A Functional Interpretation of Cycloid Processes: Application to the Study of Asymptotic Behaviour

We show that the classic Chapman–Kolmogorov equations of certain Markovian transition semigroups on finite state spaces have a formal analogy, of a homologic nature, in terms of cycloids ₁, ..., _B, and positive numbers w₁, ..., w_B. The collection _k ,w _k completely determines a Markov process {_n}, called a cycloid process, admitting an invariant probability distribution, and decomposes its distribution Prob(_n = , _{n + 1} = ) into a linear expression. The latter is further used in the study of the asymptotic behaviour of the cycloid process.