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Stochastic Processes and Markov Chains

In: Operations Research

Author

Listed:
  • H. A. Eiselt

    (University of New Brunswick)

  • Carl-Louis Sandblom

    (Dalhousie University)

Abstract

Some of the previous chapters have dealt with random events. This chapter will deal with such events in a systematic way. In general, in stochastic processes, events occur over time. Time can be dealt with either in continuous fashion, or in discrete fashion. In the continuous case, we may look at the speed of an automobile at any given point in time or at the inventory level of a product in a supermarket at any time. In the discrete case, speed or inventory level are observed only during specific points in time, e.g., each minute, once a week or at similar intervals. In this chapter, we only deal with discrete-time models. The following three sections will introduce some of the basic ideas of stochastic processes and Markov chains.

Suggested Citation

  • H. A. Eiselt & Carl-Louis Sandblom, 2012. "Stochastic Processes and Markov Chains," Springer Texts in Business and Economics, in: Operations Research, edition 2, chapter 12, pages 369-380, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-31054-6_12
    DOI: 10.1007/978-3-642-31054-6_12
    as

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