Statistics II20785 marksMarkov Process
Define the Markov chain and introduce its basic notations. Also, explain the characteristics of a Markov chain.
Define the Markov chain and introduce its basic notations. Also, explain the characteristics of a Markov chain. [5]
A Markov chain is a stochastic process {X(t), t = 0, 1, 2, ...} that satisfies the Markov property (memoryless property), which states that the future state of the process depends only on the present state and not on the past states. Mathematically, for all states i₀, i₁, ..., iₙ₋₁, i, j: $$P[X(t...