The inspection paradox in renewal-reward processes |
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Authors: | James R. Wilson |
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Affiliation: | Department of Mechanical Engineering, University of Texas, Austin, TX 78712, U.S.A. |
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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. |
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Keywords: | Probability renewal processes stochastic processes |
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