Volume 3 • Issue 1 | March 2019
Toward Improved Models for Decision Making in Economics
Hung T. Nguyen
Bayesian statistics
Bohmian mechanics
Decision-making
Econometric models
Expected utility
Finance
Machine learning
Predictions
P-values
Quantum mechanics
Quantum probability
Abstract:
We elaborate upon four major revelations in statistical science toward improving traditional models for decision-making in social science, in particular in economics. These revelations concern "how to repair statistical inference procedures based on the notion of p-values?","how to correctly obtain predictive modeling?", "how to improve expected utility theory in economics?", and "how to faithfully model economic dynamics?".
JEL classification: C10