10 - 5 - Exapting the Markov Model

Category
Markov Models
Description
"Markov process is a fixed set of states, fixed transition probabilities. You can get from any one state to any other, and then you get an equilbrium. So that equilibrium doesn't depend on where you start, it doesn't depend on interventions. And it doesn't depend on history in any way. The model is really powerful. And so if you wanna argue history matters. Or if you wanna argue interventions matter. If someone gonna argue that this isn't a transition, that this isn't a Markov process. Or that you've gotta argue that you're changing the transition probabilities. Now that isn't impossible. "
Person
Resource Datasbase
Source
Scott Page Model Thinking MOOC Course