December, 1992
By: Mjelde, James W.; Harris, Wesley D.; Conner, J. Richard; Schnitkey, Gary D.; Glover, Michael K.; Garoian, Lee
View Abstract
Concepts associated with stochastic process containing multiple transition matricies are discussed. It is proved that under certain conditions, a process with m transition matrices has m unique limiting probability vectors. This result extends the notion of discrete Markov processes to problems with intrayear and interyear dynamics. An example using a large DP model illustrates the usefulness of the concepts developed to applied problems.