A preorder relation for Markov reward processes

A new preorder relation is introduced that orders states of a Markov process with an additional reward structure according to the reward gained over any interval of finite or infinite length. The relation allows the comparison of different Markov processes and includes as special cases monotone and lumpable Markov processes.

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Year of publication:	2007
Authors:	Daly, David ; Buchholz, Peter ; Sanders, William H.
Published in:	Statistics & Probability Letters. - Elsevier, ISSN 0167-7152. - Vol. 77.2007, 11, p. 1148-1157
Publisher:	Elsevier
Keywords:	Discrete time Markov chains Rewards Stochastic orders Comparison of Markov processes Aggregation

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005224031