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)
“The weakness of the man who, when his theory works out into a flagrant contradiction of the facts, concludes “So much the worse for the facts: let them be altered,” instead of “So much the worse for my theory.””
—George Bernard Shaw (1856–1950)