For a class of quantum systems weakly coupled to a thermal reservoir, the Davies Markovian master equation approximates the exact dynamics uniformly for all times with error of order λ², and a renormalized CPT semigroup is constructed that is asymptotically exact.
Alicki: The Markov Master Equations and the Fermi Golden Rule , International Journal of Theoretical Physics, 16, No.5, 351-355 (1977)
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Quantum Markovian master equations: resonance theory shows validity for all time scales
For a class of quantum systems weakly coupled to a thermal reservoir, the Davies Markovian master equation approximates the exact dynamics uniformly for all times with error of order λ², and a renormalized CPT semigroup is constructed that is asymptotically exact.