Doob's Martingale is a fundamental concept in probability theory, particularly in the study of stochastic processes, which describes a fair game sequence where the conditional expectation of future values, given the past, equals the present value. It is instrumental in the development of modern probability theory and has applications in areas such as finance, where it models fair price processes in markets.

Doob's Martingale

fundamental concept in probability theory

Stochastic processes are mathematical objects used to model systems that evolve over time with inherent randomness. They are essential in various fields such as finance, physics, and biology for predicting and understanding complex systems where outcomes are uncertain.

stochastic processes

fair game sequence

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