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The word stochastic is used to describe other terms and objects in mathematics. Examples include a stochastic matrix , which describes a stochastic process known as a Markov process , and stochastic calculus, which involves differential equations and integrals based on stochastic processes such as the Wiener process , also called the Brownian ...
For example, the fact that the English word cab starts with the sound /k/ is an idiosyncratic property; on the other hand that its vowel is longer than in the English word cap is a systematic regularity, as it arises from the fact that the final consonant is voiced rather than voiceless. [5]
Individual random events are, by definition, unpredictable, but if there is a known probability distribution, the frequency of different outcomes over repeated events (or "trials") is predictable. [note 1] For example, when throwing two dice, the outcome of any particular roll is unpredictable, but a sum of 7 will tend to occur twice as often ...
The word nikoli, when stressed on the second syllable, means "never", when stressed on the first it is the locative case of Nikola, i.e. Nicholas; Spanish – cuando las vacas vuelen ("when cows fly") or cuando los chanchos vuelen ("when pigs fly"). Its most common use is in response to an affirmative statement, for example "I saw Mrs. Smith ...
In economics, a shock is an unexpected or unpredictable event that affects an economy, either positively or negatively. Technically, it is an unpredictable change in exogenous factors—that is, factors unexplained by an economic model—which may influence endogenous economic variables.
Taleb contends that banks and trading firms are very vulnerable to hazardous black swan events and are exposed to unpredictable losses. On the subject of business, and quantitative finance in particular, Taleb critiques the widespread use of the normal distribution model employed in financial engineering , calling it a Great Intellectual Fraud .
Clinamen (/ k l aɪ ˈ n eɪ m ən /; plural clinamina, derived from clīnāre, to incline) is the Latin name Lucretius gave to the unpredictable swerve of atoms, in order to defend the atomistic doctrine of Epicurus. In modern English it has come more generally to mean an inclination or a bias.
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