Pfungwa yokufamba zvisina kurongwa yakabva kupi?
Context:The random walk hypothesis is a financial theory stating that stock market prices evolve according to a random walk (so price changes are random) uye nokudaro hazvigoni kufanotaurwa. Pfungwa yacho inogona kuteverwa kumutengesi wechiFrench Jules Regnault uyo akabudisa bhuku muna 1863, uye ipapo kumuongorori wechiFrench Louis Bachelier uyo Ph.D. dissertation yakanzi "The Theory of Speculation" (1900) yaisanganisira mamwe maonero anoshamisa uye tsanangudzo. Pfungwa dzakafanana dzakazokurudzirwa napurofesa Paul Cootner weMIT Sloan School of Management mubhuku rake ra1964 rinonzi The Random Character of Stock Market Prices. Izwi iri rakakurumbira nebhuku ra1973 rinonzi A Random Walk Down Wall Street rakanyorwa naBurt Malkiel, purofesa wezvehupfumi paPrinceton University, uye rakanga ratoshandiswa kare munyaya ya1965 yaEugene Fama yaiti "Random Walks In Stock Market Prices", iyo yaiva shanduro isina kunyanya kuoma yePh.D. thesis. Pfungwa yokuti mitengo yemasheya inofamba nenzira isingafungidziriki yakambopiwa naMaurice Kendall mubhuku rake ra1953, rinonzi The Analysis of Economic Time Series, Part 1: Prices.
Zvinonzi pfungwa yokufamba zvisina kurongwa yakatangwa pakati pemakore okuma1800 nemumwe murume wokuFrance aiita zvemari ainzi Jules Regnault. Pfungwa yokufamba zvisina kurongwa inotaura kuti kufamba kwemitengo yemasheya kunongoitika zvoga uye hakugoni kufanotaurwa zviri nyore.