Stochastic Processes and Markov Chains

H. A. Eiselt () and Carl-Louis Sandblom ()
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H. A. Eiselt: University of New Brunswick
Carl-Louis Sandblom: Dalhousie University

Chapter 12 in Operations Research, 2012, pp 369-380 from Springer

Abstract: 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.

Keywords: Discrete Fashion; Inventory Level; Price Example; Absorbing State; Mean Recurrence Time (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-3-642-31054-6_12

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