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 ...

Markov processes form a fundamental class of stochastic models in which the evolution of a system is delineated by the memoryless property. In such processes, the future state depends solely on the ...

Markov Processes are one of the most important stochastic processes. Intuitively, it is characterized by the property that, conditional on the knowing the history of the process up until a given time, ...