Introduction and Motivation
This book focuses on switching diffusion processes involving both continuous dynamics and discrete events. Before proceeding to the detailed study, we address the following questions. Why should we study such hybrid systems? What are typical examples arising from applications? What are the main properties we wish to study? This introductory chapter provides motivations of our study, delineates switching diffusions in a simple way, presents a number of application examples, and gives an outline of the entire book.
KeywordsMarkov Chain Discrete Event Markov Decision Process Random Environment Regime Switching
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