Mathematical Theory
The use of the term stochastic to mean based on the theory of probability has been traced back to Ladislaus Bortkiewicz (1868-1931). Bortkiewicz used it in the sense of making conjectures that the Greek term has borne since the days of the ancient philosophers, and after the title of "Ars Conjectandi" that Jakob Bernoulli gave to his work (published in 1713) on probability theory.
In mathematics, specifically in probability theory, the field of stochastic processes has been a major area of research.
A stochastic matrix is a matrix that has non-negative real entries that sum to one in each column.
Read more about this topic: Stochastic
Famous quotes containing the words mathematical and/or theory:
“An accurate charting of the American woman’s progress through history might look more like a corkscrew tilted slightly to one side, its loops inching closer to the line of freedom with the passage of time—but like a mathematical curve approaching infinity, never touching its goal. . . . Each time, the spiral turns her back just short of the finish line.”
—Susan Faludi (20th century)
“We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;—and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.”
—Ralph Waldo Emerson (1803–1882)