  We construct a model of an exchange economy in which agents trade assets
contingent on an observable signal, the probability of which depends on public
opinion. The agents in our model are replaced occasionally and each person
updates beliefs in response to observed outcomes. We show that the distribution
of the observed signal is described by a quasi-non-ergodic process and that
people continue to disagree with each other forever. These disagreements
generate large wealth inequalities that arise from the multiplicative nature of
wealth dynamics which make successful bold bets highly profitable.
