Psychological View of Ergodicity Economics

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.