In a Matrix of Transition Probabilities (Where I Equals the Row

question 1

Multiple Choice

In a matrix of transition probabilities (where i equals the row number and j equals the column number) ,

• A)each number represents the conditional probability of being in state j in the next period given that it is currently in the state of i.
• B)each number represents the probability that if something is in state i,it will go to state j in the next period.
• C)the number in row 3,column 3 represents the probability that something will remain in state 3 from one period to the next.
• D)the probabilities are usually determined empirically.
• E)All of the above

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