Contrary to Ole Peters' claims in a recent Nature Physics article [1], the "Copenhagen Experiment" did not falsify Expected Utility Theory (EUT) and corroborate Ergodicity Econonomics. The dynamic version of of EUT, multi-period EUT, predicts the same change in risk aversion that EE predicts when the dynamics are changed from multiplicative to additive.
➤ Version 1 (2020-02-06) |
Adam A. Goldstein (2020). Did Ergodicity Economics and the Copenhagen Experiment Really Falsify Expected Utility Theory?. Researchers.One. https://researchers.one/articles/20.02.00002v1
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