7 Merge

math.PR Probability

• Stochastic processes such as branching processes and HMMs are used to model speciation and extinction (the Tree of Life), evolution of molecular sequences, cell proliferation, and other things in biology. For example, see Branching Processes in Biology' by Kimmel and Axelrod.
• Here's a somewhat frivolous one (but one that casinos greatly care about): the number of times one needs to shuffle a deck before it truly randomizes.
• used in the world of finance, economics and gambling on a daily basis.
• Random number generation is a key component of many efficient algorithms, and also plays an important role in cryptography.
• Stochastic calculus is used to price options (Black-Scholes formula) and to hedge against risk. (Of course, it is not always applied wisely...)
• Markov chains are used to find uniformly random objects. This, among other things, makes designing an experiment fairest and crypto-systems based on designs securest.
6 Clarification

math.PR Probability

• (

• Stochastic processes such as branching processes , and HMMs , etc) are used to model speciation and extinction (the Tree of Life), molecular evolution of molecular sequences, cell proliferation, and other things in biology. For example, see table of contents of Branching Processes in Biology' by Kimmel and Axelrod.
• Here's a somewhat frivolous one (but one that casinos greatly care about): the number of times one needs to shuffle a deck before it truly randomizes.
• used in the world of finance, economics and gambling on a daily basis.
• Random number generation is a key component of many efficient algorithms, and also plays an important role in cryptography.
• Stochastic calculus is used to price options (Black-Scholes formula) and to hedge against risk. (Of course, it is not always applied wisely...)
5 deleted 25 characters in body

math.PR Probability

• (branching processes, HMMs, etc) are used to model speciation and extinction, molecular evolution, cell proliferation, and other things in biology. For example, see table of contents of `Branching Processes in Biology' by Kimmel and Axelrod.
• Here's a somewhat frivolous one (but one that casinos greatly care about): the number of times one needs to shuffle a deck before it truly randomizes.
• used in the world of finance, economics and gambling on a daily basis. It
• Random number generation is used every time someone shuffles songs on their ipods, it's used every time someone plays a computer game, it's used every day by physicistskey component of many efficient algorithms, etcand also plays an important role in cryptography.
• Stochastic calculus is used to price options (Black-Scholes formula) and to hedge against risk. (Of course, it is not always applied wisely...)
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2 migrated application from Terry's post
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