Random Variables

Andreas Löffler and Lutz Kruschwitz
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Andreas Löffler: Free University of Berlin
Lutz Kruschwitz: Free University of Berlin

Chapter 4 in The Brownian Motion, 2019, pp 59-68 from Springer

Abstract: Abstract Students of economics are confronted with random variables very early in their programs. They are confronted with this term not only in statistics and econometrics but practically in all economic subdisciplines, in particular in microeconomics and finance. The meaning of a random variable, however, remains somewhat vague. It is usually considered sufficient if students understand it to be data whose actual value is not guaranteed. However, we will not remain on the surface but provide more fundamental insights of random variables. The reader will learn that random variables are functions with specific properties.

Date: 2019
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DOI: 10.1007/978-3-030-20103-6_4

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