Markov Chains, Markov Process, Python, Discrete Time Markov, Probability.
interchangeably. A simple 2-state Markov chain A two-state Markov process (Image by Author) The Markov chain shown above has two states, or regimes as they are sometimes called: +1 and -1. There are four types of state transitions possible between the two states: State +1 to state +1: This