A simple and elegant solution to determine the asymptotic results for the renewal density as well as for the first and second moments of the number of renewals for the discrete-time renewal process is presented. Using generating functions, the difficult-to-determine constant term in the second...

In most western countries, there is a strong incentive for defence department budget-holders to expend all of the funds they are authorized to spend in a fiscal year. In this paper, we question whether this emphasis makes sense. We develop a model of a defence department's operating expenditure...