UK Accounting Glossary
A martingale is any of a class of betting strategies that originated from and were popular in 18th century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses it if the coin comes up tails.
Refers to a stochastic process in which the expected value of an observation (which is conditional on all previous observations) at any stage is equal to the last of the previous observations. Named after the harness that keeps a horse’s head in a fixed position with its rows of teeth more or less parallel to the ground.
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This glossary post was last updated: 27th December 2019.