stochastic approach
121radiation — radiational, adj. /ray dee ay sheuhn/, n. 1. Physics. a. the process in which energy is emitted as particles or waves. b. the complete process in which energy is emitted by one body, transmitted through an intervening medium or space, and… …
122Monte Carlo methods for option pricing — In mathematical finance, a Monte Carlo option model uses Monte Carlo methods to calculate the value of an option with multiple sources of uncertainty or with complicated features. [1] The term Monte Carlo method was coined by Stanislaw Ulam in… …
123Partial differential equation — A visualisation of a solution to the heat equation on a two dimensional plane In mathematics, partial differential equations (PDE) are a type of differential equation, i.e., a relation involving an unknown function (or functions) of several… …
124New Keynesian economics — Not to be confused with Neo Keynesian economics. Economics …
125Errors and residuals in statistics — For other senses of the word residual , see Residual. In statistics and optimization, statistical errors and residuals are two closely related and easily confused measures of the deviation of a sample from its theoretical value . The error of a… …
126Herbert Robbins — Herbert Ellis Robbins (born January 12, 1915 in New Castle, Pennsylvania; died February 12, 2001 in Princeton, New Jersey) was a mathematician and statistician who did research in topology, measure theory, statistics, and a variety of other… …
127Nassim Nicholas Taleb — Born 1960 (age 50–51) Amioun, Lebanon …
128Markov decision process — Markov decision processes (MDPs), named after Andrey Markov, provide a mathematical framework for modeling decision making in situations where outcomes are partly random and partly under the control of a decision maker. MDPs are useful for… …
