Related papers: 'Ergodicity Economics' is Pseudoscience
In this essay, I argue that modern science is not the dichotomous pairing of theory and experiment that it is typically presented as, and I offer an alternative paradigm defined by its functions as a human endeavor. I also demonstrate how…
We explore a paradox of collective action and certainty in science wherein the more scientists research together, the less that work contributes to the value of their collective certainty. When scientists address similar problems and share…
Recent studies have shown that many results published in peer-reviewed scientific journals are not reproducible. This raises the following question: why is it so easy to fool myself into believing that a result is reliable when in fact it…
Economic Complexity (EC) methods have gained increasing popularity across fields and disciplines. In particular, the EC toolbox has proved particularly promising in the study of complex and interrelated phenomena, such as the transition…
In the present paper we prove the compactness theorem with respect to partial structures and quasi-truth, using the technique of ultraproducts. Partial structures and quasi-truth are two notions developed within the partial structures…
Non-ergodicity impacts statistical inference in a diverse range of disciplines inside and outside of physics. However the concept of ergodicity is used inconsistently, and may refer to several nonequivalent notions. To help address this, we…
A simple heuristic model, including the multiple exchanges between economic agents, is used to explain the mechanism of emerging and maintenance of social inequality in the market economy. The model allows calculating a density function of…
Abrupt shifts in ecosystems, brains, markets, and climate are often diagnosed as signs of approaching a tipping point, i.e. a critical bifurcation where stability is lost. Here we reveal a broader and more deceptive mechanism:…
"Economists miss the boat when they act as if Arrow and Debreu's general equilibrium model accurately describes markets in the real world of constant change. In contrast, the classical view on the market mechanism offers a helpful…
The quantum state \psi is a mathematical object used to determine the probabilities of different outcomes when measuring a physical system. Its fundamental nature has been the subject of discussions since the inception of quantum theory: is…
There has been much recent interest in two-sided markets and dynamics thereof. In a rather a general discrete-time feedback model, which we show conditions that assure that for each agent, there exists the limit of a long-run average…
Decision-makers abhor uncertainty, and it is certainly true that the less there is of it the better. However, recognizing that uncertainty is part of the equation, particularly for deciding on environmental policy, is a prerequisite for…
Scientists pursue collective knowledge, but they also seek personal recognition from their peers. When scientists decide whether or not to work on a big new problem, they weigh the potential rewards of a major discovery against the costs of…
It is a widespread belief that results like G\"odel's incompleteness theorems or the intrinsic randomness of quantum mechanics represent fundamental limitations to humanity's strive for scientific knowledge. As the argument goes, there are…
We discuss the problems of consensus and unity in science. The natural sciences seem to contrast with many other areas of endeavor in that a high level of consensus seems to exist in them. However, a careful analysis of the structure of…
Foundations of equilibrium thermodynamics are the equation of state (EoS) and four postulated laws of thermodynamics. We use equilibrium thermodynamics paradigms in constructing the EoS for microeconomics system that is a market. This…
With a folk understanding that political polarization refers to socio-political divisions within a society, many have proclaimed that we are more divided than ever. In this account, polarization has been blamed for populism, the erosion of…
Behavioural economics provides labels for patterns in human economic behaviour. Probability weighting is one such label. It expresses a mismatch between probabilities used in a formal model of a decision (i.e. model parameters) and…
Engineering sciences, such as energy system research, play an important role in developing solutions to technical, environmental, economic, and social challenges of our modern society. In this context, the transformation of energy systems…
The economic structure of basic science is currently socialist, funded by the public at large through taxes for the benefit of the public at large. This socialist system should be augmented by a capitalist system, in which basic science is…