The lemmings described in Section 6.2, Exercise 28 and Section 6.5, Exercise 16, where a lemming has

Question:

The lemmings described in Section 6.2, Exercise 28 and Section 6.5, Exercise 16, where a lemming has a probability 0.2 of jumping off the cliff each hour and a probability 0.1 of crawling back up.
Write the joint describing the states of the following Markov chains at times t and t + 1. Assume that the marginal distributions at both time t and t + 1 match the long-term probability. Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...