Stochastic

Stochastic Stochastic (from the Greek στόχος for aim or guess) means random. A stochastic process is one whose behavior is non-deterministic, in that a system's subsequent state is determined both by the process's predictable actions and by a random element. However, according to M. Kac[1] and E. Nelson[2], any kind of time development (be it deterministic or essentially probabilistic) which is analyzable in terms of probability deserves the name of stochastic

Monday, September 9, 2013

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