Markov Chains and Strategic Decision Processes Exam Questions and Answers
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Course
Physical chemistry
Institution
Physical Chemistry
Markov chain - Answers A sequence of random variables with the Markov property.
Transition probabilities - Answers The probabilities of moving from one state to another in a Markov chain.
Markov property - Answers The future state is only determined by the present state in a Markov chain.
Discre...
Markov Chains and Strategic Decision Processes Exam Questions and Answers
Markov chain - Answers A sequence of random variables with the Markov property.
Transition probabilities - Answers The probabilities of moving from one state to another in a Markov
chain.
Markov property - Answers The future state is only determined by the present state in a Markov chain.
Discrete Time Markov Chain - Answers A sequence of random variables that follows the Markov
property in discrete time.
Initial distribution - Answers A positive vector whose components sum to one in a Markov chain.
Transition matrix - Answers A positive matrix whose rows sum to one in a Markov chain.
Markov Decision Processes - Answers A framework that considers states, actions, and rewards in
decision-making.
Plant equation - Answers The equation that describes how the state evolves in a Markov Decision
Process.
Policy - Answers A function that chooses actions based on past states and actions in a Markov Decision
Process.
Markov Decision Problem - Answers An optimization problem in a Markov Decision Process to find the
optimal policy.
Bellman equation - Answers An equation that defines the optimal reward in a Markov Decision Process.
Dynamic pricing - Answers A pricing strategy that maximizes the reward in selling a product.
Reward - Answers The benefit or value obtained from a certain action or state in a Markov Decision
Process.
Optimal reward - Answers The maximum reward achievable in a Markov Decision Process.
Recursion - Answers A process of defining a function in terms of itself in a Markov Decision Process.
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