What is the definition of a martingale?

In the field of probability theory, a martingale is a mathematical concept that describes a stochastic process in which the expected value of the next random variable, given all the information about previous variables, is equal to the current value. In other words, a martingale is a sequence of random variables that offers no predictable advantage or disadvantage in predicting future values. This property makes martingales widely used in finance, gambling, and other fields where the absence of a systematic bias is desirable.

This mind map was published on 9 October 2023 and has been viewed 100 times.