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Samuelson's designation of red and blue noise is the opposite of the engineering convention for red and blue noise. The words aren't arbitrary: by analogy to visible light, red noise has enhanced low-frequency content, blue noise has enhanced high-frequency content. The hot-hand condition (positive correlation) enhances low-frequency content but Samuelson calls this blue; regression-to-the-mean (negative correlation) enhances high-frequency content but Samuelson calls it red. Are the engineering and economics definitions of red and blue noise really opposite? See, for example: https://cran.r-project.org/web/packages/colorednoise/vignettes/noise.html

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