A preorder relation for Markov reward processes

David Daly, Peter Buchholz and William H. Sanders

Statistics & Probability Letters, 2007, vol. 77, issue 11, 1148-1157

Abstract: A new preorder relation is introduced that orders states of a Markov process with an additional reward structure according to the reward gained over any interval of finite or infinite length. The relation allows the comparison of different Markov processes and includes as special cases monotone and lumpable Markov processes.

Keywords: Discrete; time; Markov; chains; Rewards; Stochastic; orders; Comparison; of; Markov; processes; Aggregation (search for similar items in EconPapers)
Date: 2007
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