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- W4210363925 abstract "This chapter offers an introduction to an interesting example of stochastic process, simple symmetric walk, with minimum formalism. In most bibliographic references, random walks and the classical problem of the gambler's ruin are treated as applications of the theory of martingales or of Markov chains. The chapter defines the simple symmetric random walk and examines its trajectories. The simple symmetric random walk is the simplest model for a discrete-time process. The chapter looks at the graphical representations that may correspond to draws of a random walk, and at the behavior of the walk without a time limit. The following two properties are no longer simply properties of trajectories, but are properties of processes: Markov property and stationarity property. The chapter introduces an initial application in financial mathematics, examining the gambler's ruin problem." @default.
- W4210363925 created "2022-02-08" @default.
- W4210363925 date "2021-12-28" @default.
- W4210363925 modified "2023-09-30" @default.
- W4210363925 title "Random Walks" @default.
- W4210363925 doi "https://doi.org/10.1002/9781119885030.ch3" @default.
- W4210363925 hasPublicationYear "2021" @default.
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