For an infinite sequence of independent coin tosses with P(Heads)=pE(O, l), the longest run of consecutive heads in the first n tosses is a natural object of study. We show that the probabilistic behavior of the length of the longest pure head run is closely approximated by that of the greatest integer function of the maximum of n(1 p ) i.i.d. exponential random variables. These results are ext...

What will yield the best results: doing one run n generations long or doing m runs n/m generations long each? This paper presents a techniqueindependent analysis which answers this question, and has direct applicability to scheduling and restart theory in evolutionary computation and other stochastic methods. The paper then applies this technique to three problem domains in genetic programming....

This paper develops a model of financial institutions that borrow shortterm and invest into long-term marketable assets. Because these financial intermediaries perform maturity transformation, they are subject to potential runs. We endogenize the profits of such intermediaries and derive distinct liquidity and collateral conditions that determine whether a run can be prevented. We examine the m...