Renewal Theory
Book information
Description
Renewal theory arose from the study of 'self-renewing aggregates', but more recently has developed into the investigation of some general results in the theory of probability connected with sums of independent non-negative random variables. These results are applicable to quite a wide range of practical probability problems. The object of this monograph is to present the main results in an applied mathematical way. That is to say, the emphasis is on formulae that can be used to answer specific problems rather than on proofs of theorems under conditions of the utmost generality. The monograph is intended for students and research workers in statistics and probability theory, and for others, especially those in operational research, whose work involves the application of probability theory. To understand the monograph, familiarity with elementary probability theory is essential. It is also desirable to know about the simpler properties of the Laplace transform; the relevant results are, however, reviewed in one of the preliminary sections.
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