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We present an agent behavior based microscopic model that induces jumps,spikes and high volatility phases in the price process of a traded asset. Wetransfer dynamics of thermally activated jumps of an unexcited/ excited twostate system discussed in the context of quantum mechanics to agentsocio-economic behavior and provide microfoundations. After we link theendogenous agent behavior to price dynamics we establish the circumstancesunder which the dynamics converge to an It\^o-diffusion price processes in thelarge market limit.

From quantum mechanics to finance: Microfoundations for jumps, spikes and high volatility phases in diffusion price processes