: Cambridge University Press
Total Pages: 305
Release: 2013-01-17
Genre: Science
ISBN: 1139851497

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Written by world experts in the foundations of quantum mechanics and its applications to social science, this book shows how elementary quantum mechanical principles can be applied to decision-making paradoxes in psychology and used in modelling information in finance and economics. The book starts with a thorough overview of some of the salient differences between classical, statistical and quantum mechanics. It presents arguments on why quantum mechanics can be applied outside of physics and defines quantum social science. The issue of the existence of quantum probabilistic effects in psychology, economics and finance is addressed and basic questions and answers are provided. Aimed at researchers in economics and psychology, as well as physics, basic mathematical preliminaries and elementary concepts from quantum mechanics are defined in a self-contained way.

Open Quantum Systems in Biology, Cognitive and Social Sciences

Open Quantum Systems in Biology, Cognitive and Social Sciences
Author: Andrei Y. Khrennikov
Publisher: Springer Nature
Total Pages: 371
Release: 2023-06-03
Genre: Science
ISBN: 3031290240

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This book mathematically analyzes the basic problems of biology, decision making and psychology within the framework of the theory of open quantum systems. In recent years there has been an explosion of interest in applications of quantum theory in fields beyond physics. The main areas include psychology, decision-making, economics, finance, social science as well as genetics and molecular biology. The corresponding models are referred to as quantum-like; they don’t concern any genuine physical processes in the human brain. Quantum-like models reflect the special features of information processing in biological, cognitive, and social systems which match well with the quantum formalism. This formalism gives rise to the quantum probability model (QP) which differs essentially from Kolmogorov's classical probability model. QP also serves as the basis for quantum information theory. Recently QP has been widely applied to the resolution of the basic paradoxes of decision making theory and to modeling experimental data stemming from cognition, psychology, economics, and finance thereby shedding light on probability fallacies and irrational behavior. In this book, the theory of quantum instruments and the quantum master equation are applied to the modeling of biological and cognitive processes, in particular, to the stability of complex biological and social systems interacting with their environment. An essential part of the book is devoted to the theory of the social laser and the Fröhlich condensate.

Complexity Hints for Economic Policy

Complexity Hints for Economic Policy
Author: Massimo Salzano
Publisher: Springer
Total Pages: 0
Release: 2014-10-30
Genre: Political Science
ISBN: 9788847056008

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This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.