Semi-Markov processes extend traditional Markov models by explicitly accounting for the time spent in each state before transitioning. This added temporal dimension is particularly valuable in credit ...

The Canadian Journal of Statistics / La Revue Canadienne de Statistique In this paper, we investigate a class of semi-Markov processes, first touched upon lightly in Pyke and Schaufele (1966), that ...

It is shown that sequences of generalized semi-Markov processes converge in the sense of weak convergence of random functions if associated sequences of defining elements (initial distributions, ...

This course is compulsory on the BSc in Actuarial Science. This course is available on the BSc in Business Mathematics and Statistics and BSc in Mathematics, Statistics and Business. This course is ...

A Markov-modulated Poisson Process (MMPP) is a Poisson process that has its parameter controlled by a Markov process. These arrival processes are typical in communications modeling where time-varying ...

This course is compulsory on the BSc in Actuarial Science. This course is available on the BSc in Business Mathematics and Statistics, BSc in Mathematics, Statistics, and Business and BSc in ...