2 ms·
"It simply is not based on dynamics of out-of-equilibrium systems" I think that's basically the key point. Ergodicity economics and the real world are both bas
by ReflectedImage 6y ago
"It simply is not based on dynamics of out-of-equilibrium systems"
I think that's basically the key point. Ergodicity economics and the real world are both based on dynamic out of equilibrium systems. Where regular economics is not.
Real people behave according to ergodicity economics according to Ole Peters study and also the data set used in Prospect's theory.
- rmbeard 6y agoThis is also not correct, it depends on which economic model you are looking at. Some assume equilibrium some study transitory dynamics to the equilibrium. You can't make general statements like that and expect them to be always true, you need to refer to a specific model not the field as a whole.
- ReflectedImage 6y agoIt's true for Expected Utility Theory and anything that has been based on top of it.