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Psychological View of Ergodicity Economics

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  • Ivet Tileva

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

Ergodicity economics is a young and relatively unexplored field of science that has an interdisciplinary nature and combines mathematics, statistics and economics. The theory of ergodicity economics is based entirely on a mathematical model and rejects psychological factors as part of the decision-making process in economics. Isolating psychological factors in the model of ergodicity economics does not make them less significant. The article aims to present another point of view on ergodicity in economics and to present an alternative to ergodicity economics outside the mathematical model. This alternative is designated with the scientific term “psychological ergodicity†and is observed in counterparties starting a business in foreign markets.

Suggested Citation

  • Ivet Tileva, 2022. "Psychological View of Ergodicity Economics," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 33-42, September.
    • Handle: RePEc:nwe:iisabg:y:2022:i:3:p:33-42
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    More about this item

    Keywords

    ergodicity economics; psychological ergodicity; decision-making process;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

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