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Transitioning from discrete steps to continuous time. Here, the time spent in a state follows an exponential distribution.

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Wait, the user wrote "Jr Norris" but James Norris is the author. Maybe a typo? There's no "Jr Norris" I'm aware of. Probably the user meant James Norris. Should clarify that in the response. Also note that he's an author at the University of Cambridge.

A defining characteristic of the text is its . While it provides careful proofs for key theorems, it avoids requiring measure theory as a prerequisite, making it accessible to anyone with a solid foundation in basic probability and linear algebra. Key Topics Covered

Cambridge Series in Statistical and Probabilistic Mathematics

Do not open Norris unless you have:

Modeling interest rates or asset prices. 5. Locating the "Markov Chains JR Norris PDF"