Markov chain models and phase-type distributions have emerged as powerful tools in healthcare analytics, offering a robust framework for understanding and predicting patient trajectories throughout ...
The Use of Markov Models as an Aid to the Evaluation, Planning and Benchmarking of Doctoral Programs
In this paper, an absorbing finite Markov chain model is developed to facilitate planning in a DBA Program in a Graduate School in Australia. The short-and long-term forecasting facilities offered by ...
Markov Models for disease progression are common in medical decision making (see references below). The parameters in a Markov model can be estimated by observing the time it takes patients in any ...
In this paper we use Ching's multivariate Markov chain model to model the dependency of rating transitions of several credit entities. The model is an enhancement of the multivariate Markov chain ...
A new process—the factorial hidden Markov volatility (FHMV) model—is proposed to model financial returns or realized variances. Its dynamics are driven by a latent volatility process specified as a ...
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