” 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 on the sequences of past outcomes. So in the case of a path dependent outcome where you see even the outcome depends on it.”- Transcript from Scott Page Coursera
Source:
Scott Page Model Thinking MOOC Course
