What are the applications of Markov models?
An example of an AI chatbot conversation about applications of Markov models in various fields.
What are the applications of Markov models?
Markov models are used in various fields such as finance for predicting stock prices, in natural language processing for speech recognition, and in genetics for modeling sequences.
Can you explain how they are used in natural language processing?
In NLP, Markov models help in tasks like text generation and speech recognition by predicting the next word based on the current state.
What about their use in finance?
In finance, they are used for modeling market trends and predicting future stock prices based on historical data.
Are there any limitations to using Markov models?
Yes, they assume that future states depend only on the current state, which may not always hold true in complex systems.
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