Consider a random walk in the set {0,1,..., M} with transition probabilities P01 1, PM,M-1 =...
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Consider a random walk in the set {0,1,..., M} with transition probabilities P01 1, PM,M-1 = 1, and Pi,i-1 = 9, pi,i+1 = P, Pi,i = 1-p -q for i = 1, ..., M - 1. (a) Sketch the state transition diagram. (b) Find the long-term proportion of time spent in each state, and the limit of p; (n) as = n → ∞0. Consider a random walk in the set {0,1,..., M} with transition probabilities P01 1, PM,M-1 = 1, and Pi,i-1 = 9, pi,i+1 = P, Pi,i = 1-p -q for i = 1, ..., M - 1. (a) Sketch the state transition diagram. (b) Find the long-term proportion of time spent in each state, and the limit of p; (n) as = n → ∞0.
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Lets break down the problem a State Transition Diagram The random walk takes place in the set 0 1 M ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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