Overview: Second edition features a new chapter on perturbed random walks, which are modeled as random walks plus “noise”.Presents updates to the first edition, including an outlook on further results, extensio.Classical probability theory provides information about random walks after a fixed number of steps. For applications, however, it is more natural to consider random walks evaluated after a .random. number of steps. Examples are sequential analysis, queueing theory, storage and inventory theory, insurance risk theory, reliability theory, and the theory of counters. .Stopped Random Walks:
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