Renewal theory

（重定向自Renewal equation）

Sample evolution of a renewal process with holding times Si and jump times Jn.

Sample evolution of a renewal-reward process with holding times Si, jump times Jn and rewards Wi

The renewal interval determined by the random point t (shown in red) is stochastically larger than the first renewal interval.

Renewal theory is the branch of probability theory that generalizes Poisson processes for arbitrary holding times. Applications include calculating the best strategy for replacing worn-out machinery in a factory and comparing the long-term benefits of different insurance policies.

单词	Renewal equation
释义	Renewal equation 英语百科 Renewal theory （重定向自Renewal equation） Renewal theory is the branch of probability theory that generalizes Poisson processes for arbitrary holding times. Applications include calculating the best strategy for replacing worn-out machinery in a factory and comparing the long-term benefits of different insurance policies.
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