Quantum Interpretation to Decision Making Under Risk: The Observer Effect In Allais Paradox

Volume 12 No 3 (2014)

Gelengül Koçaslan

DOI: 10.14704/nq.2014.12.3.776

Abstract

As it has served as a basement for all sciences; Newtonian Physics has served for economics as well. Consequently Newtonian causality appeared as economic determinism in economic theory. Recently quantum physics called into question the philosophy of determinism and focused on possibility rather than certainty. Decision making under risk and uncertainty has been reviewed by scientists from different disciplines. Since it is revealed that individual behavior contradicts with the basic tenets of the theory; economists, psychologists, neurologists and physicists have devoted much to better understand the basic motives underlying irrational behavior

Keywords

quantum economics, decision making under risk, Allais paradox, Schrödinger’s cat, the observer effect

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