Statistical Glossary
Markov Property:
Markov property means "absence of memory" of a random process - that is, independence of conditional probabilities P( U(t1 > t) | U(t) ) on values U(t2 < t). In simpler words, this property means that future behavior depends only on the current state, but not on the state(s) in the past. See also Markov Chain.
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