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Wald's most important work was in statistics, in particular sequential analysis and the theory of decision functions, topics which were founded by him, and gathered together in Sequential Analysis (1947). He developed generalizations of the problem of gambler's ruin which play an important role in statistical sequential analysis. Wald developed sequential analysis in response to the demand for more efficient methods of industrial quality control during World War II.
After the Nazis occupied Austria in 1938 Wald fled to the USA. His family were Jewish and all but one of them died in concentration camps. Wald and his wife were later both killed in a plane crash.
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