In this paper, we develop general repair models for a repairable system by using the idea of the virtual age process of the system. If the system has the virtual age V, _ = y immediately after the (n… Expand

We consider the general n -factor Heath, Jarrow, and Morton model (1992) and provide a sufficient condition on the volatility structure for the spot rate process to be Markovian with 2 n state… Expand

In this paper, a periodical replacement problem with a general repair is considered where a system is replaced at only scheduled times kT (k = 0,1,…) and is repaired whenever it fails.Expand

Let N(t) be a counting process associated with a sequence of non-negative random variables (X,)' where the distribution of X+i, depends only on the value of the partial sum S = X.., X,. In this… Expand

The ‘environmental Kuznets curve’ (EKC) refers to an inverted-U-shaped relationship between some pollutant level and per capita income, i.e., the environmental quality deteriorates at early stages of… Expand

We study the quasi-stationary distribution of the lossy Markov chain of the infinitesimal generator governing a PH/PH/1 queueing process in discrete time governed by P.Expand

We consider a consistent pricing model of government bonds, interest-rate swaps and basis swaps in one currency within the no-arbitrage framework. To this end, we propose a three yield-curve model,… Expand