Welton et al (2005) describes how these partially observed data can be used to inform a Markov rate matrix ... chain transition probabilities and rates from fully and partially observed data: ...

I show that the estimated HMM generates labor market transition probabilities that match those observed in the data, while the first-order Markov model (FOM) and its many-state extensions cannot. Even ...

This framework which they demonstrate is called CommPlan and it uses observation data from human subjects to construct a Markov model that can integrate sensor data in order to decide on its next ...

In this paper we use Ching's multivariate Markov chain model to model the dependency of rating transitions of several credit entities. The model is an enhancement of the multivariate Markov chain ...