Applications of Markov Chains (2003) [pdf]
langvillea.people.cofc.eduUnfortunately they missed the greatest application of them all: https://kingjamesprogramming.tumblr.com/
My favorite application of Markov chains is in the Metropolis Light Transport algorithm: https://graphics.stanford.edu/papers/metro/metro.pdf
For those interested in microeconomics, the Medallion Fund is probably the most profitable application of Markov chains to date (also the most profitable mutual fund to date). It was founded by renowned mathematician Jim Simons [0], building upon the Baum–Welch algorithm [1]. Very interesting stuff.
[0] https://en.wikipedia.org/wiki/Renaissance_Technologies [1] https://en.wikipedia.org/wiki/Baum%E2%80%93Welch_algorithm
Could you elaborate on how exactly a Markov chain used there. Baum Welch is for HMMs though, which are different from Markov chains, they can capture infinite history/memory.
Some context is usually welcome. This paper is:
Von Hilgers, P. and Langville, A.N., 2006, June. The five greatest applications of Markov chains. In Proceedings of the Markov Anniversary Meeting (pp. 155-158). Boston Press.
Personally, I always thought my Alice in Chains Markov chains were pretty funny.
https://git.mar77i.info/alice-in-markov-chains
For anyone trying to run it, the URL in the collect_lyrics.py script should be the band's page on AZLyrics...
One of my favorite examples is Garkov, the auto generation of Garfield strips using Markov chains.