The Ergodicity Problem in Economics At the risk of being hyperbolic, I think it is one of the most important papers ever published in economics.
if I: look at one individual’s trajectory across time look at a bunch of individual’s trajectories at a single point in time
If yes: ergodic. If not: non-ergodic.
In Conclusion: Ergodicity economics shows people (rationally) maximize the long-term growth of their wealth. Much of what we call “risk aversion” is rational avoidance of non-ergodic games like Russian Roulette.
Great intro article to Ergodicity I think you’d like. https://limitlesscuriosity.com/essays/an-introduction-to-ergodicity