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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.

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They are antonyms. Stochastic means random, determined by chance. Deterministic means sure, determined ex-ante, not influenced by chance.

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Q: What is the difference between 'stochastic' and 'deterministic'?
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