"A tipping point was a single instance in time where, where that long, long equilibrium was gonna be suddenly changed drastically. So think about path depended. Path dependent means what happens along the way. As you move along that path, how does
"One of the simplest models in probability theory. A description of an urn model is as follows: Consider some vessel — an urn — with black and white balls. One ball is drawn at random from the urn, and then it is
"We said that one thing that people often equate with path dependence is increasing returns and we've shown that although maybe empirically the case that a lot of path dependence does come from increasing returns, logically they're completely separate. You can have
" when we talk about path dependence, what we're talking about is the sequence of previous events influencing not only outcome in this period, but possibly the long run equilibrium. So our definition of path dependence is that the outcome probabilities depend
"An urn model is either a set of probabilities that describe events within an urn problem, or it is a probability distribution, or a family of such distributions, of random variables associated with urn problems." - Wikipedia Source: Scott Page Model Thinking
"Path dependence is the idea that decisions we are faced with depend on past knowledge trajectory and decisions made, and are thus limited by the current competence base. In other words, history matters for current decision-making situations and has a strong influence