Many situations in our daily life can be modeled as renewal processes. Two examples are arrivals of claims in an insurance company and arrivals of passengers at a train station, if the inter-arrival times between consecutive claims or passengers are assumed to be independent and identically distributed (iid) non-negative random variables. In these examples the number of claims or passengers arrived during the interval (0, t), t > 0, is usually taken as a formal definition of a renewal process.
Renewal Processes and Repairable Systems
2003
140 pages
Report
No indication
English
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