If I flip a coin a thousand times and a thousand people flip a coin once, we're going to get a very similar number of heads. That's not true for Russia or left for Russia or the land of person plays a thousand times. And so that's those are non ergodic processes. You know, the book really should be called non ergodicity, because that is really what we're most interested in.
Author and consultant Luca Dellanna talks with EconTalk host Russ Roberts about the importance of avoiding ruin when facing risk. Along the way Dellanna makes understandable the arcane concept of ergodicity and shows the importance of avoiding ruin in every day life.