10 - 1 - Markov Models

Markov Models

"In probability theory, a Markov model is a stochastic model used to model randomly changing systems.[1] It is assumed that future states depend only on the current state, not on the events that occurred before it (that is, it assumes the Markov property). Generally, this assumption enables reasoning and computation with the model that would otherwise be intractable. For this reason, in the fields of predictive modelling and probabilistic forecasting, it is desirable for a given model to exhibit the Markov property." - Wikipedia

Resource Datasbase

Scott Page Model Thinking MOOC Course