This article presents a method for generating samples from an unnormalized posterior distribution f(·) using Markov chain Monte Carlo (MCMC) in which the evaluation of f(·) is very difficult or ...

While the use of Markov chains — a statistical framework to decipher the probability of one event transitioning to another — in finance is not a novel concept, it’s not deployed effectively. In my ...

Using a stochastic model for the evolution of discrete characters among a group of organisms, we derive a Markov chain that simulates a Bayesian posterior distribution on the space of dendograms. A ...

Brief review of conditional probability and expectation followed by a study of Markov chains, both discrete and continuous time. Queuing theory, terminology, and single queue systems are studied with ...