The infamous coin toss
In 2011 I gave a 15-minute talk to a lay audience in London. The topic I had chosen was ergodicity breaking, and the challenge was clear: how do you get this across? I invented a coin-toss gamble, which has since become a go-to illustration of ergodicity breaking and a very intuitive way of explaining how ergodicity economics differs from other approaches to economics, and how its concepts may apply to problems unrelated to economics.
