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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.
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Why stochastic term is called a probabilistic term?
You can thank Kac and Nelson for the association of stochastic phenomena with probability and probabilistic events. There's a good Wikipedia page explaining in better detail.
What is the difference between Monte Carlo and stochastic methods of simulation?
monte carlo simulation is used to give solutions of deterministic problems whereas stochastic simulation is used for stochastic problems.
What is the difference between deterministic and stochastic effects?
I don't know the answer I am looking for the answers too. :) I'm only 41.
What is the difference between stochastic and random?
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.
What has the author Yu-Kweng Michael Lin written?
Yu-Kweng Michael Lin has written: 'Probabilistic theory of structural dynamics' -- subject(s): Stochastic processes, Structural dynamics
What are the Difference between Probabilistic sampling methods and non probabilistic sampling methods?
With a probabilistic method, each member of the population has the same probability of being selected for the sample. Equivalently, given a sample size, every sample of that size has the same probability of being the sample which is selected. With such a sample it is easier to find an unbiased estimate of common statistical measures. None of this is true for non-probabilistic sampling.
What is the major difference between a mathematical model and an econometric model?
Mathematical model is exact in nature.it has Beta zero and Beta one and no stochastic or disturbance variables. Econometric model represents omitted variable, error in measurement and stochastic variables.
Difference between Monte Carlo computation and stochastic simulation?
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
What is a stochastic error term?
A stochastic error indicates an error that is random between measurements. Stochastics typically occur through the sum of many random errors.
What is the difference between deterministic and stochastic simulation models?
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
When was Stochastic Models created?
Stochastic Models was created in 1985.
What is the difference between 'stochastic' and 'deterministic'?
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.
