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It is shown that the Hurst phenomenon is not necessarily an indicator of infinite memory of a process. It can also be caused by nonstationarity in the mean and by random walks with one absorbing barrier, which often arise in natural storage systems. Attention is drawn to the fact that inferences about physical features of a process, based on operational models, can be not only inaccurate but grossly misleading.
V. Klemeš (Thu,) studied this question.