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Markov Processes - Ohio State University
people.math.osu.eduMarkov Processes 1. Introduction Before we give the definition of a Markov process, we will look at an example: Example 1: Suppose that the bus ridership in a city is studied. After examining several years of data, it was found that 30% of the people who regularly ride on buses in a given year do not regularly ride the bus in the next year.
1 Introduction to Stochastic Processes
www.kent.ac.ukMA636: Introduction to stochastic processes 1–5 1.4.1 Exchange rates Figure 1: Exchange rate between British pound and Japanese yen over the period 1/1/02-31/7/04. Upper graph shows true exchange rate, lower graph shows a simulation of a random walk model. The upper panel of Figure 1 shows the exchange rate between the