A Critique of ‘Ergodicity Economics’

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I have a new working paper with Matthew Ford looking at ‘Ergodicity Economics‘, which is an attempt to produce “a re-write of economic theory, taking account of the ergodicity question: are averages over time identical to expectation values (averages across the stochastic ensemble)?” In our paper we argue that ergodicity economics as currently theorised is actually a restricted case of the theory it criticises, and it does not provide convincing alternative justifications for its usefulness. You can read it here.

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