The study of basic risk processes by discrete-time non-homogeneous Markov processes
The study of basic risk processes by discrete-time non-homogeneous Markov processes is a scholarly work, published in 2018 in ''Theory of Probability and Mathematical Statistics''. The main subjects of the publication include insurance, econometrics, Markov chain, mathematical economics, risk, Variable-order Markov model, discrete time and continuous time, mathematical optimization, Markov model, Markov kernel, Markov property, countably infinite set, ageing, applied mathematics, mathematics, aggregate, and mixture. The paper elaborates how it is possible to calculate precisely the aggregate claim amount and the claim number by means of Markov reward models in a non-homogeneous time setting.