Abstract
A historical overview is given on the basic results which appeared by the year 1926 concerning Einstein's fluctuation formula of black-body radiation, in the context of light-quanta and wave-particle duality. On the basis of the original publications – from Planck's derivation of the black-body spectrum and Einstein's introduction of the photons up to the results of Born, Heisenberg and Jordan on the quantization of a continuum – a comparative study is presented on the first lines of thoughts that led to the concept of quanta. The nature of the particle-like fluctuations and the wave-like fluctuations are analysed by using several approaches. With the help of classical probability theory, it is shown that the infinite divisibility of the Bose distribution leads to the new concept of classical "poissonian photo-multiplets" or to the "binary photo-multiplets" of fermionic character. As an application, Einstein's fluctuation formula is derived as a sum of fermion type fluctuations of the binary photo-multiplets.
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