“…Markov chain models are increasingly proficiently and interdisciplinary used. To be specific, in Finance (Siu et al 2005;Fung and Siu 2012), Financial Markets (Maskawa 2003;Nicolau 2014;Nicolau and Riedlinger 2015), Biology (Gottschau 1992;Raftery and Tavaré 1994;Berchtold 2001), Environmental Sciences (Turchin 1986;Sahin and Sen 2001), Linguistics (Markov 1913), Medicine (Li et al 2014), Forecasting (Damásio and Nicolau 2013), Management (Ching, Fung, and Ng 2002;Horvath, Autry, and Wilcox 2005;Zhu and Ching 2010), Macroeconomics (Nicolau 2017;Damásio, Louçã, and Nicolau 2018), Economic History (Damásio and Mendonça 2019), among others; see, e.g. (Ching and Ng 2006;Sericola 2013).…”