On exact and large deviation approximation for the distribution of the longest run in a sequence of two-state Markov dependent trials

Abstract
Consider a sequence of outcomes from Markov dependent two-state (success-failure) trials. In this paper, the exact distributions are derived for three longest-run statistics: the longest failure run, longest success run, and the maximum of the two. The method of finite Markov chain imbedding is used to obtain these exact distributions, and their bounds and large deviation approximation are also studied. Numerical comparisons among the exact distributions, bounds, and approximations are provided to illustrate the theoretical results. With some modifications, we show that the results can be easily extended to Markov dependent multistate trials.

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