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:
“Every epoch which seeks renewal first projects its ideal into a human form. In order to comprehend its own essence tangibly, the spirit of the time chooses a human being as its prototype and raising this single individual, often one upon whom it has chanced to come, far beyond his measure, the spirit enthuses itself for its own enthusiasm.”
—Stefan Zweig (18811942)
“Hygiene is the corruption of medicine by morality. It is impossible to find a hygienest who does not debase his theory of the healthful with a theory of the virtuous.... The true aim of medicine is not to make men virtuous; it is to safeguard and rescue them from the consequences of their vices.”
—H.L. (Henry Lewis)