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International Econometric Conference of Vietnam

ECONVN 2019: Beyond Traditional Probabilistic Methods in Economics pp 100–112Cite as

A Closer Look at the Modeling of Economics Data

Part of the Studies in Computational Intelligence book series (SCI,volume 809)

Abstract

By taking a closer look at the traditional way we used to proceed to conduct empirical research in economics, especially in using “traditional” proposed models for economical dynamics, we elaborate on current efforts to improve its research methodology. This consists essentially of focusing on the possible use of quantum mechanics formalism to derive dynamical models for economic variables, as well as the use of quantum probability as an appropriate uncertainty calculus in human decision process (under risk). This approach is not only in line with the recent emerging approach of behavioral economics, but also should provide an improvement upon it. For practical purposes, we will elaborate a bit on the concrete road map for applying this “quantum-like” approach to financial data.

Keywords

  • Behavioral econometrics
  • Bohmian mechanics
  • Financial models
  • Quantum mechanics
  • Quantum probability

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Author information

Authors and Affiliations

  1. Department of Mathematical Sciences, New Mexico State University, Las Cruces, NM, 88003, USA

    Hung T. Nguyen

  2. Faculty of Economics, Chiang Mai University, Chiang Mai, 50200, Thailand

    Hung T. Nguyen

  3. Banking University of Ho-Chi-Minh City, 36 Ton That Dam Street, District 1, Ho-Chi-Minh City, Vietnam

    Nguyen Ngoc Thach

Authors
  1. Hung T. Nguyen
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  2. Nguyen Ngoc Thach
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Corresponding authors

Correspondence to Hung T. Nguyen or Nguyen Ngoc Thach .

Editor information

Editors and Affiliations

  1. Department of Computer Science, University of Texas at El Paso, El Paso, TX, USA

    Vladik Kreinovich

  2. Banking University HCMC, Ho Chi Minh City, Vietnam

    Nguyen Ngoc Thach

  3. Banking University HCMC, Ho Chi Minh City, Vietnam

    Nguyen Duc Trung

  4. TTC Group, Ho Chi Minh City, Vietnam

    Dang Van Thanh

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Nguyen, H.T., Thach, N.N. (2019). A Closer Look at the Modeling of Economics Data. In: Kreinovich, V., Thach, N., Trung, N., Van Thanh, D. (eds) Beyond Traditional Probabilistic Methods in Economics. ECONVN 2019. Studies in Computational Intelligence, vol 809. Springer, Cham. https://doi.org/10.1007/978-3-030-04200-4_7

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