A comment on ergodicity economics

Minseong Kim

No 7gm8a, OSF Preprints from Center for Open Science

Abstract: This comment paper briefly goes over what ergodicity economics in Peters (2019) is about, why economists reject ergodicity economics and what we can get out of this dispute. 1) The core arguments of ergodicity economics rely on constructing an ergodic observable, and thus relies on a justification of why an observable needs to be ergodic. 2) The modern foundation of expected utility theory is about revealed preference theory, and thus criticisms of economics solely based on cardinal utility are heavily misguided. 3) The real question thus lies on whether revealed preference theory really captures actual utility of an agent.

Date: 2019-12-07
New Economics Papers: this item is included in nep-hme and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:7gm8a

DOI: 10.31219/osf.io/7gm8a

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