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The inspection paradox in renewal-reward processes
Authors:James R Wilson
Institution:Department of Mechanical Engineering, University of Texas, Austin, TX 78712, U.S.A.
Abstract:To explore the inspection paradox in the context of a renewal-reward process, we obtain asymptotic expressions for the mean and distribution function of the reward associated with the spread (total life) of the process. These results also yield a simplified demonstration of the elementary renewal-reward theorem.
Keywords:Probability  renewal processes  stochastic processes
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