Markov chain
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Vanshika Gupta.
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Vanshika Gupta
What is Markov Chain?
A Markov chain is a stochastic model describing a sequence of possible events in which the probability of each event is independant of its past data i.e exhibits Markov Property . In continuous-time, it is known as a Markov process.
Markov chains are used in a broad variety of academic fields, ranging from biology to economics. When predicting the value of an asset, Markov chains can be used to model the randomness. The price is set by a random factor which can be determined by a Markov chain.
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