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:
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—Charles Horton Cooley (1864–1929)
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