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When Rules Repeat: The Fixed Point Ladder
Markets as Reflexive Fixed Points
Markets are more than noisy aggregators of information: beliefs about prices help determine prices, which makes reflexivity a fixed-point problem with fat tails, non-ergodicity, and hysteresis.
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When Rules Repeat: The Fixed Point Ladder
Life as a Double Fixed Point
Living systems are not fixed points in the naive sense but robust attractors and self-reproducing machines, whose encoded description takes part in their own continuation.