Summary
The phrase “stochastic process” is used when we have a collection of random variables, indexed by a time parameter, so that they have a natural order. Examples include the size of our capital after a series of investments in the stock market, or other casinos; the accumulated number of points of a football team during the season; a student’s Grade Point Average as she progresses through college; your own weight as you strive for the target you set yourself; the temperature in your home.
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Bibliography
Anděl J (2001) Mathematics of chance. Wiley, New York
Chung KL (1960) Markov chains with stationary transition probabilities. Springer, Berlin (Second edition 1967)
Grimmett GR, Stirzaker DR (1992) Probability and random processes, 2nd edn. Oxford University Press, London (Third edition 2001)
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Haigh, J. (2013). Stochastic Processes in Discrete Time. In: Probability Models. Springer Undergraduate Mathematics Series. Springer, London. https://doi.org/10.1007/978-1-4471-5343-6_7
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DOI: https://doi.org/10.1007/978-1-4471-5343-6_7
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