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Stochastic process


A family, or a collection of random variables, indexed by time. It is said to be a discrete process, or a discrete time process, if the time index only takes integer values (typically, 0,±1,±2,…), and a continuous process, or a continuous time process, if the time index takes a continuous range of real values (finite or infinite).


Reference: Oxford Press Dictonary of Economics, 5th edt.