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The article reviews a novel approach to the modeling of after-effect phenomena in hysteretic systems. The after-effect model is based on Preisach-type models driven by stochastic inputs. Random thermal perturbations which result in the gradual loss of memory in hysteretic systems are modeled by discrete and continuous-time stochastic processes. The important properties of the after-effect model are summarized and compared with the traditional thermal activation-type models and with some known experimental facts.