Renewal theory is the branch of probability theory that generalizes Poisson processes for arbitrary holding times. Applications include calculating the expected time for a monkey who is randomly tapping at a keyboard to type the word Macbeth and comparing the long-term benefits of different insurance policies.
Read more about Renewal Theory: Renewal-reward Processes
Famous quotes containing the words renewal and/or theory:
“We sing the funeral, as goes the custom, with the hymn of the Dead. But Manuel, he chose a hymn for the living: the song of the coumbite, the song of the earth, of the water, the plants, of fellowship between peasants because he wanted, as I now understand it, that his death for you be the renewal of life.”
—Jacques Roumain (1907–1945)
“No theory is good unless it permits, not rest, but the greatest work. No theory is good except on condition that one use it to go on beyond.”
—André Gide (1869–1951)