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This simple idea leads to a beautiful mathematical theory and a powerful tool as one can show that random objects have several interesting properties.
Li and Vitanyi have written this wonderful monograph on the area covering the depth of theory and applications not seen anywhere else. They give a clear and complete descriptions of many of the important concepts in the book. I have used this book twice in teaching graduate courses on the topic.
This book is a must have for anyone interested in a serious mathematical treatment of Kolmogorov complexity.
The reviews below give more than enough information so I won't belabour the Kolmogorov complexity here. Suffice it to say you won't find the subject detailed more fully in any other reference work in existence today.
However, this book does need to be revised and updated. There has been a lot of development in the field and the sections overviewing Solomonoff's work, in particular, could be expanded. Also, I found it hard to believe that nothing about the 'philosophical' importance of the whole induction question - this is at the core of many very important questions and should not be treated trivially.
There should also be some overview of two other areas that, in combination with the theory outlined in this text, are starting to form the nexus of a "new kind of science" (definitely not Wolfram's pathetic attempt). I refer to some information regarding non-classical logical systems as well as anticipatory computing systems. Both will, I predict, become core areas in addition to extensions to Kolmogorov/Chaitin complexity in the future.
All textbooks should be as clear and concise as this example.
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