This study introduces two Markov chain time approaches, time-homogeneous and nonhomogeneous models, for analyzing farm credit risk migration as alternatives to the traditional discrete-time (cohort) method. The Markov chain models are found to produce more accurate, reliable transition...

This study introduces two Markov chain time approaches, time‐homogeneous and nonhomogeneous models, for analyzing farm credit risk migration as alternatives to the traditional discrete‐time (cohort) method. The Markov chain models are found to produce more accurate, reliable transition...