Question
According to Kemeny, Snell, and Thompson, the Land of Oz is blessed by many things, but not by good weather. They never have two nice
According to Kemeny, Snell, and Thompson, the Land of Oz is blessed by many things, but not by good weather. They never have two nice days in a row. If they have a nice day, they are just as likely to have snow as rain the next day. If they have snow or rain, they have an even chance of having the same the next day. If there is change from snow or rain, only half of the time is this a change to a nice day.
(a) Write the stochastic matrix for this problem.
(b) In the long run, what is the distribution of weather like?
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Microeconomics Theory and Applications
Authors: Edgar K. Browning, Mark A. Zupan
12th edition
9781118920060, 1118758870, 1118920066, 978-1118758878
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