I am hoping to study operations research and eventually write a thesis. What is the difference between deterministic and stochastic operations research (in the sense of economics)? Is it just non-random vs. random? Also, which would make a better focus for research and eventually a thesis topic?What is the difference between deterministic and stochastic operations research?
Deterministic means the thing you are studying is not influenced by chance.
Stochastic meast the thing you are studying is influenced by chance.
Example: Calculating the gravitational pull of the earth. You can argue abit about it. But the thing you are studying is a CONSTANT. It doesn't fluctuate at all. It's either 9.81 or 9.80, or something else.
Stochastic example: The diffusion of ink in water. There isn't a state in which you can say "with 100% certainty, ink is going to reach this part of the water", since it's all random motion in water. You can model it though.
http://en.wikipedia.org/wiki/List_of_sto鈥?/a>
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