stochastics

How to Calculate Fortune – Jakob Bernoulli

How to Calculate Fortune – Jakob Bernoulli

On August 16, 1705, Swiss mathematician Jakob Bernoulli passed away. The Swiss Bernoulli family is well known for their many offsprings who gained prominent merits in mathematics and physics in the 18th century. Jakob Bernoulli, born in 1654 (or 1655 according to the new Gregorian calendar), is best known for his work Ars Conjectandi (The Art of Conjecture). In this work, published 8 years after his death in 1713 by his nephew Nicholas,…
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Pafnuty Chebyshev and the Chebyshev Inequality

Pafnuty Chebyshev and the Chebyshev Inequality

On May 16, 1821, Russian mathematician Pafnuty Lvovich Chebyshev was born. Chebyshev is remembered primarily for his work on the theory of prime numbers, including the determination of the number of primes not exceeding a given number. Moreover, he is noted for his work in the fields of probability, statistics, mechanics, and number theory. “To isolate mathematics from the practical demands of the sciences is to invite the sterility of a cow shut…
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Abraham de Moivre and the Doctrine of Chances

Abraham de Moivre and the Doctrine of Chances

On May 26, 1667, French mathematician Abraham de Moivre was born. De Moivre is best known for de Moivre‘s formula, one of those that link complex numbers and trigonometry, and for his work on the normal distribution and probability theory. He was a friend of Isaac Newton, Edmond Halley, and James Stirling. De Moivre wrote a book on probability theory, The Doctrine of Chances, said to have been prized by gamblers. He…
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Andrey Markov and the Markov Chains

Andrey Markov and the Markov Chains

On June 14, 1856, Russian mathematician Andrey (Andrei) Andreyevich Markov was born. He is best known for his work on stochastic processes. A primary subject of his research later became known as Markov chains and Markov processes, i.e. sequences of random variables in which the future variable is determined by the present variable but is independent of the way in which the present state arose from its predecessors. Markov Chains I guess, as…
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John Arbuthnot and the Laws of Chance

John Arbuthnot and the Laws of Chance

On April 29, 1667, Scottish physician, satirist and polymath John Arbuthnot was baptized. He is best remembered for his contributions to mathematics, his membership in the Scriblerus Club (where he inspired both Jonathan Swift’s Gulliver’s Travels as well as Alexander Pope), and for inventing the figure of John Bull. He published Of the Laws of Chance (1692), the first work on probability published in English, being his translation of a work by…
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