Model Perspective

Oct 3, 2025 · Fundamentals

Unlocking the Power of Markov Chains: From Theory to Real-World Applications

Markov Chains are mathematical models where future states depend only on the current state, not past history, and this article explains their core principles—state space, transition matrices, Markov property, steady-state distribution—and showcases practical uses in economics, biology, web ranking, queueing theory, and reinforcement learning.