Finite-State, Discrete-Time Markov Chains

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Consider a system that is always in one of states, numbered 1 through
. Every time a clock ticks, the system updates itself according to an
matrix of transition probabilities, the
entry of which gives the probability that the system moves from state
to state
at any clock tick. A Markov chain is a system like this, in which the next state depends only on the current state and not on previous states. Powers of the transition matrix approach a matrix with constant columns as the power increases. The number to which the entries in the
column converge is the asymptotic fraction of time the system spends in state
.
Contributed by: Chris Boucher (March 2011)
Open content licensed under CC BY-NC-SA
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"Finite-State, Discrete-Time Markov Chains"
http://demonstrations.wolfram.com/FiniteStateDiscreteTimeMarkovChains/
Wolfram Demonstrations Project
Published: March 7 2011