# What is ergodocity?

What is ergodicity?

I have recently come across this term in a piece written by Nassim Taleb. What does he mean when he uses it? I have also come across something called ergodotic economics, which is apparently a new way of thinking about economics? What is this? Also the major use of ergodocity seems to be in mathematics, but reading the wikipedia explanation left me really puzzled.

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PS: just noticed I misspelled the word in the post: ergodicity

In: Mathematics

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My understanding of this (without being an expert) is that the concept deals with “skin in the game” as he mentioned previously in the article. The best way to understand it is to take the Russian roulette scenario. You have an 83.33 percent chance of NOT blowing your brains out the first time you play. But suppose you play a second time. Your chances are no longer 5 in 6 and in fact they are not even 4 in 5. The probability of success does not merely diminish with each pull of the trigger because the first pull of the trigger warps the odds to such a degree that it is no longer a matter of simple computation. Taleb uses the term “repetitions of exposures” to demonstrate that each instance is affected by the last and we can therefore no longer trust the mathematical probability. The presence of “ruin” as the ultimate end of these scenarios only further complicates this scenario.

Again, far from an expert, but this seems to apply to economics in the sense that most projections do not account for ruin and therefore fall short of truly predicting what the outcome could be if the scenario continued to play out indefinitely.