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 ...
Data Uncertainty in Markov Chains: Application to Cost-Effectiveness Analyses of Medical Innovations
Goh, Joel, Mohsen Bayati, Stefanos A. Zenios, Sundeep Singh, and David Moore. "Data Uncertainty in Markov Chains: Application to Cost-Effectiveness Analyses of Medical Innovations." Operations ...
This paper is concerned with the solution of the optimal stopping problem associated to the value of American options driven by continuous-time Markov chains. The valuefunction of an American option ...
What if you could predict the future, not with a crystal ball, but with math? In this guide, Veritasium explains how a 120-year-old concept called Markov chains has become a silent force shaping ...
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