We show that the transience or recurrence of a random walk in certain random environments on an arbitrary infinite locally finite tree is determined by the branching number of the tree, which is a ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit ...

The random walk theorem, first presented by French mathematician Louis Bachelier in 1900 and then expanded upon by economist Burton Malkiel in his 1973 book A Random Walk Down Wall Street, asserts ...

In this paper we prove that, under the assumption of quasi-transitivity, if a branching random walk on ℤd survives locally (at arbitrarily large times there are individuals alive at the origin), then ...