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Research Article

Formulation and incorporation of a stochastic model for supporting optimal decision making in global risk governance

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Pages 1065-1073 | Received 01 Mar 2019, Published online: 17 Jun 2021
 

Abstract

The structural elements of the stochastic model formulated by the present paper consist a discrete random variable, three sequences of discrete distributions, one of which is a sequence of Bernoulli random variables, a frequency of positive random variables, and finally a sequence of random variables taking values in the standard unit interval. The representation of the stochastic model as a random sum is another theoretical contribution of the present work. In addition to the formulation of the stochastic model and representing it as a random sum, the present paper interprets the stochastic model in the study of processes related to global risk severity reduction.

Subject Classification: (2010):

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