Mark Kirstein @[email protected]

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Mark Kirstein @nonergodicmark@mastodon.world

Mark Kirstein @[email protected]

@nonergodicMark

#ErgodicityEconomics #Geoeconomics Scientific Editor @Zeitschrift_WD OwnViewsHere @ysi_commons prvsly @mpiMathSci @ifso_due @LdnMathLab

StochasticCosmos Katılım Ağustos 2017
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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
Only few witness a scientific breakthrough during their PhD. I was attentive enough to realise #EE is one. From that time on myriad of scientific puzzles wait for you. I intend to solve (at least) one of them during my DAAD PRIME time ;). non-#ergodicity bit.ly/2DXdTKl
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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
@pat_kaczmarczyk Jeder, der mal eine Stunde Marxismus-Leninismus hatte - wie meine Eltern - wird verstehen, was gemeint ist, und trotzdem denken, es müssen sehr unbequeme Wahrheiten sein … für die da drüben :) Das Problem ist, wenn Liberale als auch Sozen nur ihre eigenen Götzen lesen …
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Patrick Kaczmarczyk
Patrick Kaczmarczyk@pat_kaczmarczyk·
Jede erste Stunde im Einführungskurs VWL auf der ganzen Welt: „Unternehmen wählen Output und Preise so, dass Profite maximiert werden.“ Bayrisches Kultusministerium: „Das ist kommunistische Ideologie!!!!!“
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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
@rhughesjones @ole_b_peters Sometimes there is a misleading conception of the existence of a typical value&the rest is just fluctuations. Often fluctuations are what make up the process.These fluctuations might have a typical size (Gaussian) or not (power laws aka the normal distribution in complex systems)
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Ole Peters
Ole Peters@ole_b_peters·
1/ 🧵 Expected value is the conceptual heart of economic theory. It's how economics deals with the vagaries of life. Physically, expected value means pooling and sharing equally. Add up all realizations and divide by the sample size. Politically speaking, that's communism.
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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
Next thought : the decision under certainty Obviously the 'expected' causes the unintuitive result, how about if you seek to maximise utility, what do you actually maximise? Does it look like #EE, i.e. a time average, or more like traditional util theory/decision under certainty?
Mark Kirstein @[email protected]@nonergodicMark

Today I spent some time thinking about #ErgodicityEconomics. just happy to put an insight into a concise form: If homo oeconomicus maximises exp. utility (or wealth), she with probability 1 does not maximise terminal utility (or wealth). Don't believe me? Try it out!

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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
Today I spent some time thinking about #ErgodicityEconomics. just happy to put an insight into a concise form: If homo oeconomicus maximises exp. utility (or wealth), she with probability 1 does not maximise terminal utility (or wealth). Don't believe me? Try it out!
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Mark Kirstein @[email protected] retweetledi
Physics In History
Physics In History@PhysInHistory·
Science does not have a moral dimension. It is like a knife. If you give it to a surgeon or a murderer, each will use it differently. -- as mentioned in Futurehype: The Myths of Technology Change (2009) by Robert B. Seidensticker
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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
Surprising fact: even if homo oeconomicus would maximise (expected) utility/money she actually is not maximising the utility/money she will get in the end PS: For those interested to see why, checkout #ErgodicityEconomics or youtube.com/watch?v=J9lAJb… by @hulme_oliver
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Isabella M Weber@IsabellaMWeber

Economists: Let’s assume everyone is a homo economicus, always rational, maximizing utility knowing their budget constraint and prices. Majority in every poll: we are worse off due to inflation. Economists: People don’t get it, it’s just vibes.

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Mark Kirstein @[email protected] retweetledi
Physics In History
Physics In History@PhysInHistory·
"Modern education is like being taken to the world's greatest restaurant & being forced to eat the menu." - Gell-Mann
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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
@ole_b_peters Feels like too big a jump from this picture of equal sharing to a big idea like 'communism'. Maybe Commoning is more appropriate for now ... raises less neck hair at least for me ...
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Manuel Lara
Manuel Lara@manuelvlara·
@ole_b_peters Just a reader here… wouldn’t it be clearer to call it anti ergodicity economics?
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Ole Peters
Ole Peters@ole_b_peters·
In case this isn't clear to everyone on here.
Ole Peters@ole_b_peters

@rhughesjones correct. Ergodicity economics is so called because it questions the ergodicity assumption, often with the result to reject EV theory because of broken ergodicity.

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Mark Kirstein @nonergodicmark@mastodon.world
Mark Kirstein @[email protected]@nonergodicMark·
Dieses Interview mit Prof. Christian Dustmann ist im Rahmen des Zeitgesprächs zu den 'Herausforderungen auf den Arbeitsmärkten' erschienen. Enjoy the read! wirtschaftsdienst.eu/inhalt/jahr/20…
Verein für Socialpolitik@VfS_econ

Our 2nd keynote today at #VfS_conference2024 by Christian Dustmann on "The Effects of Immigration – from Economics to Politics”". Thank you for the great presentation! @TUberlin @ucl @RF_Berlin #VfS_conference2024 #EconTwitter

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Keşfet

@pat_kaczmarczyk @Ivan_A_Boldyrev @_julesh_ @mpiMathSci @rhughesjones @ole_b_peters @hulme_oliver @ishirubi