We introduce backoff processes, an idealized stochastic model of browsing on the world-wide web, which incorporates both hyperlink traversals and use of the “back button.” With some probability the next state is generated by a distribution over out-edges from the current state, as in a traditional Markov chain. With the remaining probability, however, the next state is generated by clicking on ...

the notion of infinite order markov process is introduced and the markov property of the flow of information is established.

investors use different approaches to select optimal portfolio. so, optimal investment choices according to return can be interpreted in different models. the traditional approach to allocate portfolio selection called a mean - variance explains. another approach is markov chain. markov chain is a random process without memory. this means that the conditional probability distribution of the nex...