Example: marketing
Markov Models in Medical Decision Making
325 FIGURE 3. Markov-state diagram.Each circle represents a Markov state. Arrows indicate allowed transitions. times spent in the individual states to arrive at an expected survival for the process. n Expected utility = ~ ts s=l i where ts is the time spent in state s. Usually, however, the quality of survival is consid- ered important.Each state is associated with a quality
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