Before revision:  We formulate the liquidation problem as a discrete-time Markov Decision Processes  where the state process is a Piecewise Deterministic Markov Process (PDMP) , which is a member of right continuous Markov Process family.
After revision:  We formulate the liquidation problem as a discrete-time Markov Decision Processes , where the state process is a Piecewise Deterministic Markov Process (PDMP) , which is a member of right continuous Markov Process family.