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:
“The great renewal of the world will perhaps consist in this, that man and maid, freed of all false feelings and reluctances, will seek each other not as opposites, but as brother and sister, as neighbors, and will come together as human beings.”
—Rainer Maria Rilke (1875–1926)
“Could Shakespeare give a theory of Shakespeare?”
—Ralph Waldo Emerson (1803–1882)
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