What is an equilibrium condition? How do we know that we have an equilibrium condition, and how can...

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1 What is an equilibrium condition? How do we know that we have an equilibrium condition, and how can we compute equilibrium conditions given the matrix of transition probabilities? 2 What is an absorbing state? Give several examples of absorbing states. 3 What is the fundamental matrix, and how is it used in determining equilibrium conditions? Aug 22 2014 03:15 AM

 

Solution ID:609227 | This paper was updated on 26-Nov-2015

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