How to generate a model to compute the transition probabilities using Markov Chain
posted in: Certificate in Actuarial Software Techniques, Level 1
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This article is about estimating the empirical one step and multi-step transition probabilities using Markov Chain and to build a rewards program for a large airline based on the travel miles. This article will give you an insight on the applications of Markov chain and how it is used in the real life to solve the real business problems using R.