Timeline for What is the consensus (if any) on Peters "The ergodicity problem in economics" (2019)?
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| Aug 11, 2021 at 14:30 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 11, 2021 at 14:22 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 10, 2021 at 1:46 | comment | added | bbecon | Never hinted at nor thought that Jensen's inequality was an economists' secret. With respect to the definition of ergodicity, my conclusion was not dependent a particular definition of ergodicity. My point in fact is that you don't need any notion of ergodicity (neither physical nor econometric) to explain the phenomenon that OP is concerned with. And even if ergodicity had anything to do with it (remains to be proven) OP's unsubstantiated claim that, as a consequence of that, we should change the way we model income inequality in economics is a non-sequitur. | |
| Aug 9, 2021 at 6:07 | comment | added | JCW | I find this answer very interesting, for a couple of reasons. To begin with, Jensen’s inequality is usually taught to first-year maths undergrads, so it’s perhaps not as closely-guarded a secret of classically-trained economists as is hinted at here. But secondly, your Wikipedia link about ergodicity itself acknowledges that econometrics and signal processing use a different definition of ergodicity (which uses a temporal sample) than that used in physics (which uses a spatial sample at a single instant). Are you sure you’re talking about the same thing Peters is? | |
| Aug 8, 2021 at 11:41 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 6, 2021 at 16:35 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 6, 2021 at 10:25 | comment | added | Bayesian | The en.wikipedia.org/wiki/St._Petersburg_paradox was analyzed by Nicolas Bernoulli in 17-something and is thus much older than Ole Peters. Already back then he suggested utility functions and that is why these concave function $u$ that we use are called Bernoulli utility functions. | |
| Aug 6, 2021 at 4:34 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 6, 2021 at 2:54 | comment | added | Richard Hardy | Thank you for a hands-on perspective. | |
| Aug 5, 2021 at 22:28 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 5, 2021 at 19:37 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 5, 2021 at 18:35 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 5, 2021 at 18:27 | history | edited | bbecon | CC BY-SA 4.0 |
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| Aug 5, 2021 at 18:21 | history | answered | bbecon | CC BY-SA 4.0 |