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Discrete-time semi-Markov random evolutions and their applications / Nikolaos Limnios, Anatoliy Swishchuk.

9783031334290 (electronic bk.)
3031334299 (electronic bk.)
3031334280
9783031334283

Cham : Birkhäuser, [2023]

©2023

English

1 online resource (xvi, 198 pages) : illustrations.

10.1007/978-3-031-33429-0 doi

QA274.45

519.2/33

This book extends the theory and applications of random evolutions to semi-Markov random media in discrete time, essentially focusing on semi-Markov chains as switching or driving processes. After giving the definitions of discrete-time semi-Markov chains and random evolutions, it presents the asymptotic theory in a functional setting, including weak convergence results in the series scheme, and their extensions in some additional directions, including reduced random media, controlled processes, and optimal stopping. Finally, applications of discrete-time semi-Markov random evolutions in epidemiology and financial mathematics are discussed. This book will be of interest to researchers and graduate students in applied mathematics and statistics, and other disciplines, including engineering, epidemiology, finance and economics, who are concerned with stochastic models of systems.

Includes bibliographical references and index.

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Online resource; title from PDF title page (SpringerLink, viewed July 31, 2023).

Probability and its applications (Springer-Verlag)

Print version: 9783031334283

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