What is ergodicity? - Alex Adamou

Alex Adamou of the London Mathematical Laboratory (LML) gives a simple definition of ergodicity and explains the importance of this under-appreciated scientific concept. The talk is in three parts: a basic definition of ergodicity in terms of stochastic processes; how ergodicity arose historically and why it matters to scientists today; examples of ergodic and non-ergodic processes. This talk is part of the Ergodicity Economics (EE) research program at LML. The program is a redevelopment of economic theory without the foundational, and often flawed, assumption that expectation values and time averages of economic observables are equal. By focusing on physically relevant averages, many open problems in economics find natural solutions. Find out more at the EE portal www.ergodicityeconomics.com