Discrete-time Markov chains

Question 1

Markov chain
▪ Definition

Answer 1

A Markov chain is
▪ a stochastic process
▪ The past and the future are independent given the present
(conditionally on the present)

Question 2

Markov chain
▪ Stochastic process

Answer 2

A sequence (Xₙ) n ϵ N of random variables with values in a set S is called a discrete-time stochastic process with state space S