Theory that attempts to blend economics and ergodic theory
Ergodicity economics is a research programme aimed at reworking the theoretical foundations of economics in the context of ergodic theory.[1] The project's main goal is to understand how traditional economic theory, framed in terms of the expectation values of ensembles, changes when replacing expectation value averages with time averages. In particular, the programme is interested in understanding the effect of non-ergodic processes in economics, that is processes where the expectation value of an observable does not equal its time average.
^"Economics – London Mathematical Laboratory". Retrieved 1 January 2021.
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Ergodicityeconomics is a research programme aimed at reworking the theoretical foundations of economics in the context of ergodic theory. The project's...
for redistribution. equity home bias puzzle equity premium puzzle ergodicityeconomics Eurosclerosis excess burden of taxation excess supply A situation...
other topics, James White and Victor Haghani discuss the field of ergodicityeconomics in their book The Missing Billionaires. The Missing Billionaires...
would lead to broader prosperity. He drew on scientific work on ergodicityeconomics by a group led by Ole Peters at the London Mathematical Laboratory...
Convexity in economics is included in the JEL classification codes as JEL: C65 Convexity is an important topic in economics. In the Arrow–Debreu model...
L.; Kryukov, V. I.; Toom, A. L. (1978). Stochastic Cellular Systems: Ergodicity, Memory, Morphogenesis. Manchester University Press. ISBN 9780719022067...
Principles of Economics. According to Davidson, Samuelson failed to understand one of the key pillars of the revolution, the refutation ergodic axiom (i.e...
physical applications relating to Boltzmann's ergodic hypothesis. He also pointed out that ergodicity had not yet been achieved and isolated this for...
several concepts in mathematics such as ordinary differential equations and ergodic theory by allowing different choices of the space and how time is measured...
economics. Also climate change is more widely acknowledged as a major issue in economics, sparking debates about sustainable development in economics...
his PhD from Yale University under Shizuo Kakutani PhD (On the Random Ergodic theorem). In 1958 he became Assistant Professor and in 1966 Professor in...
time anyone proved such a dynamical system was ergodic. Also in 1963, Sinai announced a proof of the ergodic hypothesis for a gas consisting of n hard spheres...
and are often used to draw attention to society, environment, politics, economics, religion, psychology, ethics, science, or technology. Some authors use...
evolution. The theoretical ideas have had a strong influence on evolutionary economics. A common expression of the concept is the claim that predictable amplifications...
when underlying stock returns are discontinuous". Journal of Financial Economics. 3 (1–2): 125–144. doi:10.1016/0304-405X(76)90022-2. hdl:1721.1/1899....
currently centennial professor at the London School of Economics, James Meade Professor of Economics Emeritus at the University of Oxford, professorial fellow...
anthropology, sociology, environmental science, computer science, engineering, economics, ecology, and pandemic crisis management. The theory formed the basis...
real life). The debate was renewed by envoking ergodicity breaking. Yet the difference between ergodicity breaking and Knightian uncertainty should be recognized...
making major contributions to many fields, including mathematics, physics, economics, computing, and statistics. He was a pioneer of the application of operator...
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