random walk

a series of values plotted over time that reflects the workings of a chance process, such that each value has an unpredictable relationship to the preceding value and the series has no definable pattern. The concept is used in many research settings, including simulation studies and models of price movements on the stock market. Compare Markov chain. See also stochastic.

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Psychology term of the day

May 8th 2024

drug tolerance

see tolerance.