Systematic study of Markov chains and some of the simpler Markov processes including renewal theory, limit theorems for Markov chains, branching processes, queuing theory, birth and death processes, ...

Markov Processes are one of the most important stochastic processes. Intuitively, it is characterized by the property that, conditional on the knowing the history of the process up until a given time, ...

ABSTRACT: In this paper, we study the optimal level of cash for the firm to hold. We model the cash level with inflows and outflows due to deposits and withdrawals; in between, the cash level is a ...