Mathematicians from the California Institute of Technology have solved an old problem related to a mathematical process called a random walk. The team, which also worked with a colleague from Israel’s ...

Random walks constitute one of the most fundamental stochastic processes and serve as a versatile framework for modelling a vast array of phenomena across physics, biology, finance and computer ...

Random walks constitute one of the cornerstone concepts in probability theory and statistical physics, representing a class of stochastic processes in which a moving entity takes successive steps in ...

This is a preview. Log in through your library . Abstract Random walks are a fundamental model in applied mathematics and are a common example of a Markov chain. The limiting stationary distribution ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit ...