In recent years, Markov chains whose stationary distributions belong to the locationscale families of binomial distributions (hereafter referred to as binomial Markov chains) have become an ...

Forbes contributors publish independent expert analyses and insights. Dr. Lance B. Eliot is a world-renowned AI scientist and consultant.

Amid all the hype about AI it sometimes seems as though the world has lost sight of the fact that software such as ChatGPT contains no intelligence. Instead it’s an extremely sophisticated system for ...

What Is Markov Chain Monte Carlo? Markov Chain Monte Carlo (MCMC) is a powerful technique used in statistics and various scientific fields to sample from complex probability distributions. It is ...

Assortment planning is an important problem that arises in many industries such as retailing and airlines. One of the key challenges in an assortment planning problem is to identify the "right" model ...