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:
“There must be no cessation
Of motion, or of the noise of motion,
The renewal of noise
And manifold continuation....”
—Wallace Stevens (1879–1955)
“No one thinks anything silly is suitable when they are an adolescent. Such an enormous share of their own behavior is silly that they lose all proper perspective on silliness, like a baker who is nauseated by the sight of his own eclairs. This provides another good argument for the emerging theory that the best use of cryogenics is to freeze all human beings when they are between the ages of twelve and nineteen.”
—Anna Quindlen (20th century)