Question: (a) Explain the concept of a partial sum stochastic process and the type of separable heterogeneity it gives rise to. (b) Explain why separable heterogeneity

(a) Explain the concept of a partial sum stochastic process and the type of separable heterogeneity it gives rise to.

(b) Explain why separable heterogeneity often gives rise to operational models.

(c) Compare and contrast separable heterogeneity with non-stationarity.

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