Continuous Variable: can take on any value between two specified values. Obtained by measuring. Discrete Variable: not continuous variable (cannot take on any value between two specified values).
Let X1, X2, ⋯ be i.i.d. and Yk = max{X1, X2, ⋯, Xk}. Then Xj is a record value of the sequence if $Y_{j} > Y_{j - 1}$. Denoting record value times by Ln, n = 1, 2 ...
In this paper, methods introduced earlier by the author [1] are used to obtain simple, accurate formulas for the decision boundaries for sequential probability ratio tests for simple hypotheses and ...