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This latter idea is kind of a first step of the path-integral formulation. Do not study photons before you haven't fully understood non-relativistic quantum theory. Photons cannot described adequately in the wave-function formalism. It has no position observable to begin with. It's a quite complicated object, even already in the free case and can only described correctly in terms of quantum field theory.
In non-relativistic quantum theory, the meaning (and the only logically consistent meaning!) of the wave function is that
$$P(t,x)=|\psi(t,x)|^2$$
is the probability density function for the position of a single particle, provided that
$$\int_{\mathbb{R}} \mathrm{d} x P(t,x)=1.$$
So the wave function must be square integrable to have a well-defined definition of a physical state in sense of quantum theory.
Of course, not every solution of the Schrödinger equation is a wave function. One example is the above derived propagator for a free non-relativistic particle. It's a solution of the Schrödinger equation, but in the sense of a generalized function. It lives not in the Hilbert space of square integrable wave functions but in the dual of a smaller dense subspace, where the position and momentum operators are defined. Since the subspace is strictly smaller than the Hilbert space, it's dual is larger than the Hilbert space. The dual of the Hilbert space itself is isomorphic to the Hilbert space.
In non-relativistic quantum theory, the meaning (and the only logically consistent meaning!) of the wave function is that
$$P(t,x)=|\psi(t,x)|^2$$
is the probability density function for the position of a single particle, provided that
$$\int_{\mathbb{R}} \mathrm{d} x P(t,x)=1.$$
So the wave function must be square integrable to have a well-defined definition of a physical state in sense of quantum theory.
Of course, not every solution of the Schrödinger equation is a wave function. One example is the above derived propagator for a free non-relativistic particle. It's a solution of the Schrödinger equation, but in the sense of a generalized function. It lives not in the Hilbert space of square integrable wave functions but in the dual of a smaller dense subspace, where the position and momentum operators are defined. Since the subspace is strictly smaller than the Hilbert space, it's dual is larger than the Hilbert space. The dual of the Hilbert space itself is isomorphic to the Hilbert space.