After his Thesis

His Ph.D. thesis defended, Bachelier suddenly seemed to discover the immensity of a world in which randomness exists. The theory of the stock market allowed him to view the classical results of probability with a new eye, and it opened new viewpoints for him. 


Starting in 1901, he showed that the known results about infinite sequences of fair coin flips could almost all be obtained from stock market theory and that one can derive new results that are more precise than anyone had previously suspected. 


In 1906, he proposes an almost general theory of "related probabilities" --> a theory about what would, 30 years later, be called Markov processes. This article by Bachelier was the starting point of a major study by Kolmogorov in 1931. 


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