Markov chains and queueing theory together provide a robust framework for analysing systems that evolve randomly over time. Markov chains describe stochastic processes where the future state depends ...

This paper proposes a hidden state Markov model (HMM) that incorporates workers’ unobserved labor market attachment into the analysis of labor market dynamics. Unlike previous literature, which ...

Until recently, Markov models and analytical methods were fairly obscure mathematical techniques rarely applied outside of academic settings. The advent of functional safety standards, particularly ...