Is the wave function Ψ in Schrödinger's equation iℏ[(∂Ψ)/(∂t)]=H^Ψ a physical entity (ontic) or a knowledge-based construct (epistemic)? Ontic views, such as Many-Worlds, imply ∣Ψ∣^2 reflects real-world probabilities, while epistemic interpretations, like QBism, suggest Ψ represents an observer's belief. This distinction impacts the interpretation of collapse, measurement, and nonlocality.

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