Stationary Distribution of a Two-State Chain
Level 5●●○○○ Easy~4 min
Problem
A Markov chain has two states. From state 1 it moves to state 2 with probability ; from state 2 it moves to state 1 with probability (with ). Find the stationary distribution. How fast does the chain converge to it?
A two-state chain: 1→2 with probability a, 2→1 with probability b.