Continuous-Time Markov Chains
DOI link for Continuous-Time Markov Chains
Continuous-Time Markov Chains book
Consider Xt the number of customers arriving at a store by time t. Time is now continuous so t takes values in the nonnegative real numbers. Suppose we make three assumptions about the rate at which customers arrive. Intuitively, they are as follows:
1. The number of customers arriving during one time interval does not affect the number arriving during a different time interval.