I wanted to clarify the quote below,
"Over the short term, consequences that apply beyond the short-term do not matter. Over the long term, they do."
as I received a few questions regarding it. In particular, some said it's a platitude. It isn't.
1/5
"Over the short term, consequences that apply beyond the short-term do not matter. Over the long term, they do."
as I received a few questions regarding it. In particular, some said it's a platitude. It isn't.
1/5
https://twitter.com/DellAnnaLuca/status/1339621394787790849?s=20
2/ In the quoted thread, I made the example of a skier participating to a championship made of 10 races.
3/ In a single race, the consequences of him breaking his knee are "just" that he loses that race.
Conversely, in a championship, the consequences of him breaking his knee during a race is that he loses that race AND ALL FOLLOWING ONES (because he cannot participate to them).
Conversely, in a championship, the consequences of him breaking his knee during a race is that he loses that race AND ALL FOLLOWING ONES (because he cannot participate to them).
4/ This is what I meant by,
"Over the short term, consequences that apply beyond the short-term do not matter. Over the long term, they do."
Some losses prevent us from participating again to a profitable activity, thus absorbing future gains.
"Over the short term, consequences that apply beyond the short-term do not matter. Over the long term, they do."
Some losses prevent us from participating again to a profitable activity, thus absorbing future gains.
5/ Ergodicity is, between others, the study of how these deferred consequences matter and how to protect ourselves from them.
(For those who want to learn more about it, I've written a practical book: gum.co/ergodicity)
(For those who want to learn more about it, I've written a practical book: gum.co/ergodicity)
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