Tuesday 1 October @ 2pm London time.
In the fifth talk in our ergodicity economics seminar series Arne Vanhoyweghen (Vrije Universiteit Brussel) will present the results of his recently published PhD dissertation:
Ergodicity and Human Decision Making: on the Impact of Path Dependencies on Decision-Makers
The dissertation aims to strengthen the theoretical understanding of the role of ergodicity breaking in economic problems by focusing on practical applications in discrete processes and real-world dynamics. Through stated preference experiments, the dissertation demonstrates that time averages provide a more appropriate null model for modelling human decision-making than ensemble averages. It reveals that many established findings in behavioural economics are not primarily driven by psychological factors. Rather, the behaviour of human decision-makers can be understood as a logical response to living in a non-ergodic world, where optimizing for time averages results in robust strategies that are largely independent of individual biases and heuristics.
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