ELEMENT OF STOCHA MODEL (3RD ED)

This is a thoroughly revised and expanded third edition of a successful university textbook that provides a broad introduction to key areas of stochastic modelling. The previous edition was developed from lecture notes for two one-semester courses for third-year science and actuarial students at the University of Melbourne.

This book reviews the basics of probability theory and presents topics on Markov chains, Markov decision processes, jump Markov processes, elements of queueing theory, ba...