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Cambridge University Press eBooks

Future Directions

Vikram Athalye, Emmanuel Haven

Published Dec 19, 2025• 0 citations
Publisher

Abstract

In this last chapter of the book, we keep coming back to the potential function and we attempt to connect it to more precise ideas in finance, including that of the agent heterogeneities. We also initiate a discussion on agent behaviour and causality and nonlocality. Our last words in this book will be centred on what comes next. One of the key queries we have is whether we can consider more complicated real potentials in the two-slit interference experiment with agents (and the agent two-preference interference). The other one is centred around the investigation on the nonexistence of “spooky” free will of the individual agents.

DOI
10.1017/9781108953177.015

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Cambridge University Press eBooks•Dec 19, 2025•0 citations
In this last chapter of the book, we keep coming back to the potential function and we attempt to connect it to more precise ideas in finance, including that of the agent heterogeneities. We also initiate a discussion on agent behaviour and causality and nonlocality. Our last words in this book will be centred on what comes next. One of the key queries we have is whether we can consider more complicated real potentials in the two-slit interference experiment with agents (and the agent two-preference interference). The other one is centred around the investigation on the nonexistence of “spooky” free will of the individual agents.
This book had as its main objective to discuss how (quantum) physics concepts could be used in a relevant way in the modeling of a variety of economics/finance and psychology-based processes. For those readers who have come to read this conclusion, without skipping its “backbone,” we would like to say “thank you” for keeping with us until the end. The possible claim, which says that social science driven dynamics would need analyzing with techniques from the natural sciences, may well have been tempered with this book. Although quantum physics as a theory of prediction is one of the most successful theories humankind ever devised, it is not unreasonable to suggest that the number of foundational interpretations of quantum physics is sizable. Consider now the following natural question: “How can a theory with such a wide diversity of foundational interpretations serve to inform and elucidate a non-cognate area of research (like economics or psychology)?” Indeed, we should want to stand upright and write, without hesitation, the words “non-cognate.” No theory in social science can come close to the predictive power of quantum physics. However, very few social science theories are “plagued” by foundational issues of such depth as quantum physics. As an example, consider the issue of why quantum physical wave functions do have to be complex valued. Do physicists have a satisfactory answer to this very basic question? A theory of such predictive power has a partial differential equation, the Schrödinger equation, which cannot be rigorously derived. However, in economics and finance we strive to build theoretical edifices with the utmost respect for rigor.
Abstract So, where do we go from here? It is apparent from the last two chapters that nature denies us the easy way out. The clear experimental demonstration of quantum entanglement rules out the idea of local hidden variables, one of the simpler solutions to the conceptual problems of quantum theory. For the time being at least, we are forced to live with the consequences of entanglement, non-locality, and ‘spooky’ action at a distance. This might make some of us uncomfortable, but there is no solace in the Copenhagen interpretation, which does not provide us with any answers and is still regarded by many to be no interpretation at all. And, lest we forget, there remain the problems of interpreting the meaning of quantum probability and the collapse of the wave function. Even those who adhere to the Copenhagen view tend to put aside or disregard the conceptual difficulties that these issues raise as they analyse the results from the latest particle-accelerator experiment. This is not a very satisfactory situation.
This chapter (together with the next one) introduces probably the highlight of the book, i.e. it attempts to answer the important question: what can we now do with the quantum-physics like stance? An immediate, almost obvious, discussion centres around the analogies with the famed double-slit experiment. We set ourselves the task of answering how we can begin to enumerate, quite precisely, analogies between electrons and agents. As the reader will find out, we will need to move over several (important) hurdles, one of them being the perennially difficult analogy we need to make with the Planck constant. We then proceed in shaping the idea of two-preference interference, a concept of paramount importance in our quest to properly define the quantum physics–like research direction.
Abstract We first stress that nonlocality forces changes on our view of the world. One can adopt the orthodox view that one should not even attempt to describe individual events; or one can opt for a properly-speaking nonlocal model, with very unpleasant features like influences propagating at infinite speed in our space-time; or one can go all the way to some form of determinism. Then, the hope is formulated that the field of nonlocality, having reached maturity, may serve as starting point for future discoveries.