Let X1,X2,...Xn be independent and identically distributed (i.i.d.) non-negative random variables with a common distribution function (d.f.) F with unbounded support and . We show that for a large class of heavy tailed random variables with a finite variance the renewal function U satisfies as...

Inventory control for parts with infrequent demands is difficult since forecasting their demand is problematic. Traditional forecasting methods, such as moving average and single exponential smoothing, are known not to suffice since they do not cope well with periods with zero demands. Croston...