MATH 220 The Transition Matrix
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MATH 220 The Transition Matrix
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MATH 220 The Transition Matrix 
MATH 220 The Transition Matrix 
2	Markov Chains 
 
2.1	Basic Principles. 
2.1.1	The Transition Matrix. 
 
A stochastic process is a mathematical model of a situation in the real world that evolves in time in a probabilistic fashion, i.e. we don't seem to be able to completely predict the future. The situation in the real world is often called a system. For the time being we model the system in discrete time as opposed to continuous time. For example, this might b...
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