A random variable that can take only a certain specified set of individual possible values-for example, the positive integers 1, 2, 3, . . . For example, stock prices are discrete random variables, ...

Stochastic dominance (SD) theory is concerned with orderings of random variables by classes of utility functions characterized solely in terms of general properties. This paper discusses a type of ...

Stochastic dynamical systems arise in many scientific fields, such as asset prices in financial markets, neural activity in ...

In this paper we introduce discrete-time semi-Markov random evolutions (DTSMREs) and study asymptotic properties, namely, averaging, diffusion approximation, and diffusion approximation with ...