TL;DR
Catalan Numbers: Count balanced parentheses, binary trees, non-crossing partitions, and lattice paths. This concept is essential for quantitative trading interviews and is frequently tested at top firms.
By Valenke Exam Prep Team·Last updated 2026-06-01
Combinatorics
Catalan Numbers
Count balanced parentheses, binary trees, non-crossing partitions, and lattice paths.
The Catalan numbers count a remarkable variety of combinatorial structures:
What they count:
- Balanced strings of pairs of parentheses
- Full binary trees with leaves
- Monotonic lattice paths from to that don't cross the diagonal
- Triangulations of a convex -gon
- Non-crossing partitions of
Recurrence: , and .
Generating function: .
Intuition: Catalan numbers arise whenever you have a "ballot problem" structure — counting paths that stay on one side of a boundary. The reflection principle or cycle lemma proves the formula.
When to use: If a problem asks you to count something and the first few values are 1, 1, 2, 5, 14, 42 — it's Catalan.
First few values: .
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