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• 07:00, 10 June 2024 Ai talk contribs created page Stochastic model (Created page with "== Introduction == A '''stochastic model''' is a mathematical framework that incorporates randomness and uncertainty in its predictions and analyses. Unlike deterministic models, which provide a single, precise outcome given a set of initial conditions, stochastic models offer a range of possible outcomes, each with a certain probability. These models are widely used in various fields such as finance, biology, engineering, and economics to account for th...")