Expected Growth Criterion: An Axiomatization

Joshua Lawson

Papers from arXiv.org

Abstract: I provide necessary and sufficient conditions for an agent's preferences to be represented by a unique ergodic transformation. Put differently, if an agent seeks to maximize the time average growth of their wealth, what axioms must their preferences obey? By answering this, I provide economic theorists a clear view of where "Ergodicity Economics" deviates from established models.

Date: 2022-12
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