Stochastic Models for Student^s Total Transportation Costs in Jakarta
Suyono(a*), Ibnu Hadi (a), Yusuf Hartono (b), Tira Anugraheni (a), Zikri Muhammad Madani (a)

a) Faculty of Mathematics and Natural Sciences, Universitas Negeri Jakarta, Jalan Rawamangun Muka, Jakarta 13200, Indonesia
*) suyono[at]unj.ac.id
b) Faculty of Teacher Training and Education, Universitas Sriwijaya, Palembang, Indonesia

Abstract

In this paper we consider two stochastic models for student^s total transportation costs in Jakarta. In the first model we apply the well-known renewal reward process. In the second model we incorporate a discount factor to the total transportation cost. In the two models we calculate the means and the variances of the total transportation cost in the time interval [0, t] where we use both parametric and non-parametric approaches. We also compare the accuracy in predicting the mean of the total transportation cost for the two models.

Keywords: Renewal reward process- Discount factor- Laplace transform

Topic: Statistics