A note on circular Markov chains
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JosΓ© Luis Palacios
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Article
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2000
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Elsevier Science
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English
β 70 KB
Using the electric network approach, we give closed-form formulas for the stationary probabilities and expected hitting times in balanced circular Markov chains. As an application, we give a closed-form formula for the duration of play in the general ruin problem, where the probabilities of winning