Semi-Markov processes extend traditional Markov models by explicitly accounting for the time spent in each state before transitioning. This added temporal dimension is particularly valuable in credit ...

In this paper we characterize the distribution of the first exit time from an arbitrary open set for a class of semi-Markov processes obtained as timechanged Markov processes. We estimate the ...

Quasi-open-loop policies consist of sequences of Markovian decision rules that are insensitive to one component of the state space. Given a semi-Markov decision process (SMDP), we distinguish between ...