We introduce a Self-Clocking Jump Process (SCJP), which is a natural generalization of a generalized semi-Markov process and applies to a large class of queueing models. As a stochastic process, a ...

Bivariate (and multivariate) functional representations for the following stochastic order relations are established: the likelihood ratio ordering, hazard rate ordering, and the usual stochastic ...

Affine processes provide a versatile framework for modelling complex financial phenomena, ranging from interest rate dynamics to credit risk and beyond. Their defining characteristic is the affine, or ...