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The quantum foundations of utility and value.

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Rethinking Economic Measurement Using Statistical Ensembles.

Cal Abel1

  • 1Signal Power and Light, Inc., Cordova, AL 35550, USA.

Entropy (Basel, Switzerland)
|March 28, 2025
PubMed
Summary

Quantum game theory resolves economic paradoxes using statistical ensembles. This new statistical economics framework accurately predicts economic behavior and analyzes equality concepts.

Keywords:
Allais paradoxentropyexpected utilityincome distributionincome inequalityproduction functionutility

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Area of Science:

  • Economics
  • Quantum Game Theory
  • Statistical Mechanics

Background:

  • The expected utility hypothesis, a cornerstone of economic decision-making, faces persistent foundational challenges.
  • The Allais paradox has historically hindered the investigation of human choice heuristics in economics.

Purpose of the Study:

  • To introduce a novel framework, statistical economics, by leveraging quantum game theory.
  • To resolve foundational issues in economic theory and explore new economic tools.

Main Methods:

  • Application of statistical ensembles from quantum game theory to economic problems.
  • Analysis of choice under uncertainty, economic prediction using income distribution and exergy input, and formalization of equality concepts.

Main Results:

  • The Allais paradox is resolved, revealing underlying choice heuristics.
  • A strong link between canonical ensembles and neoclassical economics is established.
  • A predictive model for economic behavior, using income distribution and exergy input, demonstrates high accuracy over 24 years of US data.
  • Equality of outcome is modeled as a Bose-Einstein condensate, showing its potential to reduce economic activity.

Conclusions:

  • Quantum game theory provides a robust platform for a new field: statistical economics.
  • Statistical economics offers powerful tools for understanding economic phenomena, from individual choice to societal structures.
  • The framework accurately predicts economic behavior and provides novel insights into concepts of economic equality.