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Quantum Finance
Paperback
Series: Quantum Economics, Book 9
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ISBN13: 9798905891243
Publisher: Primal Economics Press
Published: Sep 13 2026
Pages: 454
Weight: 2.30
Height: 0.92 Width: 8.50 Depth: 11.00
Language: English
Publisher: Primal Economics Press
Published: Sep 13 2026
Pages: 454
Weight: 2.30
Height: 0.92 Width: 8.50 Depth: 11.00
Language: English
Finance stands as the most quantitatively advanced branch of the social sciences, yet it is also the most humbling. The meanvariance efficient frontier, the CAPM, arbitrage pricing relations, the Black-Scholes-Merton option formula and the efficient market hypothesis possess unparalleled formal elegance, yet they suffered a broad empirical refutation in the global financial crisis of 2008. Standard models understate tail risk, misinterpret the comovement of assets that are supposed to diversify risk, and presuppose liquidity and rationality - two features that vanish precisely when they are most needed. Behavioural finance has documented an extensive catalogue of cognitive biases, yet it remains a patchwork of isolated effects without a unified calculus of probability. This monograph is the first systematic work to establish quantum finance. It argues that the mathematical formalism of quantum mechanics supplies this missing unified structure: financial states are state vectors in Hilbert space; beliefs and valuations coexist as superposed amplitudes; trading and information disclosure act as measurements that collapse states in accordance with the Born rule; assets and markets are entangled with one another; and path interference generates fat tails and herding, which are inadmissible under classical additive probability.
The book comprises six parts and thirty chapters in total. Part I lays the philosophical and formal foundations. Starting from the paradigm crisis, it proceeds through quantum probability and quantum stochastic processes to construct the analytical framework built on three core pillars of quantum finance. Part II develops quantum asset pricing, covering the quantum CAPM, quantum APT, quantum option pricing and the term structure of interest rates. Part III advances quantum risk management, including quantum risk measures, ValueatRisk (VaR) and expected shortfall, stress testing, credit risk and phase transitions in systemic risk. Part IV addresses quantum portfolios and asset allocation, ranging from the quantum meanvariance frontier, strategic and tactical asset allocation, to factor investing and hedge fund strategies. Part V turns to market microstructure and behavioural finance, examining quantum order flows, marketmaker liquidity, quantum prospect theory and market sentiment. Part VI looks ahead to frontier avenues: quantum computational optimization, quantum machine learning, blockchains, postquantum cryptography and quantuminformed financial regulation. This book rigorously recovers the classical CAPM, efficient market hypothesis and Gaussian risk models as special cases under decoherence limits.
It is intended for graduate students and faculty in finance and financial engineering, as well as researchers and practitioners working on asset pricing, risk management, portfolio allocation and financial regulation.
It is intended for graduate students and faculty in finance and financial engineering, as well as researchers and practitioners working on asset pricing, risk management, portfolio allocation and financial regulation.
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