Markov set-chains (Q1266209)

The present monograph has the merit of pulling together the results of the rich literature on Markov set-chains as a cohesive whole, easier to understand and establish its place and development direction within the specific research field. During the past decade, the author developed interval mathematics techniques for nonhomogeneous Markov chains, the transition matrix of the system being allowed to change with time and leading to the matrix equations \(x(k+ 1)= x(k)A_k\), where \(P\leq A_k\leq Q\), for some given matrices \(P\) and \(Q\). Chapter 1 covers the results on stochastic matrices which are used in the development of Markov chains, nonhomogeneous Markov chains, and Markov set-chains. Chapter 2 represents the basic part for the study of Markov set-chains that allow for fluctuating transition matrices at each step in time but yet providing a long run limit, and integrates the theory of classical Markov chains into a new setting. Chapter 3 investigates the conditions which assure a Markov set-chain (or related such chain) to converge, and describes the properties of the limit set. Chapter 4 shows how Markov set-chains are applied in the classical work of chain behaviour. The final Appendix gives a brief survey of several topics of mathematics used within this monograph: norms, operations on compact sets, convex sets and polytopes, probability theory results. Furthermore, each chapter includes illustrating examples and additional notes to the related results and literature. This useful monograph addresses a large area of mathematicians, engineers, economists, social and human scientists motivated by the development of interval techniques for the study of various systems that can show fluctuation.