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One of the main purposes of this chapter is to explain, albeit in an abstract manner, how quantum physics–like models of the economics-finance contexts would differ from quantum math-like (or simply, quantum-like) models. For this, the chapter begins by considering, what may be called, the “physical” foundations of quantum theory. These include the foundations pertaining to the theoretical, experimental, and interpretational aspects of quantum theory. With reference to the physical foundations, the chapter elaborates on certain expectations from agent-centric economics-finance models to qualify as “quantum physics–analogous”. Then, by briefly reviewing some of the prominent theories of analogical arguments and reasoning from the philosophy of science (for instance, Aristotle’s theory, Hesse’s theory, Gentner’s structure-mapping theory and Bartha’s articulation model), the chapter ends by proposing a strategy for the systematic construction of quantum physics–analogous models of economics and finance.
This concise and self-contained book opens completely novel areas of research by directly implementing concepts from quantum physics into areas of social science. It constructs compelling arguments originating from fundamental concepts in physics and the philosophy of science, including key developments in economics and finance, then surveys the important work which has been performed to date through applying the formalism of quantum mechanics to decision making and finance. The book is accessible to graduate students and researchers in social science and physics, as well as avid interdisciplinary readers. This title is part of the Flip it Open Programme and may also be available Open Access. Check our website Cambridge Core for details.
The book concludes in Chapter 11, where we give in our epilogue a more philosophical reflection on the state of the field. We discuss what it all means, where the field is going, how quantum computers are the ultimate test of quantum mechanics, and speculate on a future post-quantum science.
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