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NEW QUESTION: 1
If P be the transition matrix for 1 year, how can we find the transition matrix for 4 months?
A. By dividing P by 3
B. By calculating the cube root of P
C. By calculating the matrix P x P x P
D. By numerically calculating a matrix M such that M x M x M is equal to P
Answer: D
Explanation:
Explanation
Assuming time invariance and the Markov property, it is easy to calculate the transition matrix for any time period as P

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n, where P is the given transition matrix for one period and n the number of time periods that we need to compute the new transition matrix for.
However, when the new time period is less than the time period the matrix is available for, the only way to deriving a transition matrix for a partial period is to numerically calculate a matrix M such that M