August 2023
Intermediate to advanced
144 pages
3h 24m
English
Content preview from A Handbook of Mathematical Models with Python
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8
Markov Chain
The Markov chain is one of the most important stochastic processes and solves real-world problems with probabilities. A Markov chain is a model of random movement in a discrete set of possible locations (states), in other words, a model of transition from one location (state) to another with a certain probability. It is named after Andrey Markov, the Russian mathematician who is best known for his work on stochastic processes. It is a mathematical system describing a sequence of events in which the probability of each event depends only on the previous event.
The events or states can be written as {, where is the state at time t. The process {} has a property, which ...
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