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Markov Chains

In: Adventures in Stochastic Processes

Author

Listed:
  • Sidney I. Resnick

    (Cornell University, School of Operations Research and Industrial Engineering)

Abstract

Intrying to make a realistic stochastic model of any physical situation, one is forced to confront the fact that real life is full of dependencies. For example, purchases next week at the supermarket may depend on satisfaction with purchases made up to now. Similarly, an hourly reading of pollution concentration at a fixed monitoring station will depend on previous readings; tomorrow’s stock inventory will depend on the stock level today, as well as on demand. The number of customers awaiting service at a facility depends on the number of waiting customers in previous time periods.

Suggested Citation

  • Sidney I. Resnick, 2002. "Markov Chains," Springer Books, in: Adventures in Stochastic Processes, chapter 0, pages 60-173, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4612-0387-2_2
    DOI: 10.1007/978-1-4612-0387-2_2
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