A researcher is analysing switching between two competing products. The shares for the two products are found
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A researcher is analysing switching between two competing products. The shares for the two products are found to be as given here:
The researcher believes that an accurate representation of the market share in any period can be obtained by using Markov processes. Assuming his belief is correct:
(a) Estimate the transition probability matrix.
(b) Obtain the market shares in period 4 using the estimated transition matrix.
(
c) If the actual market shares for period 4 were 66% and 34%, would You revise Your estimate of the transition matrix? Give reason.
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