With any Harris-recurrent Markov chain one can associate a sequence of random times at which the chain has the same distribution, and the chain can thereby be shown to be equivalent to one having a ...

We show that if the increment distribution of a renewal process has some convolution non-singular with respect to Lebesgue measure, then the skeletons of the forward recurrence time process are ...

Semi-Markov processes extend traditional Markov models by explicitly accounting for the time spent in each state before transitioning. This added temporal dimension is particularly valuable in credit ...