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Wilmott

Quantum Economics and Finance: Some Basics

David Orrell

Published Sep 1, 2024• 0 citations
Publisher

Abstract

This excerpt from Chapter 2 of David Orrell�s book, Quantum Economics and Finance, introduces some of the key mathematical tools that are used throughout the book. We�ll start by describing some terms and symbols. Most of them are similar to the terms used in matrix algebra, with the twist that the matrices now involve complex numbers.

DOI
10.54946/wilm.12075

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This excerpt from Chapter 2 of David Orrell�s book, Quantum Economics and Finance, introduces some of the key mathematical tools that are used throughout the book. We�ll start by describing some terms and symbols. Most of them are similar to the terms used in matrix algebra, with the twist that the matrices now involve complex numbers.
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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.
This book applies the mathematics and concepts of quantum mechanics and quantum field theory to the modelling of interest rates and the theory of options. Particular emphasis is placed on path integrals and Hamiltonians. Financial mathematics is dominated by stochastic calculus. The present book offers a formulation that is completely independent of that approach. As such many results emerge from the ideas developed by the author. This work will be of interest to physicists and mathematicians working in the field of finance, to quantitative analysts in banks and finance firms and to practitioners in the field of fixed income securities and foreign exchange. The book can also be used as a graduate text for courses in financial physics and financial mathematics.