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Fig. 1 | Financial Innovation

Fig. 1

From: A Markov regenerative process with recurrence time and its application

Fig. 1

Sample path of non-homogeneous MRGP with recurrence times. At initial time s, the system is in state i but it entered state i at time \(T_1\), that is, the backward process is \(s-T_1\) and the forward process is \(T_2-s\). Similarly, at the final time t, the backward process is \(t-T_n\) and the forward process is \(T_{n+1}-t\). On the contrary, in case of homogeneous MRGP, backward and forward process values are assumed to be equal to 0

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