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John von Neumann between Physics and Economics: A Methodological Note

  • Luca Lambertini

    ()

    (Department of Economics, University of Bologna, Italy)

A methodological discussion is proposed, aiming at illustrating an analogy between game theory in particular (and mathematical economics in general) and quantum mechanics. This analogy relies on the equivalence of the two fundamental operators employed in the two fields, namely, the expected value in economics and the density matrix in quantum physics. I conjecture that this coincidence can be traced back to the contributions of von Neumann in both disciplines.

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Paper provided by The Rimini Centre for Economic Analysis in its series Working Paper Series with number 40_13.

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Date of creation: Jul 2013
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Handle: RePEc:rim:rimwps:40_13
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  1. Philip Mirowski, 1992. "What Were von Neumann and Morgenstern Trying to Accomplish?," History of Political Economy, Duke University Press, vol. 24(5), pages 113-147, Supplemen.
  2. Edward W. Piotrowski & Jan Sladkowski, . "Quantum Market Games," Departmental Working Papers 3, University of Bialtystok, Department of Theoretical Physics.
  3. Leland, Hayne E, 1972. "Theory of the Firm Facing Uncertain Demand," American Economic Review, American Economic Association, vol. 62(3), pages 278-91, June.
  4. R. Myerson., 2010. "Nash Equilibrium and the History of Economic Theory," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
  5. Edward W. Piotrowski & Jan Sladkowski, . "An Invitation to Quantum Game Theory," Departmental Working Papers 15, University of Bialtystok, Department of Theoretical Physics.
  6. repec:cup:cbooks:9780521775267 is not listed on IDEAS
  7. Edward W. Piotrowski & Jan Sladkowski, . "Trading by Quantum Rules - Quantum Anthropic Principle," Departmental Working Papers 9, University of Bialtystok, Department of Theoretical Physics.
  8. Paul Klemperer & Margaret Meyer, 1986. "Price Competition vs. Quantity Competition: The Role of Uncertainty," RAND Journal of Economics, The RAND Corporation, vol. 17(4), pages 618-638, Winter.
  9. Robert J. Leonard, 1993. "Reason, Ethics and Rigour: Morgenstern, Menger, and Mathematical Economics, 1928 - 1944," Cahiers de recherche du Département des sciences économiques, UQAM 9403, Université du Québec à Montréal, Département des sciences économiques.
  10. Brandenburger, Adam, 2010. "The relationship between quantum and classical correlation in games," Games and Economic Behavior, Elsevier, vol. 69(1), pages 175-183, May.
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  12. Edward W. Piotrowski & Jan Sladkowski, . "The Next Stage: Quantum Game Theory," Departmental Working Papers 18, University of Bialtystok, Department of Theoretical Physics.
  13. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
  14. Robert J. Leonard, 1992. "Reading Cournot, Reading Nash / or / The Emergence and Stabilization of the Nash equilibrium," Cahiers de recherche du Département des sciences économiques, UQAM 9214, Université du Québec à Montréal, Département des sciences économiques.
  15. McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, vol. 10(1), pages 6-38, July.
  16. Walker, D A, 1991. "Economics as Social Physics: Review Article," Economic Journal, Royal Economic Society, vol. 101(406), pages 615-31, May.
  17. Richard Mckelvey & Thomas Palfrey, 1998. "Quantal Response Equilibria for Extensive Form Games," Experimental Economics, Springer, vol. 1(1), pages 9-41, June.
  18. Klemperer, Paul D & Meyer, Margaret A, 1989. "Supply Function Equilibria in Oligopoly under Uncertainty," Econometrica, Econometric Society, vol. 57(6), pages 1243-77, November.
  19. Robert J. Leonard, 1993. "From Von Neumann to Nash: Economics, Game Theory and Social Process," Cahiers de recherche du Département des sciences économiques, UQAM 9313, Université du Québec à Montréal, Département des sciences économiques.
  20. Richard D. Mckelvey & Thomas R. Palfrey, 1996. "A Statistical Theory Of Equilibrium In Games," The Japanese Economic Review, Japanese Economic Association, vol. 47(2), pages 186-209, 06.
  21. Peter Fishburn & Peter Wakker, 1995. "The Invention of the Independence Condition for Preferences," Management Science, INFORMS, vol. 41(7), pages 1130-1144, July.
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