STOCHASTIC PROCESS
Charles François (2004). STOCHASTIC PROCESS, International Encyclopedia of Systems and Cybernetics, 2(2): 3207.
| Collection | International Encyclopedia of Systems and Cybernetics |
|---|---|
| Year | 2004 |
| Vol. (num.) | 2(2) |
| ID | ◀ 3207 ▶ |
| Object type | Methodology or model |
A process that runs through successive random, or seemingly random (chaotic) states.
Stochastic is, basically, that which cannot be forecasted in a strictly deterministic monocausal way. Examples are epidemics, traffic on crowded roads, stock market fluctuations, movements in crowds.
It is “none the less possible to specify both the average (random) interval and the ultimate pattern to which those intervals will tend to conform in the long run” (S. BEER, 1967, p.43).
F. HEYLIGHEN states however that, in stochastic processes (e.g. MARKOV chains) “… a given initial state may have several outcomes with different probabilities” (1990a, p.432)