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Page "Efficient-market hypothesis" ¶ 3
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random and character
It was impossible to be true to my sensations and consequently to render life and movement, impossible to be faithful to the effects, so random and so admirable, of nature, impossible to give an individual character to my drawing, I had to give up .”
Leading libertarian philosophers such as Robert Kane have rejected Dennett's model, specifically that random chance is directly involved in a decision, on the basis that they believe this eliminates the agent's motives and reasons, character and values, and feelings and desires.
The character generation system involves players rolling completely random characters.
The HERO System character creation system is entirely points-based with no random elements.
Each bit or character from the plaintext is encrypted by a modular addition with a bit or character from a secret random key ( or pad ) of the same length as the plaintext, resulting in a ciphertext.
Joseph Mauborgne ( then a captain in the U. S. Army and later chief of the Signal Corps ) recognized that the character sequence on the key tape could be completely random and that, if so, cryptanalysis would be more difficult.
The various incarnations of Traveller each have a task system which was used whenever a character encountered a task that required a random resolution to determine success or failure.
The key Discordian practice known as " Operation Mindfuck " is exemplified in the character of Markoff Chaney ( a play on the mathematical random process called Markov chain ).
* Given an infinite string where each character is chosen uniformly at random, any given finite string almost surely occurs as a substring at some position.
* Given an infinite sequence of infinite strings, where each character of each string is chosen uniformly at random, any given finite string almost surely occurs as a prefix of one of these strings.
Adding a single random character in the middle can make dictionary attacks untenable.
Because the distribution of populations along the river seems to have been random, the character of these nations can vary wildly within a very short span.
Due to its random character it can be categorised as statistical multiplexing methods, making it possible to provide dynamic bandwidth allocation.
Creating a character begins with the random selection of the race among human, elf, dwarf, hobbit, or monster.
In C & S social status is very important and a random drawing determines the origin and social rank of the character.
Holloway developed the character, naming him after a Cockney friend of Henson called Annie Small ; the name Sam was chosen at random.
Each player selects a character, or " hero ," at random at the beginning of the game.
The Grim Reaper is a non-playable character and adds even more random elements to the game.
Champions, first published in 1981, was the first role-playing game in which character generation was based on a point-buy system instead of random dice rolls.
This point system was praised by reviewers for the balance it gave character generation over random dice rolls.
Wizardry VI allowed starting with any class given the player could invest enough time during the random character attribute generation.
Fuqua wanted Washington's character to be seductive and part of a machine, and not just a random rogue cop.
After being defeated in battle, there is a random chance that the general will offer to join the party, usually under the condition that the player character pays him a bribe of either money or horses ( which can be purchased at item shops ).

random and stock
Familiar examples of processes modeled as stochastic time series include stock market and exchange rate fluctuations, signals such as speech, audio and video, medical data such as a patient's EKG, EEG, blood pressure or temperature, and random movement such as Brownian motion or random walks.
The conventional assumption has been that stock markets behave according to a random log-normal distribution.
In 1963, Mandelbrot proposed that instead of following a strict random walk, stock price variations executed a Lévy flight.
In a 1999 response to Malkiel, Lo and McKinlay collected empirical papers that questioned the hypothesis ' applicability that suggested a non-random and possibly predictive component to stock price movement, though they were careful to point out that rejecting random walk does not necessarily invalidate EMH, which is an entirely separate concept from RWH.
Some signal processing researchers negate the random walk hypothesis that stock market prices resemble Wiener processes, because the statistical moments of such processes and real stock data vary significantly with respect window size and similarity measure.
They argue that feature transformations used for the description of audio and biosignals can also be used to predict stock market prices successfully which would contradict the random walk hypothesis.
The random walk index ( RWI ) is a technical indicator that attempts to determine if a stock ’ s price movement is random or nature or a result of a statistically significant trend.
A videotape is a recording of images and sounds on to magnetic tape as opposed to film stock used in filmmaking or random access digital media.
A small number of studies indicated that US stock prices and related financial series followed a random walk model.
However, while EMH predicts that all price movement ( in the absence of change in fundamental information ) is random ( i. e., non-trending ), many studies have shown a marked tendency for the stock markets to trend over time periods of weeks or longer and that, moreover, there is a positive correlation between degree of trending and length of time period
We assume the existence of a bond that pays 1 dollar at maturity time T. The bond price may be random ( like the stock ) but must equal 1 at maturity.
For example, the path traced by a molecule as it travels in a liquid or a gas, the search path of a foraging animal, the price of a fluctuating stock and the financial status of a gambler can all be modeled as random walks, although they may not be truly random in reality.
If on the other hand, real-life stock returns are serially correlated ( for instance due to economic cycles and delayed reaction to news of larger market participants ), " streaks " of wins or losses do happen more often and are longer than those under a purely random process, the anti-martingale strategy would " theoretically " apply and can be used in trading systems ( as trend-following or " doubling up ").
To build intuition, imagine an investor who forecasts a random stock price X based on the limited information set I < sub > 1 </ sub >.
Starting with his 1965 Ph. D. thesis, " The Behavior of Stock Market Prices ", Fama concluded that stock prices are unpredictable and follow a random walk pattern of movement.
Suppose at a future time a derivative ( e. g., a call option on a stock ) pays units, where is a random variable on the probability space describing the market.
Gilovich argues that a similar effect occurs for other types of random dispersions, including 2-dimensional data such as seeing clusters in the locations of impact of V-1 flying bombs on London during World War II or seeing streaks in stock market price fluctuations over time.
The historical importance of Ombre in the field of playing cards is the fact that it was the first card game in which a trump suit was established by bidding rather than by the random process of turning the first card of the stock.
In 1953 he published " The Analytics of Economic Time Series, Part 1: Prices " in which he suggested that the movement of shares on the stock market was random i. e. they were as likely to go up on a certain day as they were to go down.
For example, a stochastic model of stock prices includes in its ontology a sample space, random variables, the mean and variance of stock prices, various regression coefficients etc.

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