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Unformatted text preview: IEOR 4106: Introduction to Operations Research: Stochastic Models Spring 2009, Professor Whitt, Renewal Theory, Chapter 7, Thursday, April 16 the Inspection Paradox, the Excess and the Age We discussed the inspection paradox and the excess and age of a renewal process; see Examples 7.16 and 7.17 on pages 440-441 (of the ninth edition) and Examples 7.23 and 7.24 on pages 447-448. The age process and the (forward) excess process associated with a renewal process are shown in Figure 1. We discussed the inspection paradox, which is presented in The Age Process x x x x x x x t The Excess-Life Process x x x x x x x A ( t ) Y ( t ) t Figure 1: The age and residual-lifetime processes associated with a renewal process. Section 7.7 of the book. Homework exercise 51 is related to this. (That is the study of tourism in Morocco.) We talked about how long a person would have to wait for the next bus, if he were to go out to the bus stop at a random time, unaware of the bus schedule. We emphasized thatto go out to the bus stop at a random time, unaware of the bus schedule....
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- Spring '08
- Operations Research