JINDAL CONFERENCE

JINDAL CONFERENCE ON APPLICATIONS ON QUANTUM MODELING AND COMPLEXITY THEORY TO ECONOMICS AND PUBLIC POLICY

CALL FOR PAPERS.

Abstracts should be about 500 words and should be submitted by November 15th ; 2019.

Organized by the Jindal School of Government and Public Policy in association with the Jindal Centre for New Directions in Economics, and Game theory Center.
   

Venue: Jindal Global University, Sonipat, Haryana, India.
  

Conference Date: February19-20th, 2020.

The conference will bring together researchers and academics working in these fields together with public policy officials to explore the nexus of theory and practice. Accepted papers will be published in a suitable journal

Economic thought and theory have for a long time been dominated by equilibrium models largely based on the mathematics of physical equilibria. Much of these have been based on Newtonian and Cartesian classical physics and their modern correlates. There has been much debate over the years of the virtues and failings of the assumptions made in using these models. It is not the purpose here to rehash these debates but rather to assess to what extent the economics and public policy communities might benefit from an examination of more recent, fundamentally different theoretical models derived from complexity theory and quantum models. This is especially important in the context of the internationally agreed UN sustainable development goals (SDGs). Current assessments of SDG progress suggest much more effort is needed and needed now. Yes, achievement of the SDG agenda requires additional resources, but it equally requires new mind sets and a fundamental rethinking of many of our conceptual models relevant to the broad sustainable development agenda. The proposed conference aims to make a contribution to this rethinking especially in dealing with increasing far from equilibrium situations, complexity, uncertainty and surprise.

Complexity economics is the study of economic systems as complex systems. Complex systems are systems which consist of interacting individuals that change their actions and strategies in response to the outcome they mutually create (Arthur 2013) . In contrast to the classical study of economic equilibria, complexity economists study the emergence of structures and the unfolding of patterns in the economy (Arthur 1999) . Especially since the 2008 financial crisis, there has been increasing interest in using ideas from complexity theory to make sense of economic and financial markets (Battiston et al 2016) . This increased interest was sparked because mainstream equilibrium models failed to predict it. There is now an extensive literature of complexity economics.

Aggregate economic patterns such as economic growth and inflation are classified as emergent phenomena as they emerge from interactions of heterogeneous agents with heterogeneous expectations (Kirman 2016) . Arthur (2013) has argued that non-equilibrium is the natural state of the economy. The economy is always in a state of flux, constantly evolving and changing. There are two main reasons for this. One is fundamental uncertainty; the other is technological innovation. Koppl et al (2018) discuss the nature and unpredictability of technological innovation and Koppl et al (2015) draw on current biology, to argue that the phase space of economic evolution is not stable concluding that there are no entailing laws of economic dynamics. In their view economic dynamics are creative and the economy is not a causal system. Because economic dynamics are creative, the implicit frame of analysis for the econosphere changes in unprestatable and non-algorithmic ways.

Quantum Decision Theory and Quantum Like modelling in social sciences, mainly in economics and finance is a fascinating emerging field. Failures of neoclassical economics and finance in predicting agents’ behavior under contexts, like, ambiguity and uncertainty, is well known. Behavioral economics/finance has a strong history of responses, to explain such irrational behaviors, also studied by cognitive scientists. However, there seems to be a lack of a comprehensive theory which can provide a basis for understanding such ‘irrational’ behaviors, like: failure of sure thing principle, failure of law of total probability, conjunction and disjunction fallacies to name a few.

It seems that Quantum like modelling can help, and contribute fundamentally. Since late 1990s researchers across the world started exploring the avenues in which the quantum theory set up: mathematics and logical structure of it, rather than the physics of it, can be extended to areas beyond typical physical systems. Among many contributors to the field who realized the immense potential of the venture are (Andrei Khrennikov , Emmanuel Haven , Fabio Bagarello , Baquiee Ehsan Belal ).

Certainly, there is growing awareness of the economy as a complex dynamic system. But our approach here is to connect to policy makers and explore avenues to incorporate such novel features into the policy process.

This conference is dedicated to the main themes of, quantum / alternative decision-making models, quantum like modelling of markets; complexity economics, financial markets/ economy as a whole, and human cognition (contextuality in decision making) as a whole. However, we also have a strong focus on the applicability of such models in policy making, since that may open up entirely a new world.

While the final conference program will be defined by the contributions received it is envisaged that the following broad themes will be addressed:

  • Quantum Modeling its implications and applications to economics and public policy.
  • Complexity Theory its implication and applications to economics and public policy.
  • Quantum modeling and Complexity Theory: exploring insights for transformative action towards achieving the UN Sustainable Development Goals (SDGs)
  • Making public policy in the face of complexity.

It is expected the sessions could be organized into Plenary Sessions, Panel discussions, thematic papers, Case studies, Student papers.

A first of its kind conference in India, we are calling for wide participations in presenting papers and panel discussions from India as well as abroad.

For further information please contact: Prof. Sudip Patra email: spatra@jgu.edu.in.
OR: Dr. Naresh Singh. Email: naresh@gdsc.ca.