A stochastic (from the Greek “\(\sigma\tau\acute{o} \chi o \varsigma\)” (stokhos), meaning “guess”, “conjecture”.) process is a mathematical tool used for the modeling of time-dependent random phenomena. Here, the term “stochastic” means random and “process” refers to the time evolving status of a given system. Stochastic processes have applications to multiple fields, and can be useful anytime one recognizes the role of randomness and unpredictability of events that occur at random times in a physical, biological, or financial system.

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© Springer Science+Business Media Singapore 2013

Authors and Affiliations

  • Nicolas Privault
    • 1
  1. 1.School of Physical and Mathematical SciencesNanyang Technological UniversitySingaporeSingapore

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