stochastic process
If you had a crystal ball that allowed you to see your future, what would you arrange differently about your finances? Plus talks to the Government Actuary, Chris Daykin about the pensions crisis, and how actuaries use statistical and modelling techniques to plan for all our futures.
Backgammon is said to be one of the oldest games in the world. In this article, Jochen Blath and Peter Mörters discuss one particularly interesting aspect of the game - the doubling cube. They show how a model using Brownian motion can help a player to decide when to double or accept a double.