A continuous-time Markov chain is a stochastic process that transitions between states at any point in time, with the future state depending only on the current state and not on the past states. This type of chain is characterized by its memoryless property, where the probability of moving to the next state is defined by a set of rates, often represented in a generator matrix. Continuous-time Markov chains are widely used in various fields such as queueing theory, reliability engineering, and economics to model systems that change continuously over time.
congrats on reading the definition of Continuous-Time Markov Chain. now let's actually learn it.