Expected utility theory (EUT) is commonly interpreted as people optimizing the expected value of their utility. Utility, in this setting is subjective.
Ergodicity economics (EE) argues that people have little reason to do so because what happens to their utility in expectation is not generally what happens to their utility as time passes.
EE interprets EUT as people optimizing wealth in the long run. That constrains `utility functions' to be identical to ergodicity transformations. No longer subjective but given by circumstances or context, namely by the dynamics.
An entirely different model of human rationality and therefore human behavior emerges.
You can read about it in Chapter 6 of our textbook. Or, as of this morning, you can download a self-contained article, to be publish in November in the Philosophical Transactions.
Here it is:
arxiv.org/pdf/1801.03680