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Covers contemporary results on the main topics of renewal theory
Presents all results in a detailed and consistent manner, thus providing a step-by-step introduction to renewal theory
Includes new applications as well as a special section on multivariate renewal theory and renewal reward processes
This monograph serves as an introductory text to classical renewal theory and some of its applications for graduate students and researchers in mathematics and probability theory. Renewal processes play an important part in modeling many phenomena in insurance, finance, queuing systems, inventory control and other areas. In this book, an overview of univariate renewal theory is given and renewal processes in the non-lattice and lattice case are discussed. A pre-requisite is a basic knowledge of probability theory.