Volume 12 No 3 (2014)
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Quantum Interpretation to Decision Making Under Risk: The Observer Effect In Allais Paradox
Gelengül Koçaslan
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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