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.
Biochemistry. a molecule, as an antibody, hormone, or drug, that binds to a receptor. Chemistry. a molecule, ion, or atom that is bonded to the central metal atom of a coordination compound.