Intro to Probabilistic Methods
A state space is a mathematical representation of all possible states that a system can occupy, serving as the foundation for analyzing stochastic processes. In the context of Markov chains, it describes the complete set of states, which can be finite or infinite, that the process can transition between. Understanding the state space is crucial as it directly influences the transition probabilities and helps determine steady-state distributions, providing insights into long-term behavior.
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