Stochastic Model 2
Stochastic Model 2 : A mathematical model which takes into consideration the presence of some randomness in one or more of its parameters or variables. The predictions of the model therefore do not give a single point estimate but a probability distribution of possible estimates. We might distinguish demographic stochasticity which arises from the discreteness of individuals and individual events such as birth, and environmental stochasticity arising from more-or-less unpredictable interactions with the outside world
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