Question: This is a probabilistic risk analysis question.. Please do follow the steps and answer the question below? Question 1. A Markov chain has been developed

This is a probabilistic risk analysis question.. Please do follow the steps and answer the question below?

This is a probabilistic risk analysis question.. Please do follow the steps

Question 1. A Markov chain has been developed to model the transient states of Henryr Ulll's wives following the old rhyme "divorced, beheaded, died, divorced, beheaded, survived". It seemed logical to include an absorbing state in the model. 0.6 0.5 m V 0.2 State 'a' is the initial state which means 'not married', state 'b is 'married' and state 'c' is 'dead'. Time is measured in multiples of the time required to obtain a divorce settlement. The three numbers shown are transition rates (aka, hazard rates} not probabilities. 1a} Apply Kolmogorov approach to obtain three differential equations for the probability of being in each state as a function of time. 1b) Solve one equation. 1c} Solve for a second equation. 1d -._- Obtain the third equation using continuity of probability. 1e] Conclude what is the transient probability ofthe married state and what I. are the steady state probabilities of each state

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