Semi-Markov processes extend traditional Markov models by explicitly accounting for the time spent in each state before transitioning. This added temporal dimension is particularly valuable in credit ...

High-order Markov chain models extend the conventional framework by incorporating dependencies that span several previous states rather than solely the immediate past. This extension allows for a ...

This is a preview. Log in through your library . Abstract We have two aims in this paper. First, we generalize the well-known theory of matrix-geometric methods of Neuts to more complicated Markov ...

The Annals of Statistics, Vol. 4, No. 6 (Nov., 1976), pp. 1219-1235 (17 pages) The paper deals with continuous time Markov decision processes on a fairly general state space. The rewards are ...

Discover how Markov chains predict real systems, from Ulam and von Neumann’s Monte Carlo to PageRank, so you can grasp ...