April 2019
Intermediate to advanced
212 pages
5h 34m
English
A Markov chain has the following characteristic, called the Markov property:

This states, mathematically, that the likelihood distribution of the next state depends only on the current state and not on previous states. Given our knowledge of the current state, St, the probability of reaching St+1 is the same as the probability of reaching St+1, given the knowledge of all the previous states.
To illustrate this further, let's talk about a different stochastic system where the Markov property won't apply. For example, we are working on a job site and have three pieces of equipment that we might be assigned at random over ...
Read now
Unlock full access