The purpose of this article is to explore the relevance of the theory of Markov processes to the analysis of stock price movements.The present study was prompted by the work of Dryden [6], in which aggregate data on United Kingdom share prices were analyzed within a Markovian framework, and which indicated that it might be fruitful to apply the Markov model to more disaggregated data, specifically to individual stock price data.

Journal Article The Use of Unbounded Utility Functions in Expected-Utility Maximization: Comment Get access Terence M. Ryan Terence M. Ryan University of Dublin, Trinity College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 88, Issue 1, February 1974, Pages 133–135, https://doi.org/10.2307/1881799 Published: 01 February 1974