Saturday, February 09, 2013

Markov: The Man Who Thought Hard About Probability

Markov processes pop up all over economics.  This is a simple way to characterize how a random variable such as oil prices or whether you have a job evolves over time.  But, do you know Markov's first name or why he was working on these issues 100 years ago?  His name was Andrey and here is his story.    

Now that I'm getting older, I will solely write about the history of economic thought.    This is what old guys do and I plan to do it well.