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Stopped Random Walks: Limit Theorems and Applications
Paperback
Series: Springer Operations Research and Financial Engineering
Business GeneralManagementProbability & Statistics
ISBN13: 9781441927736
Publisher: Springer
Published: Dec 15 2010
Pages: 263
Weight: 1.07
Height: 0.76 Width: 6.98 Depth: 9.94
Language: English
Classical probability theory provides information about random walks after a fixed number of steps. For applications, however, it is more natural to consider random walks evaluated after a random number of steps. Examples are sequential analysis, queueing theory, storage and inventory theory, insurance risk theory, reliability theory, and the theory of counters. Stopped Random Walks: Limit Theorems and Applications shows how this theory can be used to prove limit theorems for renewal counting processes, first passage time processes, and certain two-dimensional random walks, and to how these results are useful in various applications.
This second edition offers updated content and an outlook on further results, extensions and generalizations. A new chapter examines nonlinear renewal processes in order to present the analagous theory for perturbed random walks, modeled as a random walk plus noise.
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