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On Some Models of Acceptable Risk

Volume 5, Number 1, January 2009 - Paper 1  - pp. 5 - 12


Department of Mathematical Statistics,
University of the Free State,
P.O. Box 339, 9300 Bloemfontein, Republic of South Africa

(Received on September 29, 2007, revision available on September 30, 2008)


We consider discrete and continuous risk distribution functions. Acceptable risk distribution function is defined and different types of stochastic comparisons are discussed. Acceptable, unacceptable and intermediate regions for the level of loss are determined. The similar characterization is used for describing the loss for the outcomes in the sequence of harmful events. The loss is considered as acceptable, if either all events result in a loss from the acceptable region or not more than k of them result in a loss from the intermediate level. The Laplace transform methods are used for obtaining the probability of survival when harmful events from the Poisson process are 'too close' to each other.


References: 10

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