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New characterizations of the no-aging property and the ℓ1-isotropic model
Published online by Cambridge University Press: 14 July 2016
Abstract
The no-aging property and the ℓ1-isotropic model it implies have been introduced to overcome certain shortcomings of the exponential model. However, its definition is abstract and not very useful for practitioners. This paper presents several additional characterizations of the no-aging property. Included are (1) characterizations that appropriately generalize the memoryless property and the constant-failure-rate property of the exponential, (2) behavioral characterizations based on fair bets, and (3) geometric characterizations of the survival and density function and differential-geometric characterizations based on tensor methods.
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- Copyright © Applied Probability Trust 1998
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