This is a preview. Log in through your library . Abstract In an irreducible Markov renewal process either all states are periodic or none are. In the former case they all have the same period.

With any Harris-recurrent Markov chain one can associate a sequence of random times at which the chain has the same distribution, and the chain can thereby be shown to be equivalent to one having a ...

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 ...