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...
The title of this article is not a paradox. It is a precise observation about how most participants approach financial markets, and why they struggle. Complexity, in the technical sense, is a property of systems whose behaviour emerges from...
