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renewal theory

noun

Definitions

  1. A branch of probability theory that generalizes the compound Poisson process for…

    A branch of probability theory that generalizes the compound Poisson process for arbitrary holding times.

    • Renewal theory may be used to calculate the best strategy for replacing worn-out machinery, or to compare the long-term benefits of different insurance policies.

The neighborhood

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No curated loop yet for renewal theory. Loops are being traced one word at a time while the ingestion pipeline matures.

sense glosses and etymology drawn from English Wiktionary · source · CC-BY-SA