Hi @dypisgood In my humble opinion, no.

Deterministic Steady State: when we want to compute the conditional welfare, usually we start/perturb the economy from this type of steady state. At the steady state, there are *no shocks*.

Risky Steady State: despite *no shocks*, the agent *observes the distribution* of the shocks that may hit the economy in future, e.g. standard deviation \sigma. In this context, we simulate long sequences of endogenous variables at a higher order to see they will converge to the risky steady state or the stochastic steady state.

Ergodic/unconditional mean: We get this value by simulating the economy *with shocks* after a long-run period to compute the unconditional welfare.