Behavioural experiments by Ollie Hulme’s group in Copenhagen show that people change their implied risk preferences when choosing between repeated multiplicative versus additive gambles. The shifts are consistent with a model assuming that the subjects intend to maximise the time averaged growth […]
Maximising expected outcomes – framed as expected utility in behavioural science and expected reward in reinforcement learning – has long dominated models of decision-making. In this seminar, Ollie Hulme (DRCMR) asks if people maximise time averages instead. He will present data showing […]
Dr Ole Peters (London Mathematical Laboratory, Santa Fe Institute) explores how ergodicity economics rethinks decision-making and expected value, drawing on insights from Copenhagen experiments. Abstract Expected values play an important role in economic modelling. Many behavioural models propose that humans optimise expected […]
Non-ergodicity impacts statistical inference across a diverse range of disciplines, both within and beyond physics. However, the concept of ergodicity is used inconsistently and may refer to several non-equivalent notions. In this talk, Fabien Paillusson (University of Lincoln) identifies and clarifies the […]