What is it about?
H.E. Hurst studied the flow of river Nile 60 years ago and he discoverd that the extreme values of this ancient river tend to cluster in time. His work has been a milestone in a hydrology and this paper examines the development of Hurst's findings through from his times to today and from hydrology to many other scientific fields. It has been astonishing to find out that extended droughts and stockmarket prices sometimes exhibit the same type of behaviour.
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Why is it important?
Literature overviews are significant because they provide to the scientific community all the necessary views on specific discovery, theory or phenomenon. In this case, the debate over a robust explanation about the nature of the phenomenon is still hot and therefore a collection of all the different approaches might help us find its plausible cause.
Perspectives
During this study, I was lucky to work with some of the leading experts on Hurst phenomenon. This alone was a great experience, but the most valuable gain, was that I had the opportunity to closely examine how a scientific theory comes to flesh and evolves in time. Anyone interested in stochastic modelling, long-term persistence, scaling laws or red noise, should find it most educational.
Yannis Markonis
Read the Original
This page is a summary of: The scientific legacy of Harold Edwin Hurst (1880–1978), Hydrological Sciences Journal, May 2016, Taylor & Francis,
DOI: 10.1080/02626667.2015.1125998.
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