Question

anyone willing to explain what is "Markov chain" to me?

Answer 1

You might find the information here helpful:
https://en.wikipedia.org/wiki/Markov_chain

Answer 2

"a stochastic model describing a sequence of possible events in which the probability of each event depends only on the state attained in the previous event."

Answer 3

A good example comes out from the queuing theory. If there is a n-length queue, if we assume that the queue can be modelled as a markov chain with n states, only one of the following states are possible as the next state

1- the length of the queue in the next instance is n-1 (decrease one state)
2- the length of the queue in the next instance is n+1 (increase in only one state)
3 - the length of the queue in the next instance is n (does not change)

so this means from state -n, the state cannot jump to n+r with r being other than (0 ,1 or -1) on the next instance

Answer 4

thanks