Wald's Identity | Simple Random Walks | Stochastic Processes
In this video, we take a long hard look at Wald's identity, which is a result allowing us to simplify a sum of random variables, where the number of terms in the sum is itself random, under a few conditions. We can use this result to answer previously inaccessible questions about simple random walks! First video on stochastic processes: • What is a Stochastic Process? | Simple Exp... First video on simple random walks: • Intro to Simple Random Walks (SRW) | Stoch... Gambler's Ruin video trilogy (third one has the result we used in this video): 1: • Gambler's Ruin - Probability of Hitting m ... 2: • Gambler's Ruin - Expected Duration of the ... 3: • Gambler's Ruin - Probability of Eventual R... Please let me know if you have any questions about stochastic processes! Probability playlist: • Probability
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