Stopped Random Walks: Limit Theorems and Applications (Springer Series in Operations Research and Financial Engineering) Book + PRICE WATCH * Amazon pricing is not included in price watch

Stopped Random Walks: Limit Theorems and Applications (Springer Series in Operations Research and Financial Engineering) Book

Classical probability theory provides information about random walks after a fixed number of steps. This title 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 as well as how these results may be used in a variety of applications.Read More

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  • Product Description

    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, queuing theory, storage and inventory theory, insurance risk theory, reliability theory, and the theory of contours. 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-dimenstional 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."

  • 0387878343
  • 9780387878348
  • Allan Gut
  • 26 March 2009
  • Springer
  • Hardcover (Book)
  • 263
  • 2nd ed.
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