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)
“... the first reason for psychology’s failure to understand what people are and how they act, is that clinicians and psychiatrists, who are generally the theoreticians on these matters, have essentially made up myths without any evidence to support them; the second reason for psychology’s failure is that personality theory has looked for inner traits when it should have been looking for social context.”
—Naomi Weisstein (b. 1939)