The Pólya urn — a model for non-ergodic economics

Created
Wed, 24/09/2025 - 00:35
Updated
Wed, 24/09/2025 - 00:35
. The Pólya urn — a deceptively elementary probabilistic construct — offers profound insights into the structural dynamics of many economic processes. The mechanism is straightforward. Following Scott Page’s example, we start with an urn containing one red and one blue ball. Each time a ball is drawn, it is returned to the urn along […]

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