This paper studies the relation between discrete-time and continuous-time principal-agent models. We derive the continuous-time model as a limit of discrete-time models with ever shorter periods and ...

Physicists have shown that Markov processes, widely used to model complex systems, must unfold over a larger space than previously assumed. Scientists believe that time is continuous, not discrete -- ...

Let T denote a subset of the possible transitions between the states of a finite Markov chain and let Yk denote the time of the kth occurrence of a T-transition. Formulae are derived for the ...

Quantum walks are a powerful theoretical model using quantum effects such as superposition, interference and entanglement to ...