Markov Chains in CS2 | Risk Modelling & Real-World Applications Explained Simply 🎓
Автор: An Actuary
Загружено: 2025-07-18
Просмотров: 79
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🎧 Welcome to our CS2 Podcast Series!
In this episode, we explore one of the most important stochastic tools used in actuarial modelling — Markov Chains. If you're preparing for CS2: Risk Modelling and Survival Analysis, this session will give you the clarity and confidence you need.
📌 In this episode, we cover:
What is a Markov Chain?
Key components: states, transition probabilities, time-homogeneous vs non-homogeneous
Chapman-Kolmogorov equations & long-term probabilities
Application in life insurance, sickness models, and survival analysis
How Markov Chains appear in CS2 exam questions
Practical modelling tips and calculator shortcuts
Whether you're a student appearing for the IFoA / IAI CS2 exam, or just curious about how actuaries model real-world uncertainties, this podcast is for you.
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