“Nothing settles. And yet behaviour returns.” Markets are often described as unstable. Prices move constantly. Trends form and fail. Volatility expands and contracts. Nothing stays where it was. From the outside, it looks like perpetual disorder. And yet, anyone...
Path Dependence and the Non-Ergodic Nature of Markets Most of the analytical machinery used in mainstream finance rests on an assumption so foundational that it is rarely examined: the assumption of ergodicity. It is worth examining. The ergodic assumption is...
