Archives For non-ergodic

Matrix (Image source: The Matrix film)

A reader of this blog might be aware of both the difference between ergodic and non-ergodic risks, and how the presence of non-ergodicity (i.e. the possibility of irreversible catastrophic outcomes) undermines a key assumption on which Pascalian risk assessment is based. But what to do about it? Well one thing we can practically do is to ensure that when we assess risk we take into account the non-ergodic nature of such catastrophes.  Continue Reading…