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A comment on ergodicity economics

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  • Kim, Minseong

Abstract

This comment paper briefly goes over what ergodicity economics in Peters (2019) is about, why economists reject ergodicity economics and what we can get out of this dispute. 1) The core arguments of ergodicity economics rely on constructing an ergodic observable, and thus relies on a justification of why an observable needs to be ergodic. 2) The modern foundation of expected utility theory is about revealed preference theory, and thus criticisms of economics solely based on cardinal utility are heavily misguided. 3) The real question thus lies on whether revealed preference theory really captures actual utility of an agent.

Suggested Citation

  • Kim, Minseong, 2019. "A comment on ergodicity economics," OSF Preprints 7gm8a, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:7gm8a
    DOI: 10.31219/osf.io/7gm8a
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    References listed on IDEAS

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    1. Pascal Michaillat & Emmanuel Saez, 2021. "Resolving New Keynesian Anomalies with Wealth in the Utility Function," The Review of Economics and Statistics, MIT Press, vol. 103(2), pages 197-215, May.
    2. Pascal Michaillat & Emmanuel Saez, 2021. "Resolving New Keynesian Anomalies with Wealth in the Utility Function," The Review of Economics and Statistics, MIT Press, vol. 103(2), pages 197-215, May.
    3. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    4. Miguel Sidrauski, 1967. "Inflation and Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 75(6), pages 796-796.
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