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Markov chain

   Also found in: Dictionary/thesaurus, Medical, Acronyms, Wikipedia, Hutchinson 0.02 sec.
Markov chain [′mar‚kȯf ‚chān]
(mathematics)
A Markov process whose state space is finite or countably infinite.
(probability)Markov chain - (Named after Andrei Markov) A model of sequences of events where the probability of an event occurring depends upon the fact that a preceding event occurred.

A Markov process is governed by a Markov chain.

In simulation, the principle of the Markov chain is applied to the selection of samples from a probability density function to be applied to the model. Simscript II.5 uses this approach for some modelling functions.



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Key words: Bayesian hierarchical models; linear opinion pool; Markov Chain Monte Carlo methods; synthesis of probability distributions.
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We chose noninformative proper prior distributions for each parameter and fitted the model using Markov Chain Monte Carlo methods.
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