Skip to main content icon/video/no-internet

The concept of path dependence has been popularized by economic historians and is now widely employed in economics, history, political science, sociology, and geography to describe systems and processes that are governed by their own history. More formally, a path-dependent system or process is characterized by nonergodicity, a term taken from the theory of stochastic systems. While an ergodic system or process will converge toward an invariant, asymptotic probability distribution regardless of its initial conditions, the asymptotic probability distribution of a nonergodic or path-dependent stochastic system evolves as a consequence of its own history. Path dependence is a label for ...

  • Loading...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles

Sage Recommends

We found other relevant content for you on other Sage platforms.

Loading