Obtain an expression for p (3) 11 in terms of elements of the 1-step transition matrix P
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Obtain an expression for p(3)11 in terms of elements of the 1-step transition matrix P for a general Markov process. Interpret this expression.
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Related Book For
Introduction To Actuarial And Financial Mathematical Methods
ISBN: 9780128001561
1st Edition
Authors: Stephen Garrett
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