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lectures/hoist_failure.md

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:depth: 2
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```
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In addition to what's in Anaconda, this lecture will need the following libraries:
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```{code-cell} ipython
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---
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tags: [hide-output]
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---
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!pip install quantecon tabulate
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```
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## Overview
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This lecture puts elementary tools to work to approximate probability distributions of the annual failure rates of a system consisting of
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from scipy.signal import fftconvolve
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from tabulate import tabulate
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import quantecon as qe
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np.set_printoptions(precision=3, suppress=True)
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```
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## The lognormal distribution
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Probabilities for each event are recorded as failure rates per year.
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## Failure Rates Unknown
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## Failure rates unknown
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Now we come to the problem that really interests us, following {cite:t}`Ardron_2018` and
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{cite:t}`Greenfield_Sargent_1993` in the spirit of {cite:t}`apostolakis1990`.

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