In statistics, first-hitting-time models are simplified models that estimate the amount of time that passes before some random or stochastic process crosses a barrier, boundary or reaches a specified state, termed the first hitting time, or the first passage time. Accurate models give insight into the physical system under observation, and have been the topic of research in very diverse fields, from economics to ecology.
In statistics, first-hitting-time models are simplified models that estimate the amount of time that passes before some random or stochastic process crosses a barrier, boundary or reaches a specified state, termed the first hitting time, or the first passage time. Accurate models give insight into the physical system under observation, and have been the topic of research in very diverse fields, from economics to ecology.
Source: Wikipedia "First-hitting-time model" · CC BY-SA 4.0
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