A Simulation of a Homogeneous Markov Chain in Discrete - Time Whose Transition Matrix Changes Randomly

Tatiana Dosescu, Victor Raischi and Adi Nicoleta Craciun
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Tatiana Dosescu: Dimitrie Cantemir Christian University
Victor Raischi: Institut of Education Science, Republic of Moldova
Adi Nicoleta Craciun: Grigore Cerchez High School

Social-Economic Debates, 2020, vol. 9, issue 1, 35-43

Abstract: The paper presents a procedure for simulating a finite and homogeneous Markov chain in discrete time, using random extractions from a finite set of urns. Then the procedure changes to simulate a finite and homogeneous Markov chain in a discrete time whose stochastic transition matrix changes randomly to take into account the context in which stochastic modelling takes place.

Keywords: Homogeneous Markov chain; simulate; stochastic modeling; stochastic transition matrix; flowchart; Mathematica 5.2. (search for similar items in EconPapers)
JEL-codes: C00 C02 (search for similar items in EconPapers)
Date: 2020
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