Quotes About Ergodicity

Mathematicians of probability give that a fancy name: ergodicity. It means, roughly, that (under certain conditions) very long sample paths would end up resembling each other. The properties of a very, very long sample path would be similar to the Monte Carlo properties of an average of shorter ones.

Siempre es preferible optar por aquellas cosas que funcionan desde hace mucho tiempo, pues es más probable que ya hayan alcanzado su estado ergódico. Y, de todos modos, en el peor de los casos, el problema sería que no sabemos cuánto durarán.* Recordemos que la carga de la prueba recae en quien perturba un sistema complejo y no en la persona que protege el statu quo.

I believe that risk aversion does not exist: what we observe is, simply, a residual of ergodicity. People are, simply, trying to avoid financial suicide and take a certain attitude to tail risks.