An Introduction to Ergodicity Economics

Ole Peters

$321.95 $257.49

Hardback

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English

The LML Press
01 June 2025

Economic theory & philosophy

This textbook introduces ergodicity economics (EE), placing the ergodicity question at the centre of economic decision-making: does expected value accurately represent what happens over time? Aimed at upper-level undergraduates, graduate students, researchers, and practitioners, this text challenges traditional models that rely on expected values without fully accounting for time as it affects real-life decisions. EE reveals that expected values match time averages only under specific conditions. When these conditions don't hold, we discover alternative concepts of rationality and new insights into risk and decision-making. This book provides essential mathematical tools and develops one core EE concept in depth: behavioural protocols that maximise long-term wealth growth. The result is a powerful framework with applications in individual decision-making, cooperation, insurance, economic inequality, and financial markets. Designed for a one-semester course, the book equips readers to contribute to the development of EE and apply its principles in advancing robust and equitable economic systems.

By: Ole Peters
Imprint: The LML Press
Country of Publication: United Kingdom
Dimensions: Height: 23mm, Width: 15mm,
ISBN: 9781068649134
ISBN 10: 1068649135
Pages: 204
Publication Date: 01 June 2025
Audience: College/higher education , Further / Higher Education
Format: Hardback
Publisher's Status: Active

Ole Peters leads the Ergodicity Economics programme at the London Mathematical Laboratory and is an External Professor at the Santa Fe Institute. He obtained his Ph.D. in theoretical physics from Imperial College London in 2004. Alexander Adamou was a Resident Fellow at the London Mathematical Laboratory from 2012 till 2022. He is a graduate of Cambridge University and obtained his PhD in applied mathematics from Imperial College London in 2007.

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An Introduction to Ergodicity Economics

Ole Peters

$321.95 $257.49

Hardback

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