Why is it that the wealthiest people are not the most materialistic; that the most successful businesses are not the most profit-oriented; and that the happiest people do not directly pursue happiness? Using a diverse range of examples, from the Messenger spacecraft to French architecture, this...

This monograph challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of financial markets. Though it finds that statutory regulation failed, and that market participants took more risks than they should have done, it appears that statutory regulation...

English Abstract: Much of modern economics, including in particular the dominant paradigms in macroeconomics and financial economics, proceeds on the basis that there is a “true” model of the world, which can be deduced from a set of axioms based around rational choice. But in reality there...

We show that the ‘ergodicity economics’ research programme is based on a misconception about how ergodicity economics relates to expected utility theory. When time is dealt with appropriately, ergodicity economics is a restricted case of risk-neutral expected utility theory. Furthermore,...