By Wai-Ki Ching, Ximin Huang, Michael K. Ng, Tak-Kuen Siu
This new version of Markov Chains: versions, Algorithms and functions has been thoroughly reformatted as a textual content, whole with end-of-chapter workouts, a brand new concentrate on administration technology, new purposes of the types, and new examples with functions in monetary chance administration and modeling of economic data.
This ebook involves 8 chapters. bankruptcy 1 provides a quick creation to the classical idea on either discrete and non-stop time Markov chains. the connection among Markov chains of finite states and matrix thought can also be highlighted. a few classical iterative equipment for fixing linear structures could be brought for locating the desk bound distribution of a Markov chain. The bankruptcy then covers the elemental theories and algorithms for hidden Markov versions (HMMs) and Markov determination approaches (MDPs).
Chapter 2 discusses the purposes of continuing time Markov chains to version queueing structures and discrete time Markov chain for computing the PageRank, the rating of sites on the web. bankruptcy three reviews Markovian types for production and re-manufacturing structures and provides closed shape recommendations and speedy numerical algorithms for fixing the captured structures. In bankruptcy four, the authors current an easy hidden Markov version (HMM) with quick numerical algorithms for estimating the version parameters. An software of the HMM for patron category is usually offered.
Chapter five discusses Markov choice tactics for client lifetime values. shopper Lifetime Values (CLV) is a crucial notion and volume in advertising administration. The authors current an process in keeping with Markov choice procedures for the calculation of CLV utilizing actual data.
Chapter 6 considers higher-order Markov chain versions, rather a category of parsimonious higher-order Markov chain types. effective estimation equipment for version parameters in accordance with linear programming are awarded. modern learn effects on functions to call for predictions, stock regulate and fiscal probability dimension also are awarded. In bankruptcy 7, a category of parsimonious multivariate Markov versions is brought. back, effective estimation tools in accordance with linear programming are offered. functions to call for predictions, stock regulate coverage and modeling credits rankings info are mentioned. ultimately, bankruptcy eight re-visits hidden Markov versions, and the authors current a brand new classification of hidden Markov types with effective algorithms for estimating the version parameters. functions to modeling rates of interest, credits rankings and default info are discussed.
This publication is geared toward senior undergraduate scholars, postgraduate scholars, execs, practitioners, and researchers in utilized arithmetic, computational technological know-how, operational examine, administration technology and finance, who're drawn to the formula and computation of queueing networks, Markov chain types and comparable subject matters. Readers are anticipated to have a few uncomplicated wisdom of chance concept, Markov strategies and matrix theory.