With any Harris-recurrent Markov chain one can associate a sequence of random times at which the chain has the same distribution, and the chain can thereby be shown to be equivalent to one having a ...

Semi-Markov processes extend traditional Markov models by explicitly accounting for the time spent in each state before transitioning. This added temporal dimension is particularly valuable in credit ...

Consider a semi-Markov process X(t) defined on a subset of the non-negative integers with zero as an absorbing state and the non-zero states forming an irreducible class with exit to zero being ...