In this 5th installment of Victor Holman’s Sports Analytics 3 Minute Drill, Victor explains the Markov Chains.
A Markov decision process (MDP) is a discrete time stochastic control process. It provides a mathematical framework for modeling decision making in situations where outcomes are partly random and partly under the control of a decision maker.
MDPs are useful for studying optimization problems solved via dynamic programming and reinforcement learning.
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