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Alex Adamou

@alex_adamou

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An Introduction to Ergodicity Economics

Joined February 2013
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@alex_adamou
Alex Adamou
2 months
Lovely summary by .@ole_b_peters of our little textbook and the twenty years of thought that went into it. Very excited to see it published next month. .
@ole_b_peters
Ole Peters
2 months
1/thread🧵.Almost 20 years ago, I started thinking about the ergodicity problem in the context of economics. That turned out to be surprisingly fruitful, and now there's a book about it.
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@alex_adamou
Alex Adamou
8 months
Had a lot of fun finishing this little book with @ole_b_peters this year. Everything you need to know to become an ergodicity economist in your pocket (almost). Beautifully printed and bound, too.
@ole_b_peters
Ole Peters
8 months
Very excited about the first physical test prints of the EE textbook, with @alex_adamou. Good stuff!
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@alex_adamou
Alex Adamou
3 years
BREAKING Boris Johnson indicates support for fixed preferences paradigm.
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@alex_adamou
Alex Adamou
3 years
Latest #ErgodicityEconomics paper with @ole_b_peters. A simple model of resource sharing reveals a deep connection between cooperation and ergodicity:. non-cooperators get the time average growth rate;. cooperators get nearer the ensemble average growth rate. No altruism needed!.
@ole_b_peters
Ole Peters
3 years
"The ergodicity solution of the cooperation puzzle" . with @alex_adamou is out today in Phil. Trans. A by @RSocPublishing. It's part of a Theme Issue on emergence, edited by @manlius84. And yes, of course it's open access. Enjoy!.
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@alex_adamou
Alex Adamou
4 years
If you'd like to contribute a talk to #ErgodicityEconomics 2022, the deadline for submissions is TOMORROW. Title and 150-word abstract, so no need to spend the whole weekend!.
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@alex_adamou
Alex Adamou
4 years
RT @bermanjoe: Delighted to have this paper out in AEJ:Applied!.Three takeaways:. 1. Absolute mobility decreased across rich countries over….
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@alex_adamou
Alex Adamou
4 years
The growth rates of GDP and DDP are the two fundamental growth rates of an economy. Their difference arises from the non-ergodicity of the income process. Details are in this #ErgodicityEconomics paper with @bermanjoe and @ole_b_peters:. . 3/3.
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@alex_adamou
Alex Adamou
4 years
Democratic Domestic Product (DDP) is an alternative measure in which each person's income has equal weight in the average. The difference between GDP and DDP is a measure of the income inequality within a national population. 2/3.
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@alex_adamou
Alex Adamou
4 years
I agree with Max. GDP is a helpful measure. It tells us about inequality between populations. However, it says little about inequality within populations. That's because it's an aggregate measure, where each unit of income has equal weight regardless of who produced it. 1/3.
@MaxCRoser
Max Roser
4 years
I think GDP is a pretty brilliant measure really. Thousands of people thought very deeply for decades to construct this metric. It offers us a great understanding of growth and inequality –– two of the most important dimensions to consider when thinking about our world.
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@alex_adamou
Alex Adamou
4 years
If you have applied the ergodicity concept in your research, please consider presenting at #EE2022 in January. We would love to hear from you. Last year's conference was friendly, productive, and a lot of fun. (And if you just want to attend, tickets are currently 33% off!).
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@alex_adamou
Alex Adamou
4 years
👇 Dates for your 2022 diaries 👇.
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@alex_adamou
Alex Adamou
4 years
RT @JosephNWalker: In @ole_b_peters' first ever podcast, we discuss ergodicity, the history of probability theory, and the will's most lone….
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@alex_adamou
Alex Adamou
4 years
RT @LdnMathLab: The @LdnMathLab Summer School student presentations are now on the @ictpnews YouTube channel. Congratulations to students a….
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@alex_adamou
Alex Adamou
4 years
I hope you enjoy reading the paper. Your feedback is welcome. Many thanks to @BierVicki and her editorial team @DAS_INFORMS for helpful comments and smooth handling of the manuscript. Thanks also to @rjs for enjoyable discussions. 6/6.
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@alex_adamou
Alex Adamou
4 years
The function that emerges depends on the wealth dynamics and repetition period. Thus the theory makes testable predictions of how discount functions change with circumstances. One can view this as a Grand Unified Theory of discounting, which incorporates mainstream models. 5/n.
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@alex_adamou
Alex Adamou
4 years
Until now, no simple rationale has been offered for why people appear to discount hyperbolically. Here we show that both exponential and hyperbolic discounting emerge from one simple behavioural assumption: that people maximise the long-run growth rate of their wealth. 4/n.
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@alex_adamou
Alex Adamou
4 years
The discount factor depends on the delay between the payments. The two main choices in economics are exponential and hyperbolic decay. Exponential discounting is considered normative - how people should behave. Hyperbolic discounting is descriptive - it fits the data better. 3/n.
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@alex_adamou
Alex Adamou
4 years
What is discounting? Consider two equal payments, one arriving later than the other. In general, people prefer the earlier payment. One way to model this is to multiply the later payment by a discount factor (<1) to express it as an equivalent earlier payment. 2/n.
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@alex_adamou
Alex Adamou
4 years
Just published in @DAS_INFORMS Decision Analysis. "Microfoundations of Discounting". an #ErgodicityEconomics paper with @bermanjoe, @diomavro, and @ole_b_peters. 1/n.
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@alex_adamou
Alex Adamou
4 years
RT @LdnMathLab: The International Mathematics Master builds teaching capacity for advanced mathematics in developing countries. 9 graduates….
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