Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

which leads to the steady-state or equilibrium solution, denoted by P: for n > 0 and where P 0,k can be deduced from the normalization condition ∑ n P n,k = 1. Note that there is no requirement of ...