The first financial model to use a Markov chain was from Prasad et al. in 1974. Another was the regime-switching model of James D. Hamilton (1989), in which a Markov chain is used to model switches between periods of high volatility and low volatility of asset returns.
A molecule is a particle containing two or more atoms. If it contains only one type of atom it is called an element.
Definition. 1  The molecule must be cyclic. 2  The molecule must be planar. 3  The molecule must have a complete conjugated Ï-electron system within the ring. 4  The molecule must have 4n Ï-electrons where n is any integer within the conjugated Ï-system.