But I don’t think EE would give different answers! EE would give the answer that would maximise the time-averaged geometric growth rate. That would be the same answer that would maximise the expected final log wealth after a long series of identical decisions.
So yes, what you say is exactly the misconception about EE. EE will give different answers for each different dynamic, because time-average is calculated differently for each dynamic. Please see for example section 6.6. in the book on EE.
But I don’t think EE would give different answers! EE would give the answer that would maximise the time-averaged geometric growth rate. That would be the same answer that would maximise the expected final log wealth after a long series of identical decisions.
So yes, what you say is exactly the misconception about EE. EE will give different answers for each different dynamic, because time-average is calculated differently for each dynamic. Please see for example section 6.6. in the book on EE.