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Luca Dellanna on Risk, Ruin, and Ergodicity
EconTalk
How to Determine Whether Something Is a Godick or Non Ergodick
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There is no single process I can think of in real life, which behaves organically. We're talking about playing poker, for example, or playing blackjack. The big question is how non ergodick it is. How can I make it more a godick? And how can I reduce the risk of ruin?
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