Abstract
The importance of Markov chains comes from two facts: (i) there are a large number of physical, biological, economic, and social phenomena that can be modeled in this way, and (ii) there is a well-developed theory that allows us to do computations. We begin with a famous example, then describe the property that is the defining feature of Markov chains
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Durrett, R. (2016). Markov Chains. In: Essentials of Stochastic Processes. Springer Texts in Statistics. Springer, Cham. https://doi.org/10.1007/978-3-319-45614-0_1
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DOI: https://doi.org/10.1007/978-3-319-45614-0_1
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