..., while discriminant analysis was used to validate the segmentation result. The Markov chain approach was performed to estimate the tendency of the transition between constructed segments, where the logistic regression model was applied to predict the individual transition probability. Findings...

...Rui Xiang; Colin Jones; Rogemar Mamon; Marierose Chavez Purpose This paper aims to put forward and compare two accessible approaches to model and forecast spot prices in the fishing industry. The first modelling approach is a Markov-switching model (MSM) in which a Markov chain captures different...

... be predicted by precise and mathematical methods. Therefore, artificial intelligence is one of the successful methods. This study aims to propose a method that is a combination of deep learning methods, in particular, the recurrent neural network and Markov chain. Design/methodology/approach The proposed...

... measure. Design/methodology/approach – The researchers provide a model for allocation of marketing budgets based on both decision calculus and econometric models and combine it with the concept of Markov chain model to cope with data scarcity. Dynamic programming is used to find the optimal solution...