Solution

ID: past-exam-of-the-mathematics-course-of-the-university-of-cambridge/2010/ii/paper-4/26i/a/solution

An irreducible nonexplosive continuous-time Markov chain has an equilibrium probability distribution exactly when it is positive recurrent. The distribution is unique, and gives the long-run fraction of elapsed time in each state. A null recurrent chain has no equilibrium probability distribution. The finite one-state absorbing case is trivially stationary; the return-cycle descriptions concern nontrivial irreducible classes.

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