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Ergodicity Links Time and Chance
- Ergodicity is a mathematical property tied to dynamics over time and randomness.
- It reflects how processes evolve, bridging time and chance, impacting risk assessment and decision making.
Ole Peters’ Entry into Ergodicity Economics
- Ole Peters was first driven to ergodicity economics by curiosity about finance and Kelly's work.
- He developed the concept that led to solving leverage problems without utility functions.
Ergodicity Explained Simply
- Ole Peters explains ergodicity as when time averages equal ensemble averages for a random process.
- It's a mathematical property of stochastic processes, not of physical objects directly.