Definition of Generalized Wiener Process: A generalized Wiener process is a continuous-time random walk with a drift and random jumps at every point in time (roughly speaking). Algebraically:

a(x,t)dt + b(x,t)c(dt)^.5

describes a generalized Wiener process, where:

a and b are deterministic functions
t is a continuous index for time
x is a set of exogenous variables that may change with time
dt is a differential in time
c is a random draw from a standard normal distribution at each instant. (Econterms)

Terms related to Generalized Wiener Process:

• Random walk