Related papers: 'Ergodicity Economics' is Pseudoscience
In economics, construction of perfect models in a way that would be comparable to the standards customary in physical sciences is generally not feasible. In particular, the observed value for an economic equilibrium may deviate…
Contemporary debates on "open science" mostly focus on the pub- lic accessibility of the products of scientific and academic work. In contrast, this paper presents arguments for "opening" the ongoing work of science. That is, this paper is…
A dangerously brief history of the developments of the main ideas in economics, as observed by a physicist, is given. This was published in 'Econophysics of Stock and Other Markets', Eds. A. Chatterjee, B. K. Chakrabarti, New Economic…
It would seem that the present dry economic times impose a very precise focus for science in general and physics in particular: research, possibly of applied type. However in doing so two basic pillars of a healthy future for science are…
In this paper we characterise the propensity of big capital investments to systematically deliver poor outcomes as "fragility," a notion suggested by Nassim Taleb. A thing or system that is easily harmed by randomness is fragile. We argue…
In this paper, it is argued that theoretical physics is more akin to an organism than to a rigid structure.It is in this sense that the epithet, "sick", applies to it. It is argued that classical physics is a model of a healthy science, and…
Neuroscientists frequently use a certain statistical reasoning to establish the existence of distinct neuronal processes in the brain. We show that this reasoning is flawed and that the large corresponding literature needs reconsideration.…
Many popular estimation methods in panel data rely on the assumption that the covariates of interest are strictly exogenous. However, this assumption is empirically restrictive in a wide range of settings. In this paper I argue that…
A classical fact in ergodic theory is that ergodicity is equivalent to almost everywhere divergence of ergodic sums of all nonnegative integrable functions which are not identically zero. We show two methods, one in the measure preserving…
This paper argues for the status of formal probability theory as a mathematical, rather than a scientific, theory. David Freedman and Philip Stark's concept of model based probabilities is examined and is used as a bridge between the formal…
The concept of emergence, or synergy in its simplest form, is widely used but lacks a rigorous definition. Our work connects information and set theory to uncover the mathematical nature of synergy as the failure of distributivity. It…
In the last years new interdisciplinary approaches to economics and social science have been developed. A Thermodynamic approach to socio-economics has brought to a new interdisciplinary scientific field called econophysics. Why…
We provide novel, metatheoretical arguments strengthening the position that the naturalness problem of the light Higgs mass is a pseudo-problem: No physics beyond the standard model of particle physics is needed to explain the small value…
Scientific publishing is in a transition between the old paper-bound, static forms and the new electronic media with its interactive, dynamic possibilities. This takes place in the context of imploding library budgets and exploding magazine…
In today's digital era, the Internet, especially social media platforms, plays a significant role in shaping public opinions, attitudes, and beliefs. Unfortunately, the credibility of scientific information sources is often undermined by…
The modeling of complex systems such as ecological or socio-economic systems can be very challenging. Although various modeling approaches exist, they are generally not compatible and mutually consistent, and empirical data often do not…
Datacentric enthusiasm is growing strong across a variety of domains. Whilst data science asks unquestionably exciting scientific questions, we argue that its contributions should not be extrapolated from the scientific context in which…
Evidence shows that in a significant number of cases the current methods of research do not allow for reproducible and falsifiable procedures of scientific investigation. As a consequence, the majority of critical decisions at all levels,…
The paper introduces the concept of asynchronous pseudo-system. Its purpose is to correct/generalize/continue the study of the asynchronous systems (the models of the asynchronous circuits) that has been started in [1], [2].
How to estimate heterogeneity, e.g. the effect of some variable differing across observations, is a key question in political science. Methods for doing so make simplifying assumptions about the underlying nature of the heterogeneity to…