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:
“The most distinct and beautiful statement of any truth must take at last the mathematical form.”
—Henry David Thoreau (1817–1862)
“It makes no sense to say what the objects of a theory are,
beyond saying how to interpret or reinterpret that theory in another.”
—Willard Van Orman Quine (b. 1908)