Details

Probability Tools for Stochastic Modelling.- Renewal Theory.- Markov Chains.- Markov Renewal Processes, Markov Random Walks and Semi-Markov Processes.- Functionals of (J-X) Processes.- Non-Homogeneous Markov and Semi-Markov Processes.- Markov and Semi-Markov Reward Processes.

<P><STRONG>Applied Semi-Markov Processes </STRONG>aims to give to the reader the tools necessary to apply semi-Markov processes in real-life problems. The book is self-contained and, starting from a low level of probability concepts, gradually brings the reader to a deep knowledge of semi-Markov processes. The book presents homogeneous and non-homogeneous semi-Markov processes, as well as Markov and semi-Markov rewards processes. These concepts are fundamental for many applications, but they are not as thoroughly presented in other books on the subject as they are here. </P>
<P><EM>Audience</EM></P>
<P>This book is intended for graduate students and researchers in mathematics, operations research&nbsp;and engineering;&nbsp;it might also&nbsp;appeal to&nbsp;actuaries and&nbsp;financial managers, and anyone interested in its applications for banks, mechanical industries for reliability aspects, and insurance companies. </P>

First book to present the theory of semi-Markov processes in view of its applications to real-world problems