Degeneracy is a concept in mathematical physics. In quantum mechanics degeneracy refers to the fact that more than one quantum state has the same energy level.
Deutsche Bank quants, Marcus Overhaus, Hans Buehler, Ana Bermudez, Andrew Ferraris, Christopher Jordinson and Aziz Lamnouar in their book Equity Hybrid Derivative
It is interesting to note that Harry Markowitz introduced the statistical concept of "Covariance" in the early 1950s while working on the portfolio selection problem
