A formalism for studying long-range correlations in many-alphabets   sequences
  We formulate a mean-field-like theory of long-range correlated $L$-alphabets sequences, which are actually systems with $(L-1)$ independent parameters. Depending on the values of these parameters, the variance on the average number of any given symbol in the sequence shows a linear or a superlinear dependence on the total length of the sequence. We present exact solution to the four-alphabets and three-alphabets sequences. We also demonstrate that a mapping of the given sequence into a smaller alphabets sequence (namely, a {\it coarse-graining} process) does not necessarily imply that long-range correlations found in the latter would correspond to those of the former. 
S. L. Narasimhan, Joseph A. Nathan, P. S. R. Krishna and K. P. N.   Murthy