Ergodicity Economics School 

Sponsored by the William H. Miller 2018 Trust. 


23 March to 3 April 2020. 


International Center for Theoretical Physics (ICTP), Trieste, Italy. 


Thanks to generous support by LML Trustee, Bill Miller, we are able to offer this School with no fees for teaching and accommodation. Travel bursaries are available to attendees from developing countries.


LML Fellows Ole Peters (@ole_b_peters) and Alex Adamou (@alex_adamou).


Ergodicity Economics (EE) is a field of research that has emerged over the last decade. It provides elegant and simple solutions for many long-standing problems in economic theory by putting time centre-stage. The name refers to the ergodicity question: is the expectation value of some quantity the same as its time average? This question was first posed by statistical physicists in the 1870s, whereas the mathematical foundations of economics go back much further than this, to the 1650s. Economic theory would look very different today had its pioneers known about this crucial question.

For more information, visit the EE research page. We are grateful to our supporters, who made this work possible.

Over the two weeks we will work through a set of lecture notes, an early version of which can be found on the EE blog. The concepts and techniques of EE will be taught and important applications and experiments will be presented.


Applicants need some familiarity with mathematics, roughly at the level of an undergraduate programme in a quantitative subject. Specifically, they should:

  • be comfortable with basic calculus (differentiation and integration);
  • have heard of Itô calculus, random variables, and stochastic processes;
  • seen a few differential equations;
  • be able to write simple Monte Carlo simulations – for instance to compute the average of an observable in a stochastic process – in a common language like Python, C, R, or MATLAB.

Applicants must be able to travel to Italy and remain there for the entire duration of the School. They will be responsible for obtaining any visas, travel insurance, and health insurance they require. The School will be conducted in English and attendees must be fluent.

How To Apply

Applications must be emailed to no later than Friday 25th October 2019. They must contain:

  • a curriculum vitae (no more than two pages);
  • a statement of interest in the Ergodicity Economics School (no more than 300 words).

Applicants from eligible countries wishing to apply for a travel bursary must also submit

  • an estimate of travel costs and proof of citizenship of the eligible country

by the same date. Late or incomplete applications will not be considered. Decisions will be communicated to all applicants by mid-November 2019.

LML operates an equal-opportunities policy, and we encourage applications from underrepresented groups and developing countries.