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, ...
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