Which of the Following Is not an Assumption or a Characteristic

question 15

Multiple Choice

Which of the following is not an assumption or a characteristic of a Markov Process?

• A) The transition probabilities are the same for any customer.
• B) The transition probabilities will remain constant over time.
• C) The probability of being in a particular state at any one time period depends only on the state immediately preceding it.
• D) In a transition matrix, sum of the row probabilities must sum to one.
• E) In a transition matrix, sum of the column probabilities must sum to one.

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Definitions:

Payoff

The gain or loss that an investor or a player in a game receives as a result of a particular action or decision.

Nash Equilibrium

A concept in game theory where no player can benefit by changing their strategy if the strategies of the other players remain unchanged.

Payoff

The return or reward from an investment or decision, often evaluated in terms of profit or benefit gained.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies if other players keep their strategies unchanged.