Optimal spacing of "covered" and "exposed" time intervals in a stochastic process with high penalty costs : applications to parking and insurance

Behrouz Bakhtiari (Operations Management Area, DeGroote School of Business, McMaster University, Hamilton, Ontario, Canada), Emre Berk (Department of Management, Faculty of Business Administration, Bilkent University, Bilkent University, Bilkent, Ankara, Turkey, Bilkent), Elkafi Hassini (Operations Management Area, DeGroote School of Business, McMaster University, Hamilton, Ontario, Canada), Mahmut Parlar (Operations Management Area, DeGroote School of Business, McMaster University, Hamilton, Ontario, Canada)