Although Samuelson was by far the best-known economist to embrace the random-walk model, other analysts did so too. They included Harry V. Roberts, a statistician at the University of Chicago Graduate School of Business, and M. F. M. Osborne, an astrophysicist employed by the U.S. Naval Research Laboratory. Roberts knew of Working's and Kendall's papers, but Osborne reached the conclusion that there was "Brownian motion in the stock market" empirically, apparently without knowing of Bachelier, Working, or Kendall. Like Samuelson, Osborne concluded that a log-normal random walk was a better model of stock-market prices than the physicists' arithmetic Brownian motion.

Donald MacKenzie, An Engine, Not a Camera, loc. 290