These words are used to describe ways of modeling or understanding the world. "Stochastic" means that some elements of the model or description are thought of as being random. (The word "Stochastic" is derived from an ancient Greek word for random.) A model or description that has no random factors, but conceivably could, is called "deterministic."
For example, the equation
Q = VC
where Q = charge, V = voltage, and C = capacitance, is a deterministic physical model. One stochastic version of it would be
Q = VC + e
where e is a random variable introduced to account for or characterize the deviations between the actual charges and the values predicted by the deterministic model.
They are antonyms. Stochastic means random, determined by chance. Deterministic means sure, determined ex-ante, not influenced by chance.
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems.
Buying a lottery ticket daily is deterministic. Winning a lottery and getting a prize is Stochastic.
Wikipedia states that stochastic means random. But there are differences depending on the context. Stochastic is used as an adjective, as in stochastic process, stochastic model, or stochastic simulation, with the meaning that phenomena as analyzed has an element of uncertainty or chance (random element). If a system is not stochastic, it is deterministic. I may consider a phenomena is a random process and analyze it using a stochastic simulation model. When we generate numbers using a probability distribution, these are called random numbers, or pseudo random numbers. They can also be called random deviates. See related links.
DFA - deterministic finite automata NFA - non-deterministic finite automata
the residual is the difference between the observed Y and the estimated regression line(Y), while the error term is the difference between the observed Y and the true regression equation (the expected value of Y). Error term is theoretical concept that can never be observed, but the residual is a real-world value that is calculated for each observation every time a regression is run. The reidual can be thought of as an estimate of the error term, and e could have been denoted as ^e.
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems.
I don't know the answer I am looking for the answers too. :) I'm only 41.
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A deterministic sequence - as opposed to a stochastic or random sequence.
stochastic demand is random demand. it is determined by predictable actions and a random element.
Buying a lottery ticket daily is deterministic. Winning a lottery and getting a prize is Stochastic.
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems. basically Monte carlo simulation was named after world war -2 by j. von newmann to solve real world problems From - kapil M.tech Student
Wikipedia states that stochastic means random. But there are differences depending on the context. Stochastic is used as an adjective, as in stochastic process, stochastic model, or stochastic simulation, with the meaning that phenomena as analyzed has an element of uncertainty or chance (random element). If a system is not stochastic, it is deterministic. I may consider a phenomena is a random process and analyze it using a stochastic simulation model. When we generate numbers using a probability distribution, these are called random numbers, or pseudo random numbers. They can also be called random deviates. See related links.
I think most people use them as synonyms. In general usage, it can be appropriate. However, a probabilistic approach describes the occurrence of deterministic states with given probabilities, while stochastic processes are built up by sequential steps occurring with given probabilities. Think of the difference between throwing a die once which determines the state you will arrive at and throwing a die multiple times where the resulting states are (can be) dependent on the previous states.
Stochastic means non-deterministic. This means that something contains an inherent degree of randomness. For more detail, you should consult a dictionary or more detailed literature on probability theory.
Any simulation model that does not contain any random or probabilistic element is called a deterministic simulation model. The characteristic of this type of simulation model is that the output is determined when the set of input elements and properties in the model have been specified. For example, a deterministic simulation model can represent a complicated system of differential equations. Many simulation models however, have at least one element that is random, which gives rise to the stochastic simulation model. In most simulation models randomness is important to mimic the real scenario, for example user connections to the internet arise 'randomly' when a person pressing a key. However, for any stochastic simulation model that has random output, the output (numerical results) can only be treated as an estimate of the true output parameters of the model
H. Marcus-Roberts has written: 'Comparison of some deterministic and stochastic models of population growth'