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Ergodicity — Ole Peters

The Joe Walker Podcast

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The Egricity Model of Egotisy Breaking in Economics

Economist uses egotisy breaking to explain phenomena in economics that otherwise may be difficult to explain. He used an analogy for the evolution of market share among competing technologie. The time average of the fraction of red balls in the urn is one thing, let's say 87 %. But the expectation value is is a half, i guess, for any colour in the urn ad the time average is different every time you play it.

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