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MARKOV CHAIN Definition & Legal Meaning

Definition & Citations:

Sequence of stochastic events based on probabilities instead of certainties. The current state of a variable or system is independent of all past instances, except for he current present state. Stock/share price movement, and a firm’s market share increasing or decreasing, are examples of Markov chains. Named after the Russian mathematician Andrei Andreevich Markov (1856-1922), the inventor of Markov analysis. Also known as Markov model. Also refer to Markov process.


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